Everything you need to take advantage of today?s most exciting new wealth management career option It seems like ever since Oprah started hers, family offices are all the rage among today?s high–net–worth individuals. Private wealth management advisory firms serving one client, or a very limited number of exclusive clients, family offices come in two flavors: single family and multifamily, with the latter operating more like a traditional wealth management practice. If you?re like most financial advisors, by now you?re familiar with the concept, but don?t know if it?s right for you and your clients, or how to break into the business. This book supplies you with answers to all your questions about this exciting new career opportunity. Demystifies the concept of the family office, clarifying who should consider joining a multi–family office or starting their own single–family office Explains what services should be rendered by a family office and what the expense to the family can be Provides the most current knowledge, research, and cutting–edge approaches from thought leaders in the family office industry Gives you practical tools, templates, and exercises to guide you as you envision, plan, and develop your family office INDICE: Preface Acknowledgments Chapter 1: Introduction to the Family Office ( Kirby Rosplock, PhD) A Macro View of Global Wealth How Much Do I Really Need to Fund a Family Office? Purpose & Definition of the Family Office Historical Background of the Family Office Case in Point Three Key Roles of the Family Office The Keeper & Executor Guardian and Confidant Brain Trust Types of Family Office Services Conclusion and Final Thoughts Notes Chapter 2: Inception of the Family Office: Pathways to a Family Office ( Kirby Rosplock, PhD) Inception of a Family Office Impact of the Family Business on the Family Office Attractions and Challenges with Embedded Family Offices in the Family Business Separating the Family Office from the Family Business Sudden Wealth Family Offices through the Back Door Family Business Exit and Liquidity Event Case—The Kessler Family The Investment Office Conclusion and Final Thoughts Notes Chapter 3: Family Wealth Needs: Determining your Family Office Solution & Services ( Kirby Rosplock, PhD) Trends in the Family Office Landscape Family Office Archetypes The Multigenerational Focused Family Office The Investment Family Office The Founder’s Family Office The Administrative and Compliance Family Office Family Business Centered Family Office Legacy and Philanthropic Family Office Determining Family Wealth Management Needs Why the Single Family Office Solution Why the Multi–Family Office Solution Questions to Ask During the Evaluation Process Response for a Proposal (RFP) Conclusion and Final Thoughts Notes Chapter 4: Family Values, Mission, and Vision and the Family Office ( Kirby Rosplock, PhD) Introduction to Values The Process of Exploring Values Values Statement Values, Mission, and the Family Office The Importance of Vision Elements for Successful Family Office Visioning Building Your Family Office Vision Pitcairn Family Case Study Creating your Family Vision Step 1: Education and Clarifying the Process and Expectations Step 2: Pre–planning for the Vision Retreat Step 3: Staging the Vision Retreat Step 4: Developing your Family’s Vision Step 5: Aligning Vision with Strategic Plan Conclusion and Final Thoughts Notes Chapter 5: Establishing and Structuring of Family Offices ( Ivan A. Sacks, Esq., Chairman, Withers Worldwide William J. Kambas, Esq., Associate, Wealth Planning Practice Group, Withers Bergman LLP, Justin M. Zamparelli, Esq., Partner, Commercial Practice Group, Withers Bergman LLP) Case in Point Question #1: What legal form should the family office take? Choice of Entity Deciding Between an LLC and a C Corporation Formation of a C Corporation Formation of an LLC The Governing Instrument Multi–Entity Structures Simple Family Office (Investment and portfolio management) The Angel or Venture Capitalist Family Office Complex Family Office (Corporate conglomerate style) The Value of Overall Structure Management Case in Point Question #2: Who should pay for establishing and operating the family office? Question #3: Who should own the family office and how? Legal Ownership Beneficial Ownership Models of Ownership Case in Point Question #4: Who should manage the family office and how? Structuring the Legal Formalities The Board of Directors (or the “Board”) The Officers Structuring the Scope of Services Internal Operations External Operations Family Philanthropy, Legacy, and Social Capital Managing Regulatory and Estate Planning Concerns Question #5: How are family offices structured to optimize tax efficiency? Tax deductibility of Services provided by the Family Office State and Local Tax Question #6: Can a family office be structure to manage risk? Case in Point Risk Management Through Architecture People Oriented Risk Management Balance Sheet, Cash Flow, and Economic Risk Management Question #7: What is the process of establishing and structuring a family office? Conclusion and Final Thoughts Notes Chapter 6: Advising Families: Developing a Family Office Baseline ( Kirby Rosplock, PhD) Introduction to Creating a Family Office Baseline The Family Genogram The Family Background Trusted Advisors The Estate Plan Review Mapping and Summarizing Legal Entities Assessing & Preparing for Major Life Issues A Financial Review Capital Sufficiency Analysis Capital Sufficiency Case Study for the Raymond Family Raymond Family Base Case Analysis Capital Sufficiency Outcomes Discussion Insurance Review Engaging in the Insurance Review Process Conclusion and Final Thoughts Notes Chapter 7: Legal and Compliance Standards and Practices for Family Offices ( David S. Guin, Esq., Partner and US Commercial Practice Group Leader, Withers Worldwide, Mark J. Tice, Esq., Associate, Commercial Practice Group, Withers Worldwide) New Regulations Affecting Family Offices What Has Not Changed The Single Family Office Exemption Clients of the Family Office May Need to Report Beneficial Ownership of Securities of Publicly Reporting Companies Clients of the Family Office May Need to Report Beneficial Ownership as “Insiders” of Publicly Reporting Companies Reporting Insider Status on Form 3, Form 4 or Form 5 How do I determine beneficial ownership in a multi–tiered family holding structure? Are you an Institutional Investment Manager? (The answer may surprise you.) What is an institutional investment manager? Reporting on Form 13F Determining if the $100 Million Threshold Has Been Met Are You a Large Trader? The SEC Gets Personal About Insider Trading Compliance Policies What are the components of a good compliance policy? Document Retention Policies What are the components of a good document retention policy? The Compliance Function: In–house vs. Outsourced Special Issues for Family Offices When Considering Regulatory Requirements Conclusion and Final Thoughts Notes Chapter 8: Investment Management and the Family Office 1 ( Kirby Rosplock, PhD) Family Office Investment Management Concentration: All Eggs in One Basket Simplifying the Wealth Management Paradigm: A Matter of Lifestyle and Legacy Scale: How Much is Enough? Time: A Family Office’s Most Precious Advantage What Gets in the Way of Growing Wealth: Variance, Inflation, Taxes, Investment Costs, and Spending Family Office Investing: A Different Type of Animal? A Goals–Based Approach to Asset Allocation The Investment Process in a Family Office Investment Review Investment Philosophy Investment Objectives The Investment Policy Investment Advisory Committee Strategic and Tactical Asset Allocation, Manager Selection, Surveillance andOngoing Investment Monitoring The Role of the Chief Investment Officer The Outsourced CIO Model Case in Point: Walford Family Office 36 Conclusion and Final Thoughts Notes Chapter 9: Operations and Information Technology in the Family Office ( Robert Kaufold, Managing Partner, Carriage Partners Inc. and Kirby Rosplock, PhD) Assessing Complexity Case #1: Simple Family Fact Pattern Build the Infrastructure! Comments on Technology for the Simple System Case #2: More Complex Family Fact Pattern Build the Infrastructure! Comments on Technology for the More Complex Infrastructure Case #3: The Most Complex Family Fact Pattern Build the Infrastructure! Financial Reporting Data and Decision Archiving Conclusion and Final Thoughts Notes Chapter 10: Talent Management in the Family Office ( Kirby Rosplock, PhD) Introduction Family Office Staffing Single Family Office Organizational Charts President/CEO Chief Investment Officer (CIO) Chief Financial Officer (CFO) Chief Administrative Officer (CAO) Chief Operations Officer (COO) Investment Advisor Tax Accountant and Bookkeeper Wealth Advisor Finding Family Office Talent People Business Chemistry Fit Background Checks Compensation Managing Talent in your Family Office Role Clarity and Job Description Performance Management Family at the Helm Conclusion and Final Thoughts Notes Chapter 11: Governance Issues for the Family Office ( Barbara Hauser, J.D. Independent Family Advisor and Kirby Rosplock, PhD) Governance Issues for the Family Office Itself Benefits of a Good Board Addition of Independent Directors Interim Stage of Advisory Board Accountability to the Family Pricing Alternatives Participation in Long–term Strategy Next Generation Issues to Address Succession Planning for the Family Office and its Executives Case of the Winchester Family Governance Issues for the Family Itself Analysis of Existing Decision–making Process Hallmarks of Good Governance: Transparency, Accountability, and Participation Benefits of the Family Creating its own Governance Process/Structure How to Create the Family Governance Family Councils Family Constitutions Conclusion and Final Thoughts Notes Chapter 12: Preparing Succeeding Generations: Family Education in the Family Office ( Kirby Rosplock, PhD) Developing the Next Generation Case Study: Elsa’s Story 4 To Tell or Not to Tell: Overcoming Communication Challenges Case Study: Aragon Trust Company 15 Clear Expectations and the Power of Inherited Wealth Case Study: The Lyle Family Mentoring: The Power, Influence and Inspiration from Mentors Building a Foundation for Financial Independence: The Role of the Family Office Conclusion and Final Thoughts Notes Chapter 13: Family Entrepreneurship and the Family Bank ( Warner Babcock, AM Private Enterprises, Inc. and Kirby Rosplock, PhD) Key Entrepreneur Characteristics, Traits and Questions What are a Family Bank and its Overall Purpose? Conceiving your Family Bank Who Funds Family Banks and What do they Typically Fund? Four Principles for Family Banks Democratize Harmonize Customize Professionalize Governance, Structure, and Organization Evolution of Family Banks: From Simple to Complex Family Bank Boards, Committees and Trustees Structures and Organization of Entities Limitations of Trusts The Role of the Family Office The Role of Outside Experts Tax and Legal Considerations of Family Banks Conclusion and Final Thoughts Notes Chapter 14: Legacy and Philanthropy in the Family Office ( Kirby Rosplock, PhD) Introduction to Legacy Legacy to the Senior Generation Legacy to the Next Generation Gender and Legacy: How Important is Leaving a Legacy from Women’s and Men’s Perspectives? Defining Legacy Financial Legacy Social Legacy Philanthropic Legacy Legacy and its Connection to Philanthropy The Role of the Family Office Supporting a Family’s Legacy & Philanthropy Foundations Opportunities Challenges Mentoring the Next Generation Family Council Conclusion and Final Thoughts Notes Chapter 15: Globalization of the Family Office: International Families and Family Offices ( Kirby Rosplock, PhD) Introduction to the Global Family Office Asia North America Latin America Europe Middle East and Africa Oceania Conclusion and Final Thoughts Notes About the Author About the Contributors Index
- ISBN: 978-1-118-36730-8
- Editorial: John Wiley & Sons
- Encuadernacion: Cartoné
- Páginas: 432
- Fecha Publicación: 19/02/2014
- Nº Volúmenes: 1
- Idioma: Inglés