The Family Office Sherpa

In this discussion, Lee Mayberry, CEO of Future Family Office, shares insights from his 15 years of experience in managing a sophisticated multi-family office. He addresses the challenges of software selection and discusses their transition from Excel to Addepar for streamlined investment reporting. Lee also explores practical AI applications in office operations and the importance of external advisory collaboration. He reflects on expanding their services to outside families, emphasizing the benefits of shared knowledge through family office networks.

Explore the innovative approach of starting a family office from scratch, focusing on simplicity and personalization. Discover why templated designs often miss the mark and how crafting a unique purpose statement is key. Learn about tailoring investment policies to reflect family values, optimizing teams for fit rather than just filling seats, and the importance of accurate reporting. Shaun shares real-life examples of families making impactful changes and emphasizes involving the next generation in governance. It's all about aligning investments with purpose!

Discover the top challenges facing family offices today, from the persistent tech pain points that hinder efficiency to the vital need for high-quality advice. Learn about the shortcomings of survey data and how to recognize useful metrics for better decision-making. Explore the significance of purpose statements for the next generation and the growing focus on investment governance structures. Shaun shares insights into the maturity of the sector, emphasizing the importance of collegial learning and best practices.

Angus Cameron, Chief Investment Officer for GHM Family Office in Sydney, shares his expertise on building tailored investment frameworks for entrepreneurial principals. He discusses the challenges of managing risk while pursuing 'spicier' investments and the importance of aligning investment goals with individual preferences. Angus introduces a three-bucket model—preservation, market returns, and aspirational bets—while highlighting the significance of behavioral design and governance. He also emphasizes the value of mentorship and collaboration within the family office network.

Ben Edmonds, CFO of Alberts Family Office, dives into a rich 140-year legacy in music from iconic acts like AC/DC to the shift towards impact investing. He discusses the intricate governance structures in their family office and the significance of a collegial network among family offices. Ben shares insights on overcoming system complexities in reporting and the balance between outsourcing and internal execution. Plus, he emphasizes the rising role of specialized family-office advisors in enhancing operations and sharing best practices.

Discover the five distinct investment team types within family offices, from deal-focused units to endowment-style allocators. Learn why asset-class specialists excel in domain knowledge while manager-of-managers depend on broad expertise and strong relationships. Explore the challenges of aligning values with rigorous investment strategies and the importance of cultural fit and personality in team dynamics. Shaun offers insights into building your ideal investment team, emphasizing the need for adaptability and thorough alignment with family objectives.

Families often split their single family offices for reasons like autonomy, values, and generational changes. Younger members seek independence, leading to potential disengagement from governance. However, such splits can strain investments and relationships. Shaun shares advice on planning separations to minimize chaos and warns of risks like loss of scale and admin burdens. Despite challenges, he highlights the positives of renewed energy and responsibility, and emphasizes viewing splits as a natural evolution that can strengthen family ties.

Dive into the world of family office investing, where expertise meets personal touch. Discover how focusing on familiar areas enhances governance. Long-term relationships are revealed as the backbone of resilience. Personality trumps credentials in team dynamics, while collaboration breaks the myth of secrecy. Learn how human connections guide investments beyond mere spreadsheets. Understand the balance of timing in decision-making and the importance of clear communication. Finally, see why values and impact often eclipse financial metrics in these unique families.

Explore the intricacies of involving family members in a family office. Discover the balance between risks and rewards when hiring relatives. Learn why meaningful roles matter over trivial tasks and how to assess skills effectively. Gain insights into planning, governance, and fair treatment of family employees. Understand the importance of long-term implications for future generations and the value of hands-on learning. Plus, get practical strategies like tech projects for younger family members to boost engagement.

Navigating reporting software can be trickier than expected. From custody issues to data feed reliability, there are hidden pitfalls at every turn. Pricing models often obfuscate true costs, and vendor dependence can create risks. It's crucial to differentiate between accounting and investment records, while careful onboarding can help manage expectations. Remember, not everything will be automated, and some manual oversight is necessary. When building your reporting infrastructure, anticipate change and account for total costs!