Thought Leader Series

Yesterday’s Showcase featured the following speakers, and a summary of each session is included below: Day Two Recap With FOX’s Kent Lawson, Director, Technology Integration Services Cybersecurity for Family Offices: Today's Threats and Mitigations With Jessica Dore, CISA, Principal, Technology Solutions, Rehmann Threat Vectors – How the bad guys get in Phishing and ransomware Compromised credentials Weak passwords Trust relationships and propagation Poor encryption Unpatched vulnerabilities Misconfigurations Malicious Insiders Zero Day and Unknown Met...

Yesterday’s Showcase featured the following speakers, and a summary of each session is included below: Day One Recap and About the Family Office Exchange With FOX’s Kent Lawson, Director, Technology Integration Services, and Glen W. Johnson, Chief Operating Officer FOX was founded in 1989 in Chicago, with offices in Chicago, Madrid, New York and Dallas The FOX Member Community has 770 Wealth Owners from 330+ Families 2,550 Family Office Engaged Staff Members 3,695 Advisors from 107 Firms 12,000 Followers of the FOX Public Network $500MM Investable Wealth of Members 64% Operat...

Tuesday’s Showcase featured the following speakers, and a summary of each session is included below: Welcome to the FOX Technology Showcase With FOX’s Kent Lawson, Director, Technology Integration Services The Cyber Landscape for Family Offices in 2021 With Kate Brett Goldman, CEO and Founder, Cybermaniacs , and Angelo D’Agostino, Cybermaniacs Head of People and Founder, HCG Advisors Cyber risk is exploding! Hackers are targeting humanware – In 2020, work from home was up 53%, and phishing was up 300% Having a security audit for your family is essential Rule of thumb – if...

Today’s blog post is focused on preparing for the technology demonstrations that are taking place during the technology showcase. By now, you probably have an idea of which demos you would like to attend based on the needs of your family office. I have a few general tips to help you get the most out of the demos, as well as a longer, downloadable checklist that you can use to dig into more details. I will be posting a recap at the end of each day if you happen to miss any of the sessions, and feel free to reach out with questions! General Tips: Pick a Demo and Stick with...

Each year, more than two million corporations, limited liability companies (LLCs), and other entities are formed in the United States. Historically, formation of these entities required little to no disclosure of their beneficial owners. Though most people use these entities for lawful purposes, certain bad actors have taken advantage of this information void for illegal activities. On January 1, 2021, the U.S. Congress passed the National Defense Authorization Act for 2021, which included the Corporate Transparency Act (CTA), requiring the disclosure of beneficial owners. While i...

2020 was an unprecedented year for business owners. It brought a pandemic, a deep recession, a civil rights movement, and civil unrest in cities across America. While it’s tough to prepare for the unprecedented, companies are routinely faced with four serious challenges that should be addressed in their plans and governing documents: when an owner dies, becomes disabled, or gets divorced, or when multiple owners have a dispute. Now is a good time to review your company’s governing documents and succession plans to ensure the company is prepared to deal with whatever the future brings before...

It can be daunting to find a qualified, trustworthy property and casualty insurance advisor—one who not only meets your family or family office’s up-front needs, but also aligns with your sensibilities. The selection process can be further complicated without firsthand proficiency in insurance industry standards, trends, and best practices.Before the search begins, look inward. Identifying the best- fitting advisor will depend a great deal on what is most meaningful to you. Use your family’s lifestyle and risk profile as a guide, and prioritize the most- important attributes, such as discretio...

At first glance, news about the art market appears ominous: fairs have been canceled, auction houses have cut salaries, and closed borders have reduced trade. But dramatic headlines don’t paint the whole picture: auction houses have pivoted to selling online, dealers and fairs have created virtual galleries, and online selling venues have witnessed an uptick in traffic. While there is much speculation about the current state of the art market, data points are scarce. What is clear is that there is an abundance of opportunities for collectors to make acquisitions, and anecdotal evidence su...

Last year, The Olympic Manifesto, an 1892 manuscript by Pierre de Coubertin, estimated at $1,000,000, sold to an anonymous bidder at Sotheby’s New York for an astounding $8,806,500. This established a new world auction record for sports memorabilia, previously held by a Babe Ruth Yankees jersey that sold for $5.64 million earlier in the year. The auction marked the first time the 14-page manifesto had been publicly exhibited. Coubertin wrote the document as a speech outlining his wish to revive the ancient Olympic Games, leading to the organization of the first modern Olympics in Athens i...

The recently signed “Phase One” trade deal has led to some optimism surrounding U.S.- China relations. That said, much of the conflict between the two countries can be traced to China’s desire to be a technological power. China is unlikely to cede its ambitions, suggesting there will be an altered landscape moving forward regardless of the trade war outcome.BackgroundThe “Phase One” trade deal has been viewed with skepticism by some analysts. The deal mostly left existing tariffs in place, and there are doubts whether China can actually deliver on its promised $200 billion of co...

The world watched in disbelief last spring as fire ripped through the cathedral of Notre-Dame de Paris. The spire and roof were destroyed, but the structure’s stone ceiling contained the collapsing roof, sparing the interior from total destruction. Despite the catastrophic circumstances, an astounding 90% of the irreplaceable works of art within the cathedral were saved due to a thoughtful and seamlessly executed emergency plan. You might think that only institutions like the cathedral need art-focused emergency plans, but not so. In my role as an art advisor for a major insurer, I have a...

In November 2019, a Patek Philippe “Grandmaster” watch fetched $31 million at Christie’s Geneva. This result was more than 10 times the pre-sale estimate, establishing a new world record for a timepiece at auction. It smashed the previous record for a wristwatch, set in 2017, when Phillips sold a Rolex Daytona owned by Paul Newman for $17.8 million. It also eclipsed the timepiece auction record of $24 million, set in 2014 by Sotheby’s Geneva for the 1932 Patek Philippe “Henry Graves Supercomplication” pocket watch. With two reversible dials, five chiming modes, and 20 other special f...

Owners of historic homes often become guardians of the meticulous craftmanship of bygone eras. But sometimes there are purposeful reasons why “they don’t make them like they used to.” While these residences may be less likely to succumb to perils that emerge in today’s cookie-cutter construction environment, they also bring a precise set of inherent risks. Fortunately, there are ways to modernize older properties while upholding historic integrity.As a risk manager who specializes in historic home preservation, I’ve identified the top five threats that come with age: Water FireW...

The holidays provide a perfect opportunity to share family legacy through stories of events, family fun and family hardship. These anecdotes help us feel connected, convey our legacy, generate pride and impart lasting life lessons. Opportunities to share family legacyTraveling, shopping, cooking, taking a walk or watching a sporting event all present opportunities to tell your children and grandchildren stories that convey family values in a way that isn’t lecturing. Sharing a memory about life “back when” can get them laughing and asking questions, setting the stage for you to demo...

When exploring the landscape of culture in today’s workplace there is a company that stands out. Recently featured in a FOXCast, Mark Galante, President, Field Operations, PURE Insurance, discussed the qualities of PURE’s outstanding culture. One notable element of their culture is PURE’s Women’s Leadership Council, a group formed to mentor high potential female employees and guide them towards leadership. For a closer look at how this program drives talent engagement, below is a conversation FOX recently had with one of its leaders, Caitlin Rascelles.PURE (Privilege Underwriters Reciprocal Ex...

Whether motivated by business or pleasure, economic opportunities or simply the weather, today’s high net worth individuals are increasingly becoming global citizens. According to one survey, 43% have lived in two countries or more, and a full one in five has lived in three or more countries. And that is trending upward, with the majority of respondents expecting that their children will live in more countries than they themselves have done.iBy the time you consider homes in multiple countries, and the vehicles, contents and artwork that go with them, from an insurance standpoint, things are g...

Over the past 40 years, creating and maintaining financial security has become more of a personal endeavor. Yet, despite record aggregate levels of US wealth, large portions of the population appear quite vulnerable. Avoiding late-cycle overconfidence as it relates to both spending and investment decisions is key.When Congress passed Section 401(k) of the Revenue Act of 1978 they began a revolutionary risk-transfer as it relates to retirement savings. With employers increasingly embracing the cash flow predictability of defined contribution plans, the percentage of private-sector employee...

Recently we sat down with FOX member, Steve DelGiudice, a technical specialist with AIG Private Client Group, to get an understanding of what ultra-high net worth families should keep in mind when constructing a new home and efforts they can take to protect their loved ones and most valuable possessions. FOX: What is a resilient custom home?Steve DelGiudice: We use this term for homes with state-of-the-art techniques to keep them standing when floods, winds, or fires strike. Resiliency generally refers to a building’s ability to withstand natural disasters such as hurricanes, earthquakes,...

Families that have accumulated significant assets want to know how to best prepare the “rising generation” to help them maximize the benefits available to them, while also minimizing the unique challenges that occur when navigating the world of wealth.Younger family members may have different approaches when it comes to family wealth. Understanding where these approaches come from is essential when creating an effective family education program. Consider these family members to be on a continuum with engaged learning in the middle. People who fall in the middle are interested and eager to lear...

A family vacation home is meant for families to spend time together, create new memories, and watch their children, grandchildren, and possibly great grandchildren grow. The home may also be a wise investment. But for most families, it’s first and foremost a place for enjoyment. Yet as many families find out, the very space designed to serve as a family sanctuary can quickly become stressful as disagreements over the specifics of how it will be enjoyed arise. When first generation owners begin to create a succession plan for the home, these disagreements often intensify. Vacation homes an...

Private equity is playing an increasingly large role in the global economy and impacting portfolio construction. Muted mark-to-market volatility and less short-term scrutiny in private equity appeals to investors and companies alike. One method by which a company ultimately exits private ownership is by going public through an Initial Public Offering (IPO).Private equity investing generally involves committing capital to an investment manager, who then invests in privately owned companies in various stages of development or evolution. These companies are seeking cash for a variety of purposes,...

Standard homeowners and umbrella insurance policies do not include coverage for personal injuries such as intentional infliction of emotional distress, slander, and defamation. In this age of rapid and pervasive social movements such as #MeToo, prolific scandals all over the news, and the ability of social media to exacerbate matters; how do high-profile families and ultra-high net worth individuals protect themselves from potential liability and damages?We recently sat down with FOX Thought Leaders Council member, Brian Applebee of AIG Private Client Group, a division of the member companies ...

As a strategic wealth coach (our term for my role at Ascent) I am often asked, “What does that mean?” I pause, raise my eyebrows, smile, and reply, “I’m a money coach, I help people deal with the emotional side of money.” This comment alone does not explain what a “wealth coach” is or what one does, so I typically carry on by providing a story or two that might help clarify what a wealth coach looks like in action. My favorite introductory story goes like this: One of my clients, a grandmother, wanted to create an educational trust and fund it ...

Advantages of a Prenuptual AgreementPrenuptial agreements get a bad rap and carry a mostly negative stigma because they are associated with one spouse wanting to protect assets from the other upon a termination of the marriage by death or divorce. That may be one purpose, but these agreements can be so much more. They can:Encourage a healthy discussion of finances and expectations for the marriage, similar to that included in premarital counseling required by many religions.Offer financial security to a spouse that has less property and wonders how he will be able to afford the upkeep required...

The season for entertaining is here — Thanksgiving, Christmas, Hanukah, New Year’s Eve, the Super Bowl, all great reasons to get together with family and friends. In addition to the excitement of planning, organizing and hosting a social event, the importance of managing risks associated with entertaining, especially at home, is essential. When hiring vendors — from event planners to decorators, caterers, servers, entertainers, and cleaners, it is important to properly vet each person who will be involved in the event and coming into your home. References from friends and families a...