The Family Office Book – Investing Capital for the Ultra–Affluent

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