Tuesday, June 12, 2018

Family Office Overview

This session introduces the building blocks and sophisticated dimensions of the family office and the family enterprise. Key issues such as reasons to form and maintain an office, establishment of office goals and their alignment with the family’s needs, attributes of multi-generational and holistic wealth management, roles of family members and the office, and evolution of the office will be examined.

Governance Structure and Oversight of the Family Office

Effective governance structures and decision-making processes help guide the family office. That said, this session offers an understanding of governance in a family office and family enterprise setting, including key elements such as vision, leadership, decision-making, and types of oversight structures. The degree of formality and evolution of that governance over different generations will be explored.

Scope of Services and Delivery

Services provided by family offices are, by definition, customized and integrated to meet the needs of managing a family’s wealth (tax, investment, recordkeeping, etc.). They also help support family engagement and communication by organizing family meetings and educating the next generation. The scope of the “modern” family office’s services and their delivery, including strategies for insourcing vs. outsourcing, are considered.

Interactive Discussion: Talent and Team Structure

The skill set and integrity of the family office staff have the greatest impact on the office’s success. In this session, we explore the roles and responsibilities of key staff members, organizational structures, alignment of staff skills with services, coordination and oversight of third party advisors, and compensation and benefits strategies.

Wednesday, June 13, 2018

Technology and Data Security

The family office is the primary source of consolidated financial information. This session addresses the integration challenge inherent in consolidating data from multiple sources and identifies appropriate technology architecture and solutions. Better reporting means better decisionmaking. In addition, solutions to enhance family communications, relations, and cohesion as well as confidentiality and data security are examined.

Costs of the Family Office

Leveraging the insights from the FOX benchmarking survey, Charles B. Grace, III, will present data and concepts about family office (and total wealth management) costs and outline common allocation methods and fee structures. The important relationship between cost and complexity will be explained as well as techniques for weighing cost vs. value.

Practical Applications – Next Steps in the Design Process

This interactive session is designed to help you document your family’s needs and plans using a series of exercises to clarify your next steps in the design process.

Best Practices and Measures of Success

How will your family measure the success of your family office? This session explores the quantitative and qualitative metrics that families use to evaluate the office’s performance each year and outlines several best practices that have helped FOX families survive and thrive for generations.

Adjourn