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

ISBN: 978-1-118-18536-0
336 pages
August 2012
The Family Office Book: Investing Capital for the Ultra-Affluent (1118185366) cover image
Key strategies for running a family office for fund managers

Understanding the basics of the family office industry is essential if you want to succeed in establishing a successful fund for a wealthy family. That's where The Family Office Book comes in. Outlining key strategies for family offices, from what a family office is to how the industry operates, and important global differences, the book is packed with interviews with experts from leading family offices.

Providing readers with need-to-know tips and tools to succeed, The Family Office Book gives current and future practitioners everything they need to know about this popular segment of the financial industry.

  • Includes investment criteria, presented as a roadmap showing how several family offices are allocating capita
  • Outlines strategies for fund managers of all types, including mutual funds, real estate funds, private equity, and hedge funds on raising capital in this field
  • Features interviews with the most famous and sought after family offices to give real-life examples of successful family offices in action

A comprehensive and reliable resource, The Family Office Book details exactly how family offices are choosing investment managers and why, and how, to break into the industry.

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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 a Competitive 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 Family Office 32

Conclusion 32

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

Starting a Single Family Office versus Joining a Multi-Family Office 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 Office 37

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 Development 60

Conclusion 68

PART TWO Family Office Veteran Interviews 71

CHAPTER 6 Single Family Office Interviews 73

Family Office Interview with Michael Connor of Consolidated Investment Group 74

Family Office Interview with Elizabeth Hammack of CM Capital Corporation 88

Family Office Interview with Frank Casey 101

Family Office Interview with John Grzymala 116

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

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

Conclusion 146

CHAPTER 7 Multi-Family Offices Interview Transcripts 147

Family Office Interview with Charles Grace of Threshold Group 147

Family Office Interview with Lukas Doerig of Marcuard Family Office 159

Family Office Interview with Jeff Colin, Founder of Baker Street Advisors 171

Family Office Interview with Thomas Melcher of Hawthorne Multi-Family Office 187

Family Office Interview with Greg Kushner, Founder of Lido Advisors 200

Family Office Interview with Bob Benson, Chief Investment Officer 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 Investing 250

Family Office Interview with David Thomas, CEO of Equitas Capital 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 Wealth Advisors 278

Conclusion 290

CHAPTER 10 The Future of the Family Office Industry 291

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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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.

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July 27, 2012
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 Book: Investing Capital for the Ultra-Affluent (August 2012; Hardcover and ebook; $49.95; ISBN: 978-1-1181-8536-0) by Richard C. Wilson remedies this, giving readers an in-depth look at the companies that manage the wealth of the ultra-affluent. Exploring why these companies exist, how they operate, and how they manage capital, this book is essential reading for family office professionals, as well as the high-net-worth individuals and fund managers who employ them.

Containing interviews and firsthand accounts from some of the most successful industry veterans, the book explores the ways in which top family offices have found success, including their cash management techniques, portfolio allocations, and much more. Packed with invaluable insights of interest to both new and established family office practitioners, the book walks readers through the most important issues involved in building and maintaining a successful office—from how to effectively market your business to potential clients to what the future holds for the family office industry.

In addition, it also contains essential information for ultra-affluent individuals and fund managers. Filled with the knowledge investors need to better understand the nature of the companies they are entrusting their money to, the book provides dedicated coverage of how to select a family office that fits anyone's distinct needs.

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

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The Family Office Book: Investing Capital for the Ultra-Affluent (US $49.95)

-and- Financial Statement Analysis Workbook: A Practitioner's Guide, 4th Edition (US $29.95)

Total List Price: US $79.90
Discounted Price: US $59.92 (Save: US $19.98)

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