Navigating Wealth and Family Dynamics with Tom McCullough of Northwood Family Office

This week Tom McCullough, Chairman and CEO of Northwood Family Office stops by to talk all things Family Office.

Tom is often referred to as the "godfather" of family offices in Canada. He shares his journey from a successful career at Dominion Securities to founding Northwood Family Office, where he has spent over two decades helping families manage their wealth and complex financial needs. The discussion covers the evolution of the family office industry, the importance of building trust with clients, and Tom's insights into intergenerational wealth transfer and the growing complexity of wealth management in today's world.

We also are joined by friend-of-the-pod John Ruffolo of Maverix Private Equity to discuss the week’s news (including Ripple’s recent Fund III announcement)

About Tom McCullough

Tom McCullough is the Co-Founder, Chairman, and CEO of Northwood Family Office, a Toronto-based multi-family office that serves the comprehensive needs of families with significant wealth.

Tom has been a pioneering force in establishing one of Canada’s leading independent family offices. Northwood Family Office has been consistently recognized as the top independent family office in Canada by Euromoney in its global private banking survey. Tom is also the co-author of three influential books on wealth management: Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask, Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors, and Family Wealth Management: 7 Imperatives for Successful Investing.

Before founding Northwood Family Office in 2002, Tom spent two decades at RBC Dominion Securities, where he held senior executive roles. His experience at RBC, combined with his personal insights into the needs of wealthy families, led him to establish a boutique-style, client-focused family office that provides objective and customized services. Tom’s commitment to education and thought leadership in wealth management is evident through his role as an Adjunct Professor of Finance at the University of Toronto’s Rotman School of Management, where he teaches an MBA course on the management of private wealth. He is also actively involved with the Ultra High Net Worth Institute, serving on its board and faculty.

Tom’s contributions to the field have been widely recognized, including being awarded ‘Best Individual Contribution to Thought Leadership in the Wealth Management Industry (North America)’ at the 2020 Family Wealth Report Awards. He holds an MBA from York University’s Schulich School of Business and certifications such as the Chartered Investment Manager (CIM) and Certified International Wealth Manager (CIWM). In addition to his professional endeavors, Tom is actively involved in philanthropic activities, particularly focusing on poverty alleviation in the developing world.

In this episode, we discuss:

(00:57) Announcement of the third fund from Ripple Ventures and promotion within the team

(02:50) The saga of Bolt and its founder Ryan Breslow

(07:00) Stripe's new buyback tender offer and its implications

(09:07) Canadian government consultations on the 2024 federal budget

(13:00) The U.S. Federal Reserve's upcoming rate decisions and economic impact

(17:30) 20VC podcast insights with Aiden Gomez from Cohere

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(22:34) The interview with Tom McCullough

(23:00) Starting out at Dominion Securities and the early days of his career

(24:00) The epiphanies that led him to leave Dominion Securities and start a family office

(25:20) The early challenges of the family office business

(26:08) What is a family office and how it serves high-net-worth families

(28:09) The story behind landing his first client

(30:01) The changing landscape of family offices in Canada.

(32:31) What sets Northwood Family Office apart from bank-run family offices.

(36:00) The most common questions wealthy families ask and how Northwood addresses them

(41:19) Balancing professional advice with personal relationships in family office management

(43:56) The seven imperatives for successful investing in the new world order

(46:50) Teaching and thought leadership in wealth management and family office services

(48:45) Practical tools and exercises from Tom’s new book, Wealth of Wisdom

(52:10) How families can maintain transparency and communication across generations

(55:15) The evolving role of family offices in managing global wealth and complexity.

(58:00) The impact of technology on wealth management and family offices.

(1:04:38) The most rewarding aspects of Tom’s career in wealth management.

(1:08:02) Advice for those looking to start their own family office or wealth management firm.

Fast Favorites:

🎙 Favorite Podcast: The History of English

📰 Favorite Newsletter or Blog: Northwood Perspective

📲 Favorite Tech Gadget: iPad

📈 Favorite New Trend: The rise of the integrated advisor as a recognized profession

📚 Favorite Book: Made to Stick by Chip Heath and Dan Heath

🤔 Favorite Life Lesson: Show grace. Everyone you meet is dealing with challenges you can't see.

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