FOXcast

Today, I have the pleasure of speaking with Janet Arzt, Founder and Managing Partner of Parere Advisory, an independent consulting firm guiding clients across all stages of family office strategy, development, operations, and implementation. Prior to founding Parere Advisory, Janet served as Chief Executive Officer of a newly launched family office in Charlottesville, Virginia, where she built out and oversaw investments and operations for the family and its businesses. In 2020, Janet was named one of the "Top 50 Leading Women in Hedge Funds" by The Hedge Fund Journal in association with Ernst & Young.

In this episode, we'll talk about the role and experience of women in the world of family wealth and wealth management. Janet shares the historical perspective of how women have been involved and positioned in the enterprise family and family wealth space, both as wealth owners and as wealth manages or advisors.

The environment today is transforming quickly, and Janet describes what is happening now in the family office field and the changes she is seeing that impact women in wealth.

Janet offers her tips and suggestions for women who are wealth owners, or who are stepping into family leadership or family office principal roles in the midst of the "greatest generational wealth transfer" that is already under way.

We also talk about the "supply side", i.e., the family wealth advisory firms and the women who are family wealth professionals. She provides some tips for wealth advisor firms about serving female clients and to women who are in wealth management, family office, and wealth advisory roles at external advisor firms.

Please enjoy this informative conversation with an experienced and successful professional in the family wealth space.

Today, I am delighted to welcome Dennis Passis, Founder of the Family Wealth Library. He spent nearly 40 years working in his family's business, founded by his father, where he was eventually joined by his son. Dennis is a mediation practitioner, a family business consultant, and a fellow at the Family Firm Institute (FFI).

He is the author of the recently published book Founder Paralysis: A Family Business Fable about a Founder's Loss of Identity. Dennis explains what "founder paralysis" means and tells us about the concept, the book, and the body of work it is based on.

Dennis also talks about the concept of "eldership". He shares what he means by this term, why it is important for families to internalize, and how well he thinks it is being understood and practiced today.

The most fundamental practical tip Dennis suggests to families undergoing transitions and succession is to address the loss the founder is experiencing. He elaborates on this process and how multigenerational families can apply it to successfully address founder paralysis.

Beyond addressing the loss and overcoming the state of paralysis, Dennis points out that it is important to define and develop the next phase of the founder's life, in which he/she can continue to be a highly functioning, productive, and purpose driven individual. He describes how this is best done and goes over some of the pitfalls to avoid and tips to take advantage of.

Enjoy this informative conversation with a veteran of and distinguished practitioner in the family wealth space.

Today, I'm excited to speak with Chris Volpe, Managing Director of Zephyr Financial Solutions, an award-winning asset and wealth management software platform. Zephyr is part of Informa, a leading global provider of digital-first and data-driven products and services. Chris and Zephyr Financial Solutions are FOX Technology Resource Partners, and we are happy to have the unique tools and expertise they bring to our membership community.

Alternative investments are an increasingly meaningful component of family office investment portfolios, and this segment of the investment landscape is also rapidly evolving. Chris shares his views on what is happening in the world of alternatives and what trends are shaping this unique space.

Separately managed accounts (SMAs) are becoming increasingly popular for a multitude of reasons, especially in the realm of private and alternative investments. Chris talks about the latest developments in the SMA space and highlights the challenges and opportunities investors face when comparing, selecting, and evaluating different SMA options.

Chris offers his practical tips and suggestions for our listeners on how to gain access to and navigate data on private and alternative investments that is available out there in the marketplace.

Chris and his firm developed and launched Zephyr, and its PSN Data tool, specifically for the purpose of allowing investors to compare SMAs and to make dynamic data-driven investment decisions. He describes how Zephir works, the benefits the PSN Data tool offers, and how family office investors can leverage this new technology platform.

Enjoy this insightful conversation with one of the leading players in the fast-evolving space of alternatives and SMAs.

Today, I am pleased to welcome David MacMahan, founder and president of FairSplit.com. Over the past twelve years, David has worked with families dividing estates and is now widely recognized as the leading industry expert on estate division of tangible assets. He is often hired to serve as Administrator of the FairSplit process, but also as an independent third-party mediator to help keep tensions down between family members and reduce the pressure on executors of the estate, by providing an independent, third-party role and the experience to help guide the family members and executor or trustee.

David focused his entrepreneurial creativity and energy onto the field of estate distributions or dividing personal property among heirs after their parents pass. He shares the reasons that made him focus on this space and describes are the challenges that exist with dividing personal property among inheriting relatives.

David shares his insights on how estate distribution works today, what the common methods families use currently to divide personal property, artifacts, heirlooms, etc. among themselves, and what the tools are emerging that help this process.

The company David founded, FairSplit, created a technology-enabled set of tools to help families, as their marketing tagline says, "Divide Things, Not Families." He talks about the FairSplit solution, its components and functionalities, and how families and their advisors can make use of it.

Finally, David offers some pointers as to some of the other resources, knowledge libraries, or tools available to families, family offices, and family advisors to assist them with estate distribution processes and help them avoid the pitfalls and potential conflicts that can arise during these emotional undertakings.

Enjoy this fascinating conversation on an important and overlooked area of estate planning and family transitions.

Today, I am pleased to welcome Betsy Miller, Lecturer on Law at Harvard Law School. Betsy teaches leadership development, change management and negotiation skills, and her research and writing focus on Polarities ("Both/And" thinking), which is the study of opposite forces that need each other to succeed. Betsy's 25-year career has spanned positions in federal and local government, defense and plaintiff law firms, and academia.

Through 2023, she was Chair of Cohen Milstein's' Public Client practice, where she represented state Attorneys General as their lead outside counsel in investigations and litigation involving large-scale consumer fraud and privacy violations, including the national opioid litigation that delivered more $25 billion in relief, and the $2.2 billion resolution of federal and state litigation against the largest credit rating agencies for their misconduct in connection with mortgage-backed securities. Betsy was the 2021 recipient of the Givens Visionary Award from The National Law Journal, was awarded a Wasserstein Fellowship by Harvard Law School, and was named Special Advisor to the Commission on Women in the Profession by the President of the American Bar Association in 2023.

Betsy offers an introduction to the idea of polarities and "Both/And Thinking" and a high-level overview of these concepts and the science behind them. There are numerous such baffling polarities in the family enterprise and family office world. Even the name "family office" is a bit of an oxymoron encapsulating the polarities it contends with.

One common polarity of diametrically opposed forces enterprise families experience is the importance of preserving and growing the family capital vs. putting it to work to make a positive impact. Another one is the tension between the desire to learn from and build on the wisdom and success of the older generation vs. the need to empower the rising generation to chart their own course. Yet another is the tug of war between the mission of the family office to steward and invest the family's financial capital vs. its role to educate and educate the human capital and ensure family members are happy and fulfilled.

Besty shares her thoughts about these and similar polarities that affect enterprise families and provides some insight into how to best think about and deal with them.

A great practical tool Betsy offers is the 2-dimensional chart that helps people visualize the polarities they are facing and understand and manage both the benefits and the overuses of each extreme end of the polarity continuum. She talks about this tool, how it can be used to not only understand the opposing forces and tendencies, but also to harness the benefits of each extreme while minimizing the counterproductive overuses. Betsy also describes some of the other practical and educational resources she recommends to those who wish to learn more about polarities, become better equipped to spot them, and develop their skills at applying a Both/And Thinking approach in their interactions with their fellow family members or with their family clients.

Do not miss this illuminating conversation with one of the leading researchers and educators in the field of polarities and Both/And thinking.

Today, I'm excited to speak with John Castrucci, National Director of Family Office Advisory Services at the Global Family Office Enterprise Division of RSM and Ben Berger, Partner and Family Office Enterprise Markets Leader at RSM. John has 10+ years of experience at a Big 4 Accounting firm as a practicing family office tax and family office advisory services national director and more than a decade at Private Wealth Management and Multi-Family Office institutions as regional managing director overseeing wealth strategists. Ben is on RSM's Global Family Office Advisory Board, and has served families and family offices, addressing their full range of needs, including tax, operations, and technology since 1995. John, Ben, and their firm RSM are valued advisor members of FOX, and we are fortunate to have their expertise as part of our membership community.

John and Ben work with many family offices to help them design and implement the best operational structure for their needs. They talk about what they are seeing in the marketplace, including how family offices are being structured today, what kind of complexities and challenges they are facing, and how are they addressing them.

One growing trend John and Ben highlight among single-family offices is the rise in operational and functional lift-outs. They define what lift-outs are, and describe when they make sense, how they work, and why they are increasingly common among single-family offices.

One practical suggestion John and Ben offer for family offices is to create an operational roadmap as a tool to understand where they are and where they need to go to meet the family's needs. They explain how this self-assessment and road-mapping process work and what its benefits are for family office leaders .

John and Ben also suggest that family offices conduct a thorough and systematic cataloguing and design of the services they provide to family members and the family enterprise, and also determine how these services will be sourced – i.e., in-housed, outsourced, co-sourced, etc. They elaborate on this best practice and explain how family offices should strive to apply it.

Don't miss this highly relevant conversation on a topic of high interest to families and family office leaders with two of the leading experts on the subject in our industry.

Today, I am pleased to welcome back to FOXCast Cassindy Chao and Shannon Lundgren, co-founders of Boutique Matchmaking, a high-end personal advisory practice that provides curated matchmaking, date coaching, and strategic consulting for multigenerational families of wealth. Cassindy and Shannon, and their firm Boutique Matchmaking, have been part of the FOX community as official marketing partners for the past year, and we are thrilled to have their expertise available to our FOX members.

In this episode, we tackle the topic of marriage and how it is handled among multigenerational enterprise families today. The commanding majority of never-been-married adults say they would like to get married someday, and probably all single people are hoping to at least find their soulmate. Parents often care about this topic at least as much as their single children do, and both generations want to see the other find happiness. Cassindy and Shannon share their experience on how families approach this important subject and describe the major shifts in norms, beliefs, and attitudes towards marriage among families of wealth.

Last time we spoke, we talked about the cloud that often hangs over the topic of romantic relationships and nuptial happiness, but this seems to be changing – people are increasingly open about acknowledging the importance of romantic relationships and nuptial happiness and are willing to utilize all the tools at their disposal to find the right person. Cassindy and Shannon talk about how family members – both young and older ones – can get the sophisticated help and best resources available to them in their quest for romantic happiness and a lifetime partner.

One practical consideration for multigenerational families is how the family's values can or should play a role in the process of educating and helping younger rising-gen members find their romantic partners? And conversely, there is the reality of different perspectives that exist among generations, and the likelihood that the younger generation might have different worldviews or even values. Cassindy and Shannon offer some tips on how to manage this reality and rising complexity.

Finally, Cassindy and Shannon provide their advice and suggestions for parents who want to give their input on their children's choice of a romantic partner, while at the same time, ensuring that both parents and adult children can set healthy boundaries regarding dating advice and involvement.

Enjoy this insightful conversation with two of the most experienced professionals on a topic of high importance for all members of multigenerational families.

Today, I am pleased to welcome Kristen Oliveri, editor of Crain Currency, a family office publication for families managing wealth and legacies. Kristen has built a successful journalistic career in the wealth-management and family-office space by creating exciting content, establishing business connections, and curating high-touch, content-driven events. Prior to Crain Currency, she held a number of content and editorial roles, including Director of the Family Office Institute and Content Director of the Family Office Network at Institutional Investor.

Family offices and the media are not exactly a match made in heaven. Kristen leans on her ample experience over the past couple of decades, to describe how enterprise families and family offices have managed public relations and their interactions with the media, especially given the natural tension between their significant presence in and impact on their communities and their desire for privacy and discretion.

With younger family members starting to play a role in multigenerational family enterprises, attitudes to the media are changing and so is the family's tolerance for their presence in the public eye. Kristen shares her views on how families' preferences and interactions with the public have evolved in recent years.

Kristen has had great success working with families and helping them share their stories in a fair, nuanced, and complete way, without betraying the privacy and safety of their individual family members. She offers her advice and suggestions for enterprise families who are either being thrust into the public discourse by exogenous factors or are considering a more proactive stance toward their public image – or even intentionally developing a family brand.

Kristen also has some tips and suggestions for the reporters and media outlets who are increasingly focusing their attention on multigenerational families and their enterprises, philanthropies, and family offices. She provides practical advice to journalists looking to cover enterprise families and their impact on society, the economy, and the world.

Enjoy this informative conversation with one of the best recognized and prolific journalists in the family office and family wealth space.

Today, I am excited to speak with René Sonneveld, a Leadership and Family Business Coach and Honorary Consul General of the Kingdom of the Netherlands in Uruguay. René a has rich history as Managing Director, CEO, and Chairman at Fortune 500 companies and family-run businesses across four continents, and he now leverages this vast experience to coach leaders and corporate teams. Besides leadership and family enterprise coaching, René is deeply committed to sustainability. He aims to create a green hydrogen supply chain from South America to Europe.

Throughout his career, René has served many multigenerational families and has found that often, as he puts it, there's "an elephant in the room" that gets in the way of families collaborating effectively and achieving their goals. He talks about what "the elephant in the room" is and how to best approach it and, eventually, dispense with it.

René eventually discovered coaching and dedicated his life to this noble calling. He shares his beliefs on why coaching is the best tool to empower families to succeed and how it helps eliminate "the elephant in the room" that holds them back.

One technique René deploys in his coaching work is what he calls "the icebreaker". He describes how it works and what the benefits families and family enterprises can reap from this practical tool.

Families and family enterprises are complex organisms, commonly involving a great number of players who are entangled in complicated and often emotionally charged relationships. These can include family leaders, blood family, children, in-laws, advisors, to mention just a few key constituents. René offers his advice on when to bring in whom in the coaching process with the family in order to achieve the best results.

Enjoy this insightful conversation with a world-renowned leadership coach and family advisor.

Today, I have the pleasure of speaking with Özge Doğan, Founder of Karman Beyond, Türkiye's first independent multi-family office. Karman Beyond is a boutique advisory service for leading families in Turkey (and beyond) and Özge manages all the relationships with the firm's client families. Özge is a next-gen member of a prominent Turkish family enterprise, and she founded her multi-family office firm in response to her own family's wealth management needs – and the lack of an available solutions in Türkiye.

We start with a quick overview of family enterprises and family wealth in Türkiye and Özge describes the most common profiles of enterprise families in the country, as well as the most pressing needs and challenges faced by enterprising families, and how are they dealing with these challenges.

Özge outlines the current context of the family wealth and wealth management industry in Türkiye, and she talks about the ecosystem of family wealth advisory firms, service providers, and peer communities that serve multigenerational Turkish families.

One practical advice Özge offers to Turkish families – which is probably relevant across other cultures as well – is to understand and embrace the next-generation mindset, including the generational differences in values, preference, investing styles, etc. Can you talk about that and how families can successfully apply this mindset.

Another practical reality for families in Türkiye, and all over the world, is their increasing interest and exposure to global assets and jurisdictions, including investing, operating, and relocating across multiple geographies globally. Özge shares her views on the client needs and behaviors she is observing, and offers her recommendations for the knowledge, services, and resources families should seek to be successful in their global strategies.

Please enjoy this enlightening conversation with a young rising-gen owner and founder of the first multi-family office in Türkiye.