The Family Office Book: Investing Capital for the Ultra-Affluent


The family office industry can seem secretive and confusing,even for those on the inside. The Family Office Bookremedies this, giving you an in-depth look at the companies thatmanage the wealth of the ultra-affluent. Exploring why thesecompanies exist, how they operate, and how they manage capital,this book is essential reading for family office professionals, aswell as the high-net-worth individuals and fund managers who employthem.

Containing interviews and firsthand accounts ...

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The family office industry can seem secretive and confusing,even for those on the inside. The Family Office Bookremedies this, giving you an in-depth look at the companies thatmanage the wealth of the ultra-affluent. Exploring why thesecompanies exist, how they operate, and how they manage capital,this book is essential reading for family office professionals, aswell as the high-net-worth individuals and fund managers who employthem.

Containing interviews and firsthand accounts from some of themost successful industry veterans, the book explores the ways inwhich top family offices have found success, including their cashmanagement techniques, portfolio allocations, and much more. Packedwith invaluable insights of interest to both new and establishedfamily office practitioners, the book walks you through the mostimportant issues involved in building and maintaining a successfuloffice—from how to effectively market your business topotential clients to what the future holds for the family officeindustry.

In addition, it also contains essential information forultra-affluent individuals and fund managers. Filled with theknowledge investors need to better understand the nature of thecompanies they are entrusting their money to, the book providesdedicated coverage of how to select a family office that fits yourown distinct needs.

More than just a helpful book, The Family Office Book isa full multimedia package, providing readers with exclusive accessto downloadable interviews, instructional videos, and family officeconference presentations for a truly immersive experience.Comprehensive and accessible, it contains everything anyone workingfor or with a family office needs to know about this industry.

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Product Details

  • ISBN-13: 9781118185360
  • Publisher: Wiley
  • Publication date: 8/7/2012
  • Series: Wiley Finance Series, #775
  • Edition number: 1
  • Pages: 336
  • Sales rank: 626,551
  • Product dimensions: 6.00 (w) x 9.10 (h) x 1.20 (d)

Meet the Author

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

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Table of Contents

Introduction xi

PART ONE Family Office Fundamentals 1

CHAPTER 1 The Family Office Industry 3

What Is a Family Office? 3

The Family Office Universe 5

The History of Family Offices 6

State of the Family Office Industry 9

Who Uses a Single or Multi-Family Office? 10

Why Family Offices? 12

More Money, More Problems 13

Family Office Industry Conferences 13

Conclusion 14

CHAPTER 2 Family Office Services 15

Ultra-Affluent Clients Have Different Needs 15

Family Office Services 17

Additional Benefits and Life Management Services as aCompetitive Advantage 17

Single versus Multi-Family Office Services 19

Differences in Global Family Office Service Offerings 20

Conclusion 21

CHAPTER 3 Family Office Operations 23

Outsourced Model 23

Family Office Team Members 25

Family Office Investment Committees 27

Board of Advisors 27

Family Office Governance 27

Individual Family Governance 28

From CPA to Family Office CEO 29

Family Office Service Providers 31

Developing a Well-Oiled Family Office Machine 32

Implementing Processes, Procedures, and Systems in Your FamilyOffice 32

Conclusion 32

CHAPTER 4 The Ultra-Affluent’s Guide to Selecting aFamily Office 33

Starting a Single Family Office versus Joining a Multi-FamilyOffice 33

Objective Family Office Selection Advice 34

What Do You Want? 34

Character Judgments 35

Seven Critical Family Office Questions to Ask 36

Family Office Veteran Quotes on How to Select a Family Office37

Family Office One-Pager Evaluation Form 42

Conclusion 42

CHAPTER 5 Family Office Marketing 45

Your Client Avatar 46

Crystal Clear Edge 47

Brian Tracy Interview Excerpt on Capital Raising 48

Capital Raising Trifecta 49

Capital Raising Funnel 50

Storytelling 54

Persuasive Writing (Copywriting) 58

Brian Hughes Interview on Family Office Business Development60

Conclusion 68

PART TWO Family Office Veteran Interviews 71

CHAPTER 6 Single Family Office Interviews 73

Family Office Interview with Michael Connor of ConsolidatedInvestment Group 74

Family Office Interview with Elizabeth Hammack of CM CapitalCorporation 88

Family Office Interview with Frank Casey 101

Family Office Interview with John Grzymala 116

Family Office Interview with Matthew Andrade, Director ofInvestment Analysis at Kinnear Financial 122

Family Office Interview with Angelo Robles, President of theFamily Office Association 131

Conclusion 146

CHAPTER 7 Multi-Family Offices Interview Transcripts147

Family Office Interview with Charles Grace of Threshold Group147

Family Office Interview with Lukas Doerig of Marcuard FamilyOffice 159

Family Office Interview with Jeff Colin, Founder of Baker StreetAdvisors 171

Family Office Interview with Thomas Melcher of HawthorneMulti-Family Office 187

Family Office Interview with Greg Kushner, Founder of LidoAdvisors 200

Family Office Interview with Bob Benson, Chief InvestmentOfficer of Laird Norton Tyee 217

Conclusion 229

PART THREE Family Office Mechanics 231

CHAPTER 8 Family Office Investments 233

Traditional Investments 234

Alternative Investments 234

Venture Capital and Angel Investor Investments 235

Infrastructure Investments 236

Hard Asset Investments 236

Family Office Investment Process 237

Three Family Office Portfolio Construction Models 239

The Operating Business Sandbox Model 239

The Diversified Institutional Model 241

The Hybrid Model 241

Family Office Investment Committees 242

Investment Committee Examples 243

Strategic versus Tactical Asset Allocation 247

Institutional Consulting Firms and Family Office Investing250

Family Office Interview with David Thomas, CEO of EquitasCapital Advisors, LLC 251

Conclusion 262

CHAPTER 9 Fund Manager Selection and Deal Flow 263

The Six-Step Fund Manager Selection Process 264

Managed Account Trends 266

Fund Manager Preferences 267

Global Fund Manager Due Diligence 267

Family Office Partnerships with Fund Managers 271

Managing Deal Flow Overload 272

Objective Character Analysis 273

The 6 Cs of Character Analysis 274

Family Office Interview with Evan Cooperman of Artemis WealthAdvisors 278

Conclusion 290

CHAPTER 10 The Future of the Family Office Industry291

There Is No Family Office Industry 291

Shifting Investment Criteria 295

Family Office Job Growth 295

Family Office Training 295

New Global Hot Spots 296

Four Global Drivers of Family Office Industry Growth 297

Conclusion 299

Conclusion 301

Appendix: Family Office Newsletter 303

About the Author 305

Qualified Family Office Training 309

Index 311

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