FOXcast

Today, I am pleased to welcome Basil Mohr-Elzeki, Managing Partner & Head of the Americas for Henley & Partners, the global leader in residence and citizenship by investment. Basil travels extensively throughout the Americas, providing strategic direction and expert insights to staff, ensuring they deliver exceptional advice to clients on residence and citizenship by investment programs. As a recognized subject matter expert in investment migration, he regularly contributes to his firm’s thought-leading publications and is frequently interviewed by top media outlets. Basil starts by offering a quick background on the residence and citizenship by investment space and the various programs that have emerged over the past decade. He then outlines the most prominent trends he sees in the migration of wealthy individuals and their capital, providing an account of which countries’ visa programs are rising in demand, and where this demand is primarily coming from. Basil offers some of the practical strategies he recommends to UHNW families and individuals who are interested in exploring global residence or citizenship programs, including how to prepare for the process and what pitfalls to avoid. Basil then turns his attention to the trusted advisors who are supporting wealthy families and are helping them with tax and estate planning, investment management, and all the other aspects of their complex family enterprises, sharing his tips for family wealth advisors whose clients are thinking about or pursuing various global visa programs. Do not miss this highly topical and informative conversation with one of the leading experts on global wealth migration and investment residency and citizenship programs around the world.

Today, I am delighted to speak with Alexandre Lin, co-founder and CEO of SumIt Software, a simple, yet sophisticated solution for complex family office accounting. Alex is a second-generation leader of his family's real estate ventures in France and China, and he now dedicates himself to SumIt. Before founding SumIt, Alex was an active investor, advisor, and partner in multiple entrepreneurial ventures, and a management consultant with IBM and Kearney. Alex and his family office are an associate member of FOX and SumIt Software is a FOX technology partner, and we are thankful to have his expertise as part of our membership community. As a G2 rising family leader, Alex has first-hand experience with the challenges of family transitions and of rising-gen members taking over responsibility and control of their family enterprise. He shares his views and experiences with this intergenerational transition process and the factors that make it challenging for the incoming younger generation. One of the key challenges Alex believes G2 leaders face is the ability to make good decisions, especially in the face of incomplete information and fragmented data. He elaborates on this issue, shedding light on the reasons why next-gen owners are challenged by poor visibility and bad data. Alex founded SumIt Software out of frustration with existing solutions he tried to deploy for his own family office. He talks about the specific challenges he encountered and the practical solutions he set out to create with his product. Looking ahead, Alex provides a vision for how technology solutions for the family office space will develop, and offers practical tips for family owners, family office professionals, and wealth advisors on how they should think about and prepare themselves for the changes that will impact the tools they will need and use in their family offices and firms. Enjoy this illuminating conversation with an entrepreneurial G2 owner, technology founder, and forward thinker in the family office technology space.

Today, it is my pleasure to speak with Kim Kamin, partner and Chief Wealth Strategist at Gresham Partners LLC, an independent multi-family office serving about 120 separate families nationally. At Gresham, she leads the development and implementation of estate, wealth transfer, philanthropic, educational, and fiduciary planning activities. Kim is an adjunct professor at Northwestern University Law School and is on the faculty for the University of Chicago Business School in executive education. She is on the UHNW Families & Family Offices Committee of the Trusts & Estates Magazine Editorial Advisory Board and is a Regent for the American College of Trust and Estate Counsel, Past President of the Chicago Estate Planning Council, Planning Chair for the annual ALI-CLE Large Estates program, and Estate Planning & Legal Issues Domain Chair for the UHNW Institute. Trusts are one of the most popular estate planning vehicles, especially in the US and a few other international jurisdictions, and Kim shares her views on how and why trusts came to be so widely used to plan and execute intergenerational wealth transitions, and how trust documents and the associated estate planning strategies evolved in the past few decades. We are at the outset of the “Great Wealth Transfer” and trusts – both ones that have been in place for decades and ones that are being newly created – are once again at the center of wealth planning conversations. Kim offers her thoughts on some of the current trends and developments in estate planning and how thinking and usage of trusts is changing or evolving. One practical advice Kim puts forth is to pay attention to the “the small things” when creating or working with trusts and estate plans, and highlights some of the frequently neglected details our listeners should be mindful of. Another valuable tip Kim recommends is to draft trust documents for flexibility. She talks about what that entails and what both wealth owners and family advisors in our audience should consider to be able to make better use of trust documents and other estate planning tools. You would not want to miss this conversation with one of the most knowledgeable, respected, and active thought leaders in the family wealth and estate planning space.

Today, I am delighted to welcome Dave Furneaux, Founder & CEO of BlueIO, an innovative, mission-driven builder capitalist investment company. Dave is a co-founder and investor in a number of innovative companies, such as Blaze (acquired by Akamai), Cybersaint (a leading Cyber Risk Management company), Greenlight Biosciences (EPA approved breakthrough RNA bio-chemical platform for clean food), Lufa Farms (a leading agricultural technology company), Lumicell (an FDA approved platform for Cancer therapy) and Virsec (a breakthrough cyber protection company). He has been a driving force behind many breakthrough technology, health, and food companies as a founder, operator, investor, and active board leader. Some notable examples include Watchfire (acquired by IBM), Skystone (acquired by Cisco Systems), Application Security (acquired by SingTel) and Aironet (acquired by Cisco Systems). Earlier in his career, Dave founded and led Kodiak Venture Partners, which went on to invest in and build companies such as Appnexus (acquired by AT&T), Channel Advisor (NYSE: ECOM), Extreme (acquired by Microchip), Enfora (acquired by Sierra Wireless), IM Logic (acquired by Symantec) and WHERE (acquired by Paypal). David believes, and we at FOX agree, that families are uniquely positioned and endowed to create, build, and innovate by putting their family capital, their entrepreneurial spirit, and creativity to work to solve the big problems our world is facing. He talks about why he has this conviction, how he sees it play out today, and why and how families play this key role in innovation and building new solutions and products. The topic of our conversation with Dave is encapsulated in a relatively new term: “Builder Capitalism”. Dave defines Builder Capitalism for our audience, describes the tenets of this investment philosophy, and outlines the mindset and skills it requires. He also paints the picture of how Builder Capitalism is manifested in reality through the activities and behaviors of entrepreneurs. Dave offers many practical tips and suggestions to the different market players who are interested in Builder Capitalism, starting with what investors need to know or do if they want to participate in this movement and allocate their capital (financial and non-financial) to Builder Capitalist ventures. He also provides his advice to entrepreneurs and founders who share this belief system and see themselves and their startups as members of this Builder Capitalism economy. Finally, Dave offers his insights into the resources available to both investors and founders to become better educated about Builder Capitalism and to be better connected into the emerging ecosystem of this rising entrepreneurial movement. This is a must-hear conversation with one of the leading thought leaders, practitioners, and innovators in the Builder Capitalism movement, who is also a family principal and leader of his own multigenerational entrepreneurial family.

Today, I am delighted to welcome Sophia Ruffolo, General Counsel and Head of Compliance for the Zell Family Office, a division of Chai Trust Company, LLC. With over 20 years of experience in Estate and Tax Planning, Investment Management and Fiduciary Oversight, Sophia is a seasoned leader in law, fiduciary risk management, compliance, and governance. Sophia is a member of the Board of Directors and Audit Committee of Metropolitan Family Services and co-founder of femmebought, a social enterprise dedicated to supporting women-owned businesses and promoting gender equity in the global marketplace. Sophia and the Chai Trust Company are long-time valued members of FOX and are very generous and insightful contributors to the FOX community. In the family wealth and family office space, most of the advisors and family office professionals serving multigenerational families are acting in a fiduciary role on behalf of their clients. Sophia talks about what it means to be a fiduciary and how this concept and its practice have evolved over the recent decades and years, as families and the world around them have evolved. One challenge fiduciaries and their clients face is an ever-changing external environment and an ever-evolving and more complex families and family enterprises. Sophia shares her thoughts on how fiduciaries can keep things evergreen in the face of all this change and disruption – how they should think about the design of their role and how they perform their duties day to day in service of the family. Sophia offers some practical suggestions and tips for advisors, and especially those in a fiduciary role, to ensure they are fulfilling that role in the best possible way for the families they serve. She then tuns her focus on the clients themselves and provides useful advice for family principals on how they can best engage with their fiduciary advisors to ensure the family goals are achieved and the family and its members are happy and flourishing in the long run. Don’t miss this deeply insightful conversation with a uniquely experienced expert and family office professional serving one of the most prominent and sophisticated enterprise families in the US.

Today, I have the pleasure of speaking with Janet Arzt, Founder and Managing Partner of Parere Advisory, an independent consulting firm guiding clients across all stages of family office strategy, development, operations, and implementation. Prior to founding Parere Advisory, Janet served as Chief Executive Officer of a newly launched family office in Charlottesville, Virginia, where she built out and oversaw investments and operations for the family and its businesses. In 2020, Janet was named one of the “Top 50 Leading Women in Hedge Funds” by The Hedge Fund Journal in association with Ernst & Young. In this episode, we’ll talk about the role and experience of women in the world of family wealth and wealth management. Janet shares the historical perspective of how women have been involved and positioned in the enterprise family and family wealth space, both as wealth owners and as wealth manages or advisors. The environment today is transforming quickly, and Janet describes what is happening now in the family office field and the changes she is seeing that impact women in wealth. Janet offers her tips and suggestions for women who are wealth owners, or who are stepping into family leadership or family office principal roles in the midst of the “greatest generational wealth transfer” that is already under way. We also talk about the “supply side”, i.e., the family wealth advisory firms and the women who are family wealth professionals. She provides some tips for wealth advisor firms about serving female clients and to women who are in wealth management, family office, and wealth advisory roles at external advisor firms. Please enjoy this informative conversation with an experienced and successful professional in the family wealth space.

Today, I am delighted to welcome Dennis Passis, Founder of the Family Wealth Library. He spent nearly 40 years working in his family’s business, founded by his father, where he was eventually joined by his son. Dennis is a mediation practitioner, a family business consultant, and a fellow at the Family Firm Institute (FFI). He is the author of the recently published book Founder Paralysis: A Family Business Fable about a Founder’s Loss of Identity. Dennis explains what “founder paralysis” means and tells us about the concept, the book, and the body of work it is based on. Dennis also talks about the concept of “eldership”. He shares what he means by this term, why it is important for families to internalize, and how well he thinks it is being understood and practiced today. The most fundamental practical tip Dennis suggests to families undergoing transitions and succession is to address the loss the founder is experiencing. He elaborates on this process and how multigenerational families can apply it to successfully address founder paralysis. Beyond addressing the loss and overcoming the state of paralysis, Dennis points out that it is important to define and develop the next phase of the founder’s life, in which he/she can continue to be a highly functioning, productive, and purpose driven individual. He describes how this is best done and goes over some of the pitfalls to avoid and tips to take advantage of. Enjoy this informative conversation with a veteran of and distinguished practitioner in the family wealth space.

Today, I’m excited to speak with Chris Volpe, Managing Director of Zephyr Financial Solutions, an award-winning asset and wealth management software platform. Zephyr is part of Informa, a leading global provider of digital-first and data-driven products and services. Chris and Zephyr Financial Solutions are FOX Technology Resource Partners, and we are happy to have the unique tools and expertise they bring to our membership community. Alternative investments are an increasingly meaningful component of family office investment portfolios, and this segment of the investment landscape is also rapidly evolving. Chris shares his views on what is happening in the world of alternatives and what trends are shaping this unique space. Separately managed accounts (SMAs) are becoming increasingly popular for a multitude of reasons, especially in the realm of private and alternative investments. Chris talks about the latest developments in the SMA space and highlights the challenges and opportunities investors face when comparing, selecting, and evaluating different SMA options. Chris offers his practical tips and suggestions for our listeners on how to gain access to and navigate data on private and alternative investments that is available out there in the marketplace. Chris and his firm developed and launched Zephyr, and its PSN Data tool, specifically for the purpose of allowing investors to compare SMAs and to make dynamic data-driven investment decisions. He describes how Zephir works, the benefits the PSN Data tool offers, and how family office investors can leverage this new technology platform. Enjoy this insightful conversation with one of the leading players in the fast-evolving space of alternatives and SMAs.

David MacMahan, founder of FairSplit.com and an expert in estate division, shares his journey of helping families navigate the emotional and logistical challenges of dividing personal property. He discusses the innovative tools his company provides, emphasizing the importance of structured processes to maintain family unity. Learn about practical strategies to minimize conflict and the unique bidding system that simplifies asset allocation. David highlights the need for empathy and clear communication during these difficult times, ensuring families can ‘divide things, not families’.

Today, I am pleased to welcome Betsy Miller, Lecturer on Law at Harvard Law School. Betsy teaches leadership development, change management and negotiation skills, and her research and writing focus on Polarities (“Both/And” thinking), which is the study of opposite forces that need each other to succeed. Betsy’s 25-year career has spanned positions in federal and local government, defense and plaintiff law firms, and academia. Through 2023, she was Chair of Cohen Milstein’s’ Public Client practice, where she represented state Attorneys General as their lead outside counsel in investigations and litigation involving large-scale consumer fraud and privacy violations, including the national opioid litigation that delivered more $25 billion in relief, and the $2.2 billion resolution of federal and state litigation against the largest credit rating agencies for their misconduct in connection with mortgage-backed securities. Betsy was the 2021 recipient of the Givens Visionary Award from The National Law Journal, was awarded a Wasserstein Fellowship by Harvard Law School, and was named Special Advisor to the Commission on Women in the Profession by the President of the American Bar Association in 2023. Betsy offers an introduction to the idea of polarities and “Both/And Thinking” and a high-level overview of these concepts and the science behind them. There are numerous such baffling polarities in the family enterprise and family office world. Even the name “family office” is a bit of an oxymoron encapsulating the polarities it contends with. One common polarity of diametrically opposed forces enterprise families experience is the importance of preserving and growing the family capital vs. putting it to work to make a positive impact. Another one is the tension between the desire to learn from and build on the wisdom and success of the older generation vs. the need to empower the rising generation to chart their own course. Yet another is the tug of war between the mission of the family office to steward and invest the family’s financial capital vs. its role to educate and educate the human capital and ensure family members are happy and fulfilled. Besty shares her thoughts about these and similar polarities that affect enterprise families and provides some insight into how to best think about and deal with them. A great practical tool Betsy offers is the 2-dimensional chart that helps people visualize the polarities they are facing and understand and manage both the benefits and the overuses of each extreme end of the polarity continuum. She talks about this tool, how it can be used to not only understand the opposing forces and tendencies, but also to harness the benefits of each extreme while minimizing the counterproductive overuses. Betsy also describes some of the other practical and educational resources she recommends to those who wish to learn more about polarities, become better equipped to spot them, and develop their skills at applying a Both/And Thinking approach in their interactions with their fellow family members or with their family clients. Do not miss this illuminating conversation with one of the leading researchers and educators in the field of polarities and Both/And thinking.