FOXcast

Today, I am pleased to welcome Bob Weinhold, Partner at Velocity Advisory Group, an advisory firm helping clients accelerate organizational success through leadership development, executive coaching, cultural alignment, and strategic execution. Bob oversees the firm’s Family Business Advisory and Executive Coaching practices. He began his career in healthcare working with executives in 1996 and later that year was fortunate to support the Atlanta Olympic Games with his individual and team performance enhancement experience. Bob supports the development of next generation leaders to prepare for succession and help senior family members transition responsibilities while mitigating risk. In his work with families, Bob talks about the concept of “mental scripts” that family members have in their heads that, while helpful in some cases, can also get in the way of successful transitions, communications, and relationships within family enterprises. He elaborates on this concept and gives some examples of how these mental scripts form and manifest themselves within families of wealth. One common challenge related to the “mental scripts” topic is the “fear of screwing up” mentality that so often guides and derails progress among enterprise families and their members. Bob explains why this “Don’t Mess It Up!” attitude is so pervasive both among older generations looking to transition control and their next-gen descendants who are looking to step into leadership. He also offers some insights into what families can do to avoid or navigate this common pitfall. One practical tip Bob offers is for family members to really mind their language – to study the phrases they use in their conversations. Bob delves into why language is so important and unpacks what family leaders and members can do to make sure how they speak to each other helps them grow and succeed rather than derail or hold them back. Another practical tool Bob uses and recommends is “the list”, which often older generations have in their mind before they can be comfortable transitioning power and control. He talks about this mental list – what’s often on it, how to deal with it, and how rising-gen members can manage toward and around this list. Enjoy this instructive conversation with a prominent and experienced thought leader and practitioner in the field of intergenerational transitions and succession within UHNW families.

Today, I’m excited to speak with Van Carlson, Founder & CEO of SRA 831(b) Admin, a specialized risk management solutions company. Van has over 25 years of experience within the risk management industry. Prior to founding SRA, Van ran his own property and casualty firm for 15 years and was awarded Presidents Council’s and other top-performing achievements during his tenure as a P&C Agent. In 2008, he saw the Great Recession hit his commercial business clients hard, and just like them, he was also affected by the sharp economic downturn. Out of that challenging experience, he emerged committed to developing better ways to manage risk and improve business operations for his clients, and consequently founded SRA 831(b) Admin to pursue this mission. In this episode, we delve into the topic of micro-captive insurance plans, or 831(b) plans, and the ways family businesses and family offices can deploy this specialized tool to manage a range of risks. Van covers the fundamentals, offering our audience an overview of how 831(b) plans work and why wealth owners and family enterprises should consider deploying this innovative risk management tool. There are many ways 831(b) plans can create value for families and their enterprises. Van describes the most common use cases families and family offices can address by deploying 831(b) plans and shares some examples of the different unfunded liabilities this tool can help address. One very practical and helpful tool Van developed is the 831B.com website. He talks about the resources that are available on the website and how families and family office teams can utilize this public resource. The 831(b) solutions have many positive applications, but as is the case with everything in life, there are also downsides to consider. Van covers the potential risks associated with 831(b) plans and shares his tips on how our listeners can avoid or mitigate these risks. Please enjoy this insightful conversation with a pioneer and thought leader in the technical field of micro-captive insurance plans.

Today, I’m excited to speak with Brad Mindich, CEO and Founder of Inveniem, the leading archiving & fan engagement company that works directly with artists, estates, athletes, brands, and individual celebrities on finding, organizing, preserving, and monetizing their artifacts and history. Brad also founded Agent Phoenix, a brand realignment and creative consulting agency, which works with companies to improve and enhance their relationships with their target audiences. Brads businesses have served such iconic artists as Coldplay, Metallica, Norah Jones, Jeff Bridges, Questlove, and Elvis Costello, to name just a few. Prior to founding Inveniem and Agent Phoenix, Brad was President of the Phoenix Media/Communications Group, a multi-media organization, and is a veteran of several media and technology start-ups in the US and UK. Brad talks about the world of iconic creators – artists, actors, athletes, and other creative personages – and provides an overview of this exclusive niche and how he and other experts serve these VIP UHNW clients, especially helping them preserve and manage their intellectual property, intangible assets, and unique artifacts. The knowledge, tools, and processes Brad and his firm have developed and apply are not limited to just in this creative niche of the market. Brad describes how families of wealth can also leverage this approach and solutions to preserve and pass down their artifacts, heirlooms, and collections – but also their legacy and values more broadly. Brad goes over the practical steps of how families and UHNW clients can get started on this journey of understanding, managing, and making the most out of their creative assets and intellectual property. He delves into one of the most common roadblocks for many families and clients – how to first organize all the artifacts and creative assets they have so they can know what is there, what exists, and then follow the robust process to begin to manage these collections of unique, alternative assets. Enjoy this informative conversation with the leading service provider in this exclusive niche of the UHNW wealth management landscape.

This week, it is my pleasure to speak with Mark Tepsich, Executive Director and Family Office Design and Governance Specialist in the Family Office Solutions group at UBS Private Wealth Management. Prior to joining UBS, Mark spent several years with a NYC based investment advisory firm, where he built the firm’s family office platform, which included designing the infrastructure, services, tech solutions and vetted third party professionals such as law and tax advisory firms. Prior to that, he spent a decade at a large single-family office where he served as General Counsel of a dynastic, multi-generational family, advising on family office structuring, governance design, personal, estate and income tax issues, as well as business formation and operations, investment due diligence and real estate development. Many firms and institutions serving UHNW family clients are creating in-house family office groups and centers of excellence. Mark talks about this trend, explains its rationale, and outlines the different varieties of internal family office groups, and what capabilities they usually offer. We then delve a bit deeper into the rationale, addressing why it makes sense to create these internal family office teams, and describing the scenarios when it makes sense for a UHNW family client to engage with such closely held family office groups. Mark also paints the picture of how these internal groups fit within the broader advisory and service provider ecosystem of players serving the UHNW and family office clientele. Mark offers his practical tips on how UHNW clients should go about identifying and selecting the external partners they work with and what process they should follow – including how to identify, compare, and select internal family office groups that are part of a larger wealth advisory firm. Finally, Mark shares his views on now the UHNW and family office ecosystem is evolving, highlighting how the different kinds of firms and internal family office groups not only coexist but actually collaborate with each other with the goal of to providing their (often shared) clients the best possible advice, solutions, and service. Enjoy this illuminating conversation with one of the leading practitioners in the UHNW family wealth management space.

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.