The Family Office Sherpa

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!

Explore the intriguing concept of family office scaffolding and why it's essential yet temporary. Discover when it's time to reassess and potentially remove these supports. Learn about retaining skills internally by documenting processes, and consider low-touch alternatives to full removal. Shaun discusses which functions should stay flexible and how to avoid common pitfalls during this transition. He emphasizes that successful firms see removal as progress, ensuring lasting value in their operations.

Explore the common pitfalls that can hinder family office success, from governance failures to mismatched investment policies. Discover why prioritizing value over price is crucial, and how essential it is to embrace cybersecurity proactively. Learn about the dangers of filling positions without the right fit and the importance of viewing the office as a business. Shaun highlights the necessity of strategic planning, long-term vision, and effective networking to tackle these challenges and optimize operations.

Exploring the shift towards external capital, the discussion highlights the motivations and challenges faced by family offices. It emphasizes the delicate balance between their original mission and the needs of external clients. The evolving landscape of wealth management is also scrutinized, particularly the role of multifamily offices in aligning financial strategies with personal objectives. Listeners are inspired to consider starting their own multifamily offices for greater engagement and support.