Family Office Book

RICHARD C. WILSON works with single and multi-family offices and the ultra-wealthy on a daily basis. Richard's team at the G.T.C. Institute, LLC operates the 40,000 member Family Offices Group association, a newsletter called Family Office Monthly, and the Qualified Family Office Professional (QFOP) training program. Richard also has a team that is laser-focused on connecting family offices to best-of-breed fund managers. Richard is a global speaker on family offices having spoken at and chaired more than 50 industry conferences and summits in Zurich, Monaco, Singapore, Moscow, New York, Liechtenstein, Sao Paulo, Tokyo, and the Cayman Islands.

• Introduction xiPart One Family Office Fundamentals 1Chapter 1 The Family Office Industry 3What Is a Family Office? 3The Family Office Universe 5The History of Family Offices 6State of the Family Office Industry 9Who Uses a Single or Multi-Family Office? 10Why Family Offices? 12More Money, More Problems 13Family Office Industry Conferences 13Conclusion 14Chapter 2 Family Office Services 15Ultra-Affluent Clients Have Different Needs 15Family Office Services 17Additional Benefits and Life Management Services as a Competitive Advantage 17Single versus Multi-Family Office Services 19Differences in Global Family Office Service Offerings 20Conclusion 21Chapter 3 Family Office Operations 23Outsourced Model 23Family Office Team Members 25Family Office Investment Committees 27Board of Advisors 27Family Office Governance 27Individual Family Governance 28From CPA to Family Office CEO 29Family Office Service Providers 31Developing a Well-Oiled Family Office Machine 32Implementing Processes, Procedures, and Systems in Your Family Office 32Conclusion 32Chapter 4 The Ultra-Affluent’s Guide to Selecting a Family Office 33Starting a Single Family Office versus Joining a Multi-Family Office 33Objective Family Office Selection Advice 34What Do You Want? 34Character Judgments 35Seven Critical Family Office Questions to Ask 36Family Office Veteran Quotes on How to Select a Family Office 37Family Office One-Pager Evaluation Form 42Conclusion 42Chapter 5 Family Office Marketing 45Your Client Avatar 46Crystal Clear Edge 47Brian Tracy Interview Excerpt on Capital Raising 48Capital Raising Trifecta 49Capital Raising Funnel 50Storytelling 54Persuasive Writing (Copywriting) 58Brian Hughes Interview on Family Office Business Development 60Conclusion 68Part Two Family Office Veteran Interviews 71Chapter 6 Single Family Office Interviews 73Family Office Interview with Michael Connor of Consolidated Investment Group 74Family Office Interview with Elizabeth Hammack of cm Capital Corporation 88Family Office Interview with Frank Casey 101Family Office Interview with John Grzymala 116Family Office Interview with Matthew Andrade, Director of Investment Analysis at Kinnear Financial 122Family Office Interview with Angelo Robles, President of the Family Office Association 131Conclusion 146Chapter 7 Multi-Family Offices Interview Transcripts 147Family Office Interview with Charles Grace of Threshold Group 147Family Office Interview with Lukas Doerig of Marcuard Family Office 159Family Office Interview with Jeff Colin, Founder of Baker Street Advisors 171Family Office Interview with Thomas Melcher of Hawthorn Multi-Family Office 187Family Office Interview with Greg Kushner, Founder of Lido Advisors 200Family Office Interview with Bob Benson, Chief Investment Officer of Laird Norton Tyee 217Conclusion 229Part Three Family Office Mechanics 231Chapter 8 Family Office Investments 233Traditional Investments 234Alternative Investments 234Venture Capital and Angel Investor Investments 235Infrastructure Investments 236Hard Asset Investments 236Family Office Investment Process 237Three Family Office Portfolio Construction Models 239The Operating Business Sandbox Model 239The Diversified Institutional Model 241The Hybrid Model 241Family Office Investment Committees 242Investment Committee Examples 243Strategic versus Tactical Asset Allocation 247Institutional Consulting Firms and Family Office Investing 250Family Office Interview with David Thomas, CEO of Equitas Capital Advisors, LLC 251Conclusion 262Chapter 9 Fund Manager Selection and Deal Flow 263The Six-Step Fund Manager Selection Process 264Managed Account Trends 266Fund Manager Preferences 267Global Fund Manager Due Diligence 267Family Office Partnerships with Fund Managers 271Managing Deal Flow Overload 272Objective Character Analysis 273The 6 Cs of Character Analysis 274Family Office Interview with Evan Cooperman of Artemis Wealth Advisors 278Conclusion 290Chapter 10 The Future of the Family Office Industry 291There Is No Family Office Industry 291Shifting Investment Criteria 295Family Office Job Growth 295Family Office Training 295New Global Hot Spots 296Four Global Drivers of Family Office Industry Growth 297Conclusion 299Conclusion 301Appendix: Family Office Newsletter 303About the Author 305Qualified Family Office Training 309Index 311