FOXcast

Today, I have the pleasure of speaking with Sharon Schneider, founder of Integrated Capital Strategies. She works with families and foundations to align all of their activities with their values, expanding from philanthropy and impact investments to advocacy, operating businesses and property management/household operations. She is the author of "Handbook for an Integrated Life: A Practical Guide to Aligning Your Everyday Choices with Your Internal Compass". Previously Sharon served as Executive Director of the Telluray Foundation and was the founding Director of the Walton Personal Philanthropy Group. She was also co-founder and CEO of the for-profit social enterprise Moxie Jean, a Chicago Innovation Award winner in 2013 and a 2012 portfolio company of renowned tech accelerator Excelerate Labs (now TechStars Chicago). Moxie Jean was acquired by Schoola in 2015. Before starting Moxie Jean, Schneider spent 12 years as a staff member and consultant to private foundations, including the Bill & Melinda Gates Foundation, the Pew Charitable Trusts, and dozens of small family foundations, working on issues ranging from strategic planning and outcome management to engaging your family in philanthropy. Sharon wrote a highly regarded book about the concept of an “Integrated Life”, and she shares with our audience the meaning of this term and its key takeaways for UHNW families. In her writings, Sharon posits that these is a “3rd Gen Problem” – that by the time G3 steps into the leadership role, the family office structure begins to strain. She describes this problem, and illustrates how it is manifested across families, why it occurs, and most importantly, what to do about it. Through her work with families, Sharon has formulated 8 principles for a values-aligned family office, and she unpacks her thinking and practical insights related to the 8 principles. She then provides some specific practical applications of the principles, and shares some use cases that can help bring the principles to life for our audience. Enjoy this informative conversation with one of the best recognized philanthropy advisors and practitioners in the family wealth space.

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.

Today, it is my pleasure to speak with Anne Rappa & Alex Glauber. Anne is the fine art practice leader for Marsh McLennan. She provides risk management advice and assists clients by negotiating risk and insurance solutions related to fine art collections and transactions. Anne has 30 years’ experience representing the interests of both individual and institutional collectors, institutions, art dealers, auction houses, art logistics companies and other fine art focused businesses. Anne, and her firm Marsh McLennan, are a valued Advisor member of the FOX community, and we are grateful to have their expertise and thought leadership in our membership community. Alex is an art advisor, curator, and educator based in New York. He is the founder and principal of AWG Art Advisory, where he works with private individuals, corporations, and institutions in the conceptualization, building, and management of fine art collections. Prior to founding AWG Art Advisory in 2009, Alex served as an assistant curator for the Lehman Brothers and Neuberger Berman art collections from 2006 to 2009. He has curated monographic and thematic group exhibitions at venues as varied as the Portland Museum of Art in Maine, Phillips auction house, and Bryant Park, New York, as well as at galleries such as Lisson Gallery, Andrew Kreps Gallery, Chapter NY, Dickinson, David Lewis Gallery, and Casey Kaplan. He is a board member of The Brooklyn Rail and the president of the Association of Professional Art Advisors. Art is an increasingly popular investment asset among enterprise families and family offices – both as a passion investment and an alternative asset in their diversified portfolios. Anne and Alex talk about what is going on today in the world of art investing and highlight the latest trends that have been shaping the space over the recent years. They also explain how art is different from other investment assets, describing the unique attributes and market structures that set art apart from other investments and even from other alternative assets. One practical piece of advice Anne and Alex have for our listeners is to consider and understand the role of a professional art advisor. They describe the role of the art advisor and share their views on why families and family offices should be working with one and what value they can extract from such a relationship. With the unique attributes and value of art come also some unique risks. Anne and Alex shed some light on the major risks art investors should be aware of and how family offices and their clients can manage and protect themselves against those risks. Don’t miss this deeply instructional conversation with two of the leading experts and advisors in the world of art investing.

Today, I’m excited to speak with Jennifer Laurence, Founder and President of Luxury Lifestyle Logistics, a luxury home management and hospitality consulting firm. Jennifer has 25 years of expertise in luxury hospitality and private estate management and is a certified Butler, a trained Protocol Officer, holds a Wine Sommelier certificate, and is currently writing her doctoral research study on estate management communication. Through her consultancy, Jennifer specializes in service assessments, staff training, and operational strategy, ensuring estates function with seamless precision. We delve into the world of luxury estate management serving UHNW individuals and multigenerational families, and Jennifer provides an overview of the estate management sector and gives our listeners a sense of the scope of client needs and operational services that are common in this space. One unique aspect of the estate management space is that the asset being managed also happens to be the home of the UHNW family clients. Jennifer talks about some of the common challenges and best practices in luxury estate management today. We go over some of the practical tips Jennifer has for UHNW families and their family offices when it comes to managing their residential estates or considering the services of a professional estate manager. She also shares her insights on how families can protect against the risks that come with having a professionally managed luxury residence and describes how they can guard the family members’ privacy, safety, and personal space, while enjoying the benefits of professional estate management. Enjoy this informative conversation with one of the foremost thought leaders and practitioners in the UHNW luxury estate management space.

Today, I have the pleasure of speaking with Volker Then, an independent Senior Impact Analyst who is launching a start-up company on Comprehensive Impact Measurement together with a coalition of impact partners. From 2022 to 2024, Volker was Founding Chief Executive Officer and Member of the Executive Board of Fondazione AIS (Advancing Impact and Sustainability) in Bologna. Earlier in his career, Volker was Executive Director of the Centre for Social Investment at Heidelberg University for 15 years and also served as Director Philanthropy and Foundations at the Bertelsmann Foundation. He is a former member of the Scientific Advisory Board of the OECD’s Global Action “Social and Solidarity Economy” and served on the National Advisory Board of the G7-Social Impact Investment Task Force. Impact is a big word nowadays – maybe even a buzzword – and people in our space are using it broadly and frequently. But it’s not clear that everyone has a clear shared definition of the term. Volker provides his definition of “impact”, especially as it relates to enterprise families and the objectives they set for themselves with regard to fulfilling the purpose of their wealth and their family capital. One of the greatest challenges, and opportunities, in the world of impact is the measurement of the effectiveness and outcomes of impact initiatives. Volker talks about the latest thinking and work that is being done in this area, especially the thought leadership and development he has been spearheading in his prior role at Fondazione AIS and now in his current venture. Volker offers his tips and suggestions for enterprise families who are just starting or are early in their impact journey, focusing on what he recommends they do to get better educated and equipped to realize their impact ambitions. He then turns to enterprise families who are more advanced and have a developed impact framework and strategy, sharing his advice on what they can do to further the reach and consequence of their impact programs and strategies. Don’t miss this enlightening conversation with one of the foremost thought leaders in the realm of impact definition and measurement.

Today, I am delighted to welcome Chris Koenemann, a family advisor and coach specializing in spiritual coaching and accompaniment. Chris served as Prior and Cellarer of a monastery of 20+ monks that owned and operated a school and operated a parish, and prior to that Chris was a Catholic monk for seventeen years, including five years in Rome, and as a Catholic priest. He studied organizational design and worked in that field with PwC Consulting and IBM. Of all the 5 capitals Jay Hughes defined, spiritual capital is probably still the least frequently discussed in our field. In this conversation, we focus entirely on this important and oft-neglected form of family capital. We start with a definition of define spiritual capital and how you Chris sees the importance of spirituality in today’s modern, technology-driven world. Chris describes the reality today in the wealth management space, including how well spirituality is understood, appreciated, and incorporated in the work enterprise families undertake to manage their family capital holistically. He also talks about how well family advisors understand and engage in this field. Chris has created a framework he calls “8 Conversations” for families to co-create a culture that sticks. He tells us about this framework, defining the 8 Conversations and showcasing how to apply them to help families in transition. Helping families understand and develop their unique culture is at the heart of Chris’s work. He points to Harrison’s model of culture as a useful tool to achieve these objectives. He also shares his insights about the model and how he applies it with families. Please enjoy this enlightening conversation with an expert and practitioner who spans both the technical and spiritual dimensions of building a strong family culture that lasts across generations.

In this discussion, Bruce Benesh, Managing Principal at Benesh Consulting Group, shares his extensive expertise in executive compensation for family offices. He highlights current trends and challenges in designing effective compensation packages for top talent. Bruce emphasizes the importance of aligning incentives with family values and long-term goals. He also outlines best practices and the significance of governance in compensation structures, offering invaluable insights for improving family office operations and employee retention.

Today, it is my pleasure to speak with Betsy Erickson & Joseph Brooks, Co-Heads of Family and Individual Services at Arabella Advisors, a leading philanthropy services firm supporting individual, family, institutional, and corporate donors worldwide. Prior to joining Arabella, Betsy worked for eight years in the nonprofit sector with groups focused on cancer research. She provided independent consulting services to national and regional nonprofit organizations such as CureSearch National Childhood Cancer Foundation, the Make-A-Wish Foundation, and the Lance Armstrong Foundation. Prior to joining Arabella, Joseph led the philanthropic advising team at the Greater Milwaukee Foundation and was a fundraising strategist for Marquette University and the country’s largest HIV/AIDS service organization. Betsy and Joseph, and their firm Arabella, are valued Advisor members of FOX, and we are privileged to have their knowledge and expertise in our membership community. The role of philanthropy within enterprise families is evolving – in some cases, philanthropy becoming the primary activity of the family enterprise. Betsy and Joseph talk about what is happening today in the world of family philanthropy and highlight the latest trends that have been shaping the space over the recent years. These trends are inevitably affecting the role and design of the family office. Betsy and Joseph explain how family offices are transforming to respond to the importance of philanthropy and how they should be redesigned to support the family’s evolving needs and activities. Arabella Advisors has put forth a body of thought leadership on the barriers to philanthropy that constrain enterprise families. Betsy and Joseph provide an overview of the most common barriers families face and how they can practically overcome them. Philanthropy is often one of the most common activities families undertake together after they have evolved beyond being fully focused on their business – and as a result, it often is the training ground for other joint activities by the family. Betsy and Joseph share their views on the role of philanthropy in helping families work together and its broader practical implications on fostering lasting collaboration and unity among family members. Don’t miss this highly informative conversation with two of the leading experts and advisors in the realm of family giving and philanthropy.

Today, I have the pleasure of speaking with Cassandra Levene, Managing Director of Alpine Homes and Co-Founder of Swiss Homes. Cassandra is a multilingual real estate expert specializing in luxury Alpine properties. She took over her family business five years ago, bringing innovative leadership to Alpine Homes. Her firm offers concierge-style services to UHNWI clients and family offices around the globe, helping them invest in Swiss real estate—particularly in the iconic Swiss Alps. The COVID-19 pandemic had a profound impact on demand for secondary residences outside of the major global metropolitan areas, and Alpine homes in Switzerland were no exception. Cassandra talks about how the market for second homes in the Swiss Alps has developed and evolved over the recent decades and since the pandemic. Beyond just secondary or vacation homes, Switzerland is also becoming a choice destination for many wealth families who are relocating either their primary residence or family office to the country. Cassandra highlights the factors that are driving this increased interest and causing Switzerland to be such an attractive destination for wealthy individuals and enterprise families. Cassandra offers practical tips and suggestions for families who are looking to invest in Alpine vacation homes or even considering a primary residence in Switzerland. She also describes some of the risks families should beware and local peculiarities to watch out for when exploring an investment in primary or secondary homes in the Alps and elsewhere in Switzerland. Please enjoy this highly informative conversation with a uniquely positioned expert in the fast-evolving market for Swiss Alpine homes.

Today, it is my pleasure to speak with Kasia Flanagan, founder of Everyday Legacies, a boutique personal history firm. Kasia and her team help high-net-worth families capture the experiences, values, and wisdom that define their legacies. Through bespoke memoirs, family story books, and legacy films, they help clients create lasting qualitative assets that complement their financial wealth and preserve their true legacies. Kasia is an award-nominated historian, entrepreneur, and keynote speaker specializing in legacy preservation for exceptional individuals and families. Kasia and her firm, Everyday Legacies, are a Specialist Advisor member of FOX, and we are happy to have her expertise and thought leadership within our membership community. Kasia’s mission is to help families preserve and grow their qualitative wealth, primarily through the power of storytelling, and she talks about why the family story is possibly its most powerful capital and how shared stories strengthen and enrich the family and its individual members. Kasia describes the prevailing practices today among families who are looking to pass down their shared stories and legacies, highlighting the best practices and areas where there is room for improvement – where families could do better with this important dimension of their accumulated wealth. Kasia and her firm have formulated a clever and compelling tagline: “Preserve your values, not just your valuables.” She shares her view on how families can and should be doing that and lists many of the practical tools and mechanisms she recommends to families, family offices, and their outside advisors. Kasia also speaks to the families who are not yet ready to work with a specialized advisor, such as Everyday Legacies, and offers a broad array of DIY tools and readily accessible resources they can rely on. Please enjoy this highly instructive conversation with one of the leading practitioners in the family history and values preservation space.