Drew McMorrow, President & CEO of Ballentine Partners, shares insights on optimizing family office design. He discusses the trade-offs between insourcing, outsourcing, and partnering for single-family offices, using real-world examples like custody arrangements. Drew also introduces the Center for Family Wellbeing, emphasizing effective partnering for communication and HR needs. He offers practical strategies for managing family dynamics and enhancing next-gen engagement, ensuring families leverage their unique strengths while navigating complex financial landscapes.
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question_answer ANECDOTE
Career Pivot After 9/11
Drew recounts deciding to leave management consulting after experiencing 9/11 while traveling.
That moment led him to pursue advising families and a more personally rewarding career path.
insights INSIGHT
Cost Of Seceding From The Market
Insourcing means a family office removes itself from competitive market innovation and may fall behind over time.
Partnership lets families tap ongoing market innovation while keeping control where needed.
volunteer_activism ADVICE
Choose By Function, Not By Dogma
Evaluate each function by control needs, privacy, cost and market quality before choosing insource vs partner.
Prefer partnership for nimbleness unless a function requires tight control or market options are poor.
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Today, it is my pleasure to speak with Drew McMorrow, President & CEO of Ballentine Partners, an independent wealth management firm providing comprehensive investment and family office services to wealthy families and entrepreneurs. In addition to being responsible for the day-to-day management of the company, Drew also continues to consult with families on all aspects of their financial lives. Prior to joining the firm in 2002, Drew worked at Mercer Management Consulting, where he advised technology companies on their strategic plans, and before that, he was the Director of Business Operations at Oracle Corporation, where he directed financial and business analysis for procurement and distribution operations. Drew, and his firm Ballentine Partners, are valued members of the FOX MFO Council and we are very proud to have their expertise as part of the FOX membership community.
As family offices become increasingly popular and as families look to them for an ever-broader range of services and expertise, many families are weighing the pros and cons of in-housing vs. outsourcing vs. partnering as they try to decide on the optimal operating model for their family office. Drew shares his perspectives on the tradeoffs between in-house and partnered design options for SFOs and explains when and what should families consider outsourcing when building our their SFO, highlighting the functions or situations that lend themselves better to one model vs. another.
Drew and his firm Ballentine Partners have built the Center for Family Wellbeing as a practical resource to help families make the best resourcing choices for their FOs. He tells our audience about the Center, its mission, and how it serves multigenerational families of wealth.
Another practical insight Drew offers is regarding the often-neglected qualitative disciplines in support of the family’s long-term success – functions such as family communications, education and learning, and next-gen engagement and preparation. He provides his practical recommendations on how families can utilize internal resources and external partners to develop and deliver these mission-critical services to the family.
Do not miss this engaging conversation with one of the most prominent thinkers and leaders in the UHNW family wealth management space.
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