{"product_id":"the-complete-family-office-handbook-isbn-9781119694007","title":"The Complete Family Office Handbook","description":"\u003cp\u003e\u003cb\u003eDiscover new insights on how to setup, manage, and advise wealthy families and their family offices\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eThe Complete Family Office: A Guide for Affluent Families and the Advisors Who Serve Them, 2nd Edition\u003c\/i\u003e represents the newest update to an essential series. This book prepares the members of wealthy families to collectively manage, sustain, and grow their wealth across multiple generations. It also assists professionals who advise families to better serve their needs.\u003c\/p\u003e \u003cp\u003eThis book teaches those who advise family offices and wealthy families on:\u003c\/p\u003e \u003cp\u003e· How to setup, structure, and advise a family office\u003c\/p\u003e \u003cp\u003e· Current compliance, fiduciary and risk management practices for a family office\u003c\/p\u003e \u003cp\u003e· Forward-thinking investment management, estate planning, and private trust company considerations\u003c\/p\u003e \u003cp\u003e· Fresh insights on philanthropy, legacy, and impact investing\u003c\/p\u003e \u003cp\u003e· Best practices to managing family wealth education and preparing next generation owners\u003c\/p\u003e \u003cp\u003e· New insights on family governance, strategic planning, and succession\u003c\/p\u003e \u003cp\u003e· Methods to create a family constitution, mission, and vision for families and their family offices.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eThe Complete Family Office Handbook \u003c\/i\u003eprovides the most comprehensive, current research, practical guidance, and approaches from leading family offices from around the globe and illustrates, by way of practical case studies and examples, how families can effectively manage their wealth for the long term.\u003c\/p\u003e \u003cp\u003eForeword xix\u003c\/p\u003e \u003cp\u003ePreface xxi\u003c\/p\u003e \u003cp\u003eAcknowledgments xxv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Introduction to the Family Office 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eA Macro View of Global Wealth 2\u003c\/p\u003e \u003cp\u003eBillionaire Update 7\u003c\/p\u003e \u003cp\u003eHow Much Do I Really Need to Fund a Family Office? 10\u003c\/p\u003e \u003cp\u003ePurpose and Definition of the Family Office 11\u003c\/p\u003e \u003cp\u003eHistorical Background of the Family Office 12\u003c\/p\u003e \u003cp\u003eFamily Office from the Industrial Age to Current 13\u003c\/p\u003e \u003cp\u003eKey Roles of the Family Office 16\u003c\/p\u003e \u003cp\u003eThe Executor and Trusted Advisor 16\u003c\/p\u003e \u003cp\u003eThe Guardian and Watchman 17\u003c\/p\u003e \u003cp\u003eThe Librarian and Guru 19\u003c\/p\u003e \u003cp\u003eFamily Office Orientation to Family, Strategy, and Operations 19\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 24\u003c\/p\u003e \u003cp\u003eNotes 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Family Office Evolution: Inceptions and Archetypes 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eInception of a Family Office 27\u003c\/p\u003e \u003cp\u003eScale: How Much Is Enough? 28\u003c\/p\u003e \u003cp\u003eImpact of the Family Business on the Family Office 30\u003c\/p\u003e \u003cp\u003eAttractions and Challenges with Embedded Family Offices 30\u003c\/p\u003e \u003cp\u003eSeparating the Family Office from the Family Business 32\u003c\/p\u003e \u003cp\u003eSudden Wealth 33\u003c\/p\u003e \u003cp\u003eThe Investment-Focused Family Office 34\u003c\/p\u003e \u003cp\u003eFamily Offices Through the Back Door 35\u003c\/p\u003e \u003cp\u003eFamily Business Exit and Liquidity Event 36\u003c\/p\u003e \u003cp\u003eFamily Office Archetypes 37\u003c\/p\u003e \u003cp\u003eThe Founder’s Family Office 37\u003c\/p\u003e \u003cp\u003eThe Virtual, Administrative, and Compliance Family Office 38\u003c\/p\u003e \u003cp\u003eThe Philanthropic Family Office 39\u003c\/p\u003e \u003cp\u003eThe Direct Investment and Investment Offices 39\u003c\/p\u003e \u003cp\u003eThe Family Business–Focused Family Office 40\u003c\/p\u003e \u003cp\u003eThe Multigenerational-Focused Family Office 41\u003c\/p\u003e \u003cp\u003eMathile Case Study 42\u003c\/p\u003e \u003cp\u003eBackground: Inception 42\u003c\/p\u003e \u003cp\u003eEvolution of the Family Office: Strategic Planning Cycles 43\u003c\/p\u003e \u003cp\u003eA Multigenerational Perspective 44\u003c\/p\u003e \u003cp\u003eAlignment, Urgency, and Action 45\u003c\/p\u003e \u003cp\u003eDiscovery and Steps 47\u003c\/p\u003e \u003cp\u003eInvolving Outside Experts 48\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 49\u003c\/p\u003e \u003cp\u003eNotes 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Comparing Family Office Solutions: Multi- and Single-Family Offices 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eTrends in the Family Office Landscape 54\u003c\/p\u003e \u003cp\u003eDetermining Family Wealth Management Needs 58\u003c\/p\u003e \u003cp\u003eWhy the Single-Family Office Solution? 59\u003c\/p\u003e \u003cp\u003eWhy the Multi-Family Office Solution? 65\u003c\/p\u003e \u003cp\u003eQuestions to Ask During the Evaluation Process 68\u003c\/p\u003e \u003cp\u003ePathways to Selecting a Multi-Family Office 74\u003c\/p\u003e \u003cp\u003eGodspeed Case Study 75\u003c\/p\u003e \u003cp\u003eIntroduction 75\u003c\/p\u003e \u003cp\u003eBackground of the Family and Family Office 75\u003c\/p\u003e \u003cp\u003eA Trigger and Decision for a New Direction 76\u003c\/p\u003e \u003cp\u003eJourney to Find What Is Next 76\u003c\/p\u003e \u003cp\u003eDecision-Making Process 77\u003c\/p\u003e \u003cp\u003eFinal Cut 78\u003c\/p\u003e \u003cp\u003eKey Insights and Outcomes 80\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 81\u003c\/p\u003e \u003cp\u003eNotes 82\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Family Values, Mission, and Vision and the Family Office 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eIntroduction to Values 83\u003c\/p\u003e \u003cp\u003eThe Process of Exploring Values 85\u003c\/p\u003e \u003cp\u003eValues Statement 86\u003c\/p\u003e \u003cp\u003eMission Statement 87\u003c\/p\u003e \u003cp\u003eValues, Mission, and the Family Office 88\u003c\/p\u003e \u003cp\u003eThe Importance of Vision 89\u003c\/p\u003e \u003cp\u003eElements for Successful Family Office Visioning 92\u003c\/p\u003e \u003cp\u003eBuilding Your Family Office Vision 94\u003c\/p\u003e \u003cp\u003ePitcairn Family Case Study 95\u003c\/p\u003e \u003cp\u003eFive Steps to Creating a Family Vision 98\u003c\/p\u003e \u003cp\u003eStep 1: Clarifying the Process and Expectations 99\u003c\/p\u003e \u003cp\u003eStep 2: Vision Retreat Pre-Planning 99\u003c\/p\u003e \u003cp\u003eStep 3: Staging a Vision Retreat 100\u003c\/p\u003e \u003cp\u003eStep 4: Timing for a Vision Retreat 100\u003c\/p\u003e \u003cp\u003eStep 5: Aligning Vision and the Strategic Plan 100\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 101\u003c\/p\u003e \u003cp\u003eNotes 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Establishing and Structuring of Family Offices 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIvan A. Sacks, Esq., Partner, Withers Bergman LLP\u003c\/p\u003e \u003cp\u003eWilliam J. Kambas, Esq., Partner, Withers Bergman LLP\u003c\/p\u003e \u003cp\u003eQuestion 1: What Legal Form Should the Family Office Take? 105\u003c\/p\u003e \u003cp\u003eChoice of Entity 107\u003c\/p\u003e \u003cp\u003eDeciding Between an LLC and a C Corporation 107\u003c\/p\u003e \u003cp\u003eCase in Point 113\u003c\/p\u003e \u003cp\u003eQuestion 2: Who Should Pay for Establishing and Operating the Family Office? 114\u003c\/p\u003e \u003cp\u003eQuestion 3: Who Should Own the Family Office and How? 116\u003c\/p\u003e \u003cp\u003eLegal Ownership 117\u003c\/p\u003e \u003cp\u003eBeneficial Ownership 117\u003c\/p\u003e \u003cp\u003eModels of Ownership 117\u003c\/p\u003e \u003cp\u003eQuestion 4: Who Should Manage the Family Office and How? 119\u003c\/p\u003e \u003cp\u003eStructuring the Legal Formalities 120\u003c\/p\u003e \u003cp\u003eStructuring the Scope of Services 122\u003c\/p\u003e \u003cp\u003eFamily Philanthropy, Legacy, and Social Capital 125\u003c\/p\u003e \u003cp\u003eManaging Regulatory and Estate Planning Concerns 125\u003c\/p\u003e \u003cp\u003eQuestion 5: How Are Family Offices Structured to Optimize Tax Efficiency? 126\u003c\/p\u003e \u003cp\u003eTax Deductibility of Services Provided by the Family Office 129\u003c\/p\u003e \u003cp\u003eState and Local Tax 131\u003c\/p\u003e \u003cp\u003eQuestion 6: Can a Family Office Be Structured to Manage Risk? 132\u003c\/p\u003e \u003cp\u003eCase in Point 132\u003c\/p\u003e \u003cp\u003eRisk Management Through Architecture 133\u003c\/p\u003e \u003cp\u003ePeople-Oriented Risk Management 133\u003c\/p\u003e \u003cp\u003eBalance Sheet, Cash Flow, and Economic Risk Management 133\u003c\/p\u003e \u003cp\u003eQuestion 7: What Is the Process of Establishing and Structuring a Family Office? 134\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 136\u003c\/p\u003e \u003cp\u003eNotes 137\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Strategic Planning for the Family Office 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eCreating a Family Office Strategic Plan 140\u003c\/p\u003e \u003cp\u003eDiscovery 141\u003c\/p\u003e \u003cp\u003eThe Family Capital Review 142\u003c\/p\u003e \u003cp\u003eThe Family Background 143\u003c\/p\u003e \u003cp\u003eThe Advisor Network Review 145\u003c\/p\u003e \u003cp\u003eThe Estate Plan Review 145\u003c\/p\u003e \u003cp\u003eMapping and Summarizing Legal Entities 146\u003c\/p\u003e \u003cp\u003eFamily Office Stress Tests 147\u003c\/p\u003e \u003cp\u003eRisk and Insurance Management Considerations 150\u003c\/p\u003e \u003cp\u003eFamily Office Risk Assessment and Insurance Planning 151\u003c\/p\u003e \u003cp\u003eFamily Member Risk and Insurance Planning 154\u003c\/p\u003e \u003cp\u003eOverview of Capital Sufficiency Analysis 155\u003c\/p\u003e \u003cp\u003eSimple vs. Sophisticated Approach 156\u003c\/p\u003e \u003cp\u003eUsing Capital Sufficiency in the Family Office 156\u003c\/p\u003e \u003cp\u003eCase in Point: Doryman Family 157\u003c\/p\u003e \u003cp\u003eKey Takeaways 164\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 165\u003c\/p\u003e \u003cp\u003eNotes 166\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Legal and Compliance Standards and Practices for Family Offices 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDavid S. Guin, Esq., Partner and US Commercial Practice Group Leader, Withers Bergman LLP\u003c\/p\u003e \u003cp\u003eRegulations Affecting Family Offices: Dodd-Frank Act 167\u003c\/p\u003e \u003cp\u003eCase in Point 169\u003c\/p\u003e \u003cp\u003eThe Single-Family Office Exemption 170\u003c\/p\u003e \u003cp\u003eCase in Point 174\u003c\/p\u003e \u003cp\u003eClients of the Family Office May Need to Report Beneficial Ownership of Securities of Publicly Reporting Companies 175\u003c\/p\u003e \u003cp\u003eHow to Report Beneficial Ownership 176\u003c\/p\u003e \u003cp\u003eOwnership of Securities in the Ordinary Course of Business 176\u003c\/p\u003e \u003cp\u003ePassive Ownership of Less than 20 Percent of a Class of Securities 176\u003c\/p\u003e \u003cp\u003eOther Acquisitions 177\u003c\/p\u003e \u003cp\u003eClients of the Family Office May Need to Report Beneficial Ownership as Insiders of Publicly Reporting Companies 177\u003c\/p\u003e \u003cp\u003eReporting Insider Status on Form 3, Form 4, or Form 5 178\u003c\/p\u003e \u003cp\u003eHow Do I Determine Beneficial Ownership in a Multi-Tiered Family Holding Structure? 179\u003c\/p\u003e \u003cp\u003eAre You an Institutional Investment Manager? (The Answer May Surprise You.) 180\u003c\/p\u003e \u003cp\u003eWhat Is an Institutional Investment Manager? 181\u003c\/p\u003e \u003cp\u003eReporting on Form 13F 181\u003c\/p\u003e \u003cp\u003eDetermining If the $100 Million Threshold Has Been Met 183\u003c\/p\u003e \u003cp\u003eConfidential Treatment 184\u003c\/p\u003e \u003cp\u003eAre You a Large Trader? 184\u003c\/p\u003e \u003cp\u003eThe SEC Gets Personal About Insider Trading 186\u003c\/p\u003e \u003cp\u003eCompliance Policies 188\u003c\/p\u003e \u003cp\u003eWhat Are the Components of a Good Compliance Policy? 189\u003c\/p\u003e \u003cp\u003eDocument Retention Policies 190\u003c\/p\u003e \u003cp\u003eWhat Are the Components of a Good Document Retention Policy? 192\u003c\/p\u003e \u003cp\u003eThe Compliance Function: In-House Versus Outsourced 192\u003c\/p\u003e \u003cp\u003eSpecial Issues for Family Offices When Considering Regulatory Requirements 193\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 194\u003c\/p\u003e \u003cp\u003eNotes 194\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Investment Management and the Family Office 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eFamily Office Investment Management 198\u003c\/p\u003e \u003cp\u003eConcentration 199\u003c\/p\u003e \u003cp\u003eMeasuring Success 200\u003c\/p\u003e \u003cp\u003eLifestyle and Legacy 201\u003c\/p\u003e \u003cp\u003eTime Horizon 203\u003c\/p\u003e \u003cp\u003eHurdles to Growing Wealth 205\u003c\/p\u003e \u003cp\u003eFamily Office Investing: Paradigm Shift 206\u003c\/p\u003e \u003cp\u003ePassive Versus Active Asset Management 208\u003c\/p\u003e \u003cp\u003eA Practical Approach to Asset Allocation 209\u003c\/p\u003e \u003cp\u003eThe Investment Process in a Family Office 210\u003c\/p\u003e \u003cp\u003eInvestment Review 210\u003c\/p\u003e \u003cp\u003eInvestment Governance 211\u003c\/p\u003e \u003cp\u003eInvestment Objectives 214\u003c\/p\u003e \u003cp\u003eThe Investment Policy Statement 214\u003c\/p\u003e \u003cp\u003eInvestment Committee 217\u003c\/p\u003e \u003cp\u003eWhy Would a Family Establish an Investment Committee (IC)? 218\u003c\/p\u003e \u003cp\u003eHow Does a Family Establish an Investment Committee? 218\u003c\/p\u003e \u003cp\u003eHow Does an Investment Committee Usually Operate? 218\u003c\/p\u003e \u003cp\u003eStrategic and Tactical Asset Allocation, Manager Selection, and Investment Monitoring 221\u003c\/p\u003e \u003cp\u003eCIO Function: In-House Versus Outsourced 223\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 227\u003c\/p\u003e \u003cp\u003eNotes 228\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Family Office Operations and Information Technology 231\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eJohn Rosplock, COO and CFO, Tamarind Partners, Inc.\u003c\/p\u003e \u003cp\u003eRobert Kaufold, President and Chief Risk Officer, Cauldera LLC\u003c\/p\u003e \u003cp\u003eFamily Needs Drive Family Office Systems 232\u003c\/p\u003e \u003cp\u003eFamily Office Operations 233\u003c\/p\u003e \u003cp\u003eAccounting 233\u003c\/p\u003e \u003cp\u003eReporting 233\u003c\/p\u003e \u003cp\u003eFinancial Reporting 235\u003c\/p\u003e \u003cp\u003eData and Decision Archiving 236\u003c\/p\u003e \u003cp\u003eFamily Office Management 238\u003c\/p\u003e \u003cp\u003eSecurity 239\u003c\/p\u003e \u003cp\u003eOther Technology 239\u003c\/p\u003e \u003cp\u003eAssessing Operational Complexity 240\u003c\/p\u003e \u003cp\u003eSimple to Complex Systems 242\u003c\/p\u003e \u003cp\u003eComplex System Technology 244\u003c\/p\u003e \u003cp\u003eOperations Lens to Insourcing Versus Outsourcing 247\u003c\/p\u003e \u003cp\u003eTechnology Considerations: Buy or Build 249\u003c\/p\u003e \u003cp\u003eNew Technology Due Diligence and Onboarding 250\u003c\/p\u003e \u003cp\u003eKeys to Success 254\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 255\u003c\/p\u003e \u003cp\u003eNotes 256\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Family Office Talent, Compensation, and Recruitment 257\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eIntroduction 258\u003c\/p\u003e \u003cp\u003eFamily Office Staffing 259\u003c\/p\u003e \u003cp\u003eSingle-Family Office Organizational Chart 261\u003c\/p\u003e \u003cp\u003eGender and Family Office Executives 267\u003c\/p\u003e \u003cp\u003eRecruiting Family Office Talent 268\u003c\/p\u003e \u003cp\u003eFinding a Good Chemistry and Culture Fit 269\u003c\/p\u003e \u003cp\u003eBackground Checks 271\u003c\/p\u003e \u003cp\u003eCompensation 272\u003c\/p\u003e \u003cp\u003eMethods for Determining Annual Incentives 274\u003c\/p\u003e \u003cp\u003eManaging Family Office Talent 276\u003c\/p\u003e \u003cp\u003eRole Clarity and Job Description 276\u003c\/p\u003e \u003cp\u003eReporting Hierarchy and Authority 276\u003c\/p\u003e \u003cp\u003ePerformance Management 277\u003c\/p\u003e \u003cp\u003eCommunication and Trust 278\u003c\/p\u003e \u003cp\u003eRecruiting Internationally 278\u003c\/p\u003e \u003cp\u003eCase Study: Setting Up the Office 279\u003c\/p\u003e \u003cp\u003eFamily or Non-Family at the Helm 280\u003c\/p\u003e \u003cp\u003eFamily Member Compensation 281\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 282\u003c\/p\u003e \u003cp\u003eNotes 282\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Governance Issues for the Family Office 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBarbara Hauser, JD, Independent Family Advisor\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eGovernance Issues for the Family Office Itself 286\u003c\/p\u003e \u003cp\u003eBenefits of a Good Board 286\u003c\/p\u003e \u003cp\u003eImportance of Independent Directors 288\u003c\/p\u003e \u003cp\u003eInterim Stage of Advisory Board 289\u003c\/p\u003e \u003cp\u003eAccountability to the Family 289\u003c\/p\u003e \u003cp\u003eParticipation in Long-Term Strategy 289\u003c\/p\u003e \u003cp\u003eNext Generation Issues to Address 290\u003c\/p\u003e \u003cp\u003eSuccession Planning for the Family Office and Its Executives 290\u003c\/p\u003e \u003cp\u003eGovernance for the Family Itself 293\u003c\/p\u003e \u003cp\u003eAnalysis of Existing Decision-Making Process 295\u003c\/p\u003e \u003cp\u003eHallmarks of Good Governance: Transparency, Accountability, and Participation 296\u003c\/p\u003e \u003cp\u003eBenefits of the Family Creating Its Own Governance Process and Structure 297\u003c\/p\u003e \u003cp\u003eHow to Create the Family Governance 298\u003c\/p\u003e \u003cp\u003eFamily Councils 299\u003c\/p\u003e \u003cp\u003eFamily Constitutions 300\u003c\/p\u003e \u003cp\u003eKettering Family Governance Case Study 302\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 308\u003c\/p\u003e \u003cp\u003eNotes 309\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Family Education and the Family Office 311\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eStewardship of Wealth 313\u003c\/p\u003e \u003cp\u003ePsychology of Wealth and Child Development 314\u003c\/p\u003e \u003cp\u003eElsa’s Story 316\u003c\/p\u003e \u003cp\u003eOvercoming Communication Challenges 317\u003c\/p\u003e \u003cp\u003eCase Study: Waithram Family 319\u003c\/p\u003e \u003cp\u003eClear Expectations and the Power of Inherited Wealth 322\u003c\/p\u003e \u003cp\u003eInspiring Entrepreneurship and the Next Generation 325\u003c\/p\u003e \u003cp\u003eCase Study: Jennifer’s Story 326\u003c\/p\u003e \u003cp\u003eThe Power, Influence, and Inspiration of Mentors 327\u003c\/p\u003e \u003cp\u003eCreating a Family Education Plan 329\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 332\u003c\/p\u003e \u003cp\u003eNotes 333\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Family Entrepreneurship and the Family Bank 335\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWarner King Babcock\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eWhat Is a Family Bank? 335\u003c\/p\u003e \u003cp\u003eTwo Mindsets to Your Family Bank 338\u003c\/p\u003e \u003cp\u003eEstablishing and Funding a Family Bank? 339\u003c\/p\u003e \u003cp\u003eFive Principles for Family Banks 340\u003c\/p\u003e \u003cp\u003eDemocratize 340\u003c\/p\u003e \u003cp\u003eHarmonize 340\u003c\/p\u003e \u003cp\u003eCustomize 341\u003c\/p\u003e \u003cp\u003eFlexibilize 342\u003c\/p\u003e \u003cp\u003eProfessionalize 342\u003c\/p\u003e \u003cp\u003eMini-Case Study: Intra-Family Financing of New Family Businesses 343\u003c\/p\u003e \u003cp\u003eOrganizing a Family Bank 344\u003c\/p\u003e \u003cp\u003eEntity Choice 345\u003c\/p\u003e \u003cp\u003eEvolution of Family Banks: From Simple to Complex 346\u003c\/p\u003e \u003cp\u003eMini-Case Study: A Family Bank Designed to Develop the Next Generation 349\u003c\/p\u003e \u003cp\u003eGood Governance: Family Bank Boards, Committees, and Trustees 350\u003c\/p\u003e \u003cp\u003eMini-Case Study: Family Bank Without Good Governance 351\u003c\/p\u003e \u003cp\u003eLimitations of Trusts 352\u003c\/p\u003e \u003cp\u003eThe Role of the Family Office 353\u003c\/p\u003e \u003cp\u003eThe Role of Outside Experts 354\u003c\/p\u003e \u003cp\u003eTax and Legal Considerations of Family Banks 355\u003c\/p\u003e \u003cp\u003eThe Anderson Family Case Study 355\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 358\u003c\/p\u003e \u003cp\u003eNotes 359\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Legacy, Philanthropy, and Impact Investing 361\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKirby Rosplock, PhD\u003c\/p\u003e \u003cp\u003eIntroduction to Legacy 362\u003c\/p\u003e \u003cp\u003eA Generational Lens to Legacy 362\u003c\/p\u003e \u003cp\u003eDefining Legacy 364\u003c\/p\u003e \u003cp\u003eFinancial Legacy 365\u003c\/p\u003e \u003cp\u003eSocial Legacy 366\u003c\/p\u003e \u003cp\u003ePhilanthropic Legacy 367\u003c\/p\u003e \u003cp\u003ePhilanthropy, Impact, and Sustainable Investing 368\u003c\/p\u003e \u003cp\u003eOpportunities and Challenges of Philanthropy, Impact, and Sustainable Investing 371\u003c\/p\u003e \u003cp\u003eFamily Philanthropy and Foundations 373\u003c\/p\u003e \u003cp\u003eThe Root Family Legacy and Evolving Their Philanthropy 374\u003c\/p\u003e \u003cp\u003eThe Family Office Supporting Family Philanthropy 377\u003c\/p\u003e \u003cp\u003eCordes Family Case Study 378\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 385\u003c\/p\u003e \u003cp\u003eNotes 386\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Private Trust Companies: Creating the Ideal Trustee 389\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMiles Padgett, Partner, Kozusko Harris Duncan\u003c\/p\u003e \u003cp\u003eDon Kozusko, Partner, Kozusko Harris Duncan\u003c\/p\u003e \u003cp\u003eThe Broader View 389\u003c\/p\u003e \u003cp\u003eWhat Is a Private Trust Company? 389\u003c\/p\u003e \u003cp\u003eWhat Are the Differences Between a Private Trust Company and a Commercial Trust Company? 390\u003c\/p\u003e \u003cp\u003eWhy Do Families Consider Creating a PTC? 392\u003c\/p\u003e \u003cp\u003eWhat Are the Key Considerations to Be Addressed Prior to Pursuing a PTC? 392\u003c\/p\u003e \u003cp\u003eSteps to Creating a PTC 398\u003c\/p\u003e \u003cp\u003eChoice of Regulatory Regime 398\u003c\/p\u003e \u003cp\u003eGeographical Convenience 400\u003c\/p\u003e \u003cp\u003eSubstantive Trust Laws 401\u003c\/p\u003e \u003cp\u003eTrust Company Laws 402\u003c\/p\u003e \u003cp\u003ePublic Policy Environment 404\u003c\/p\u003e \u003cp\u003eTrust and Trust Company Taxes 405\u003c\/p\u003e \u003cp\u003eAchieving Success in a PTC: Setting Priorities 405\u003c\/p\u003e \u003cp\u003eFostering Beneficiary Development Should Be the Primary Objective of the PTC 406\u003c\/p\u003e \u003cp\u003ePrinciples and Practices for a Successful Private Trust Company 408\u003c\/p\u003e \u003cp\u003eThe Parable Family 409\u003c\/p\u003e \u003cp\u003eConclusion and Final Thoughts 415\u003c\/p\u003e \u003cp\u003eNotes 416\u003c\/p\u003e \u003cp\u003eAppendix A: Family Office Complexity Assessment 419\u003c\/p\u003e \u003cp\u003eAppendix B: Family Office Technology Segments 423\u003c\/p\u003e \u003cp\u003eAbout the Author 425\u003c\/p\u003e \u003cp\u003eAbout the Contributors 427\u003c\/p\u003e \u003cp\u003eIndex 431\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eKIRBY ROSPLOCK, P\u003csmall\u003eH\u003c\/small\u003eD,\u003c\/b\u003e is the founder of Tamarind Partners, Inc., a world-class family office consultancy and founder and Chief Learning Officer of Tamarind Learning, a comprehensive, virtual learning platform for family offices, advisors, and the families they serve. Visit our websites at TamarindPartners.com and TamarindLearning.com to learn more.   \u003c\/p\u003e\u003cp\u003eIn the updated and revised \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eThe Complete Family Office Handbook: A Guide for Affluent Families and the Advisors Who Serve Them\u003c\/i\u003e, celebrated author and advisor Kirby Rosplock demystifies the concept of the family office. Showing you exactly how to identify whether joining a family office is right for you, the book details the services rendered by typical family offices and the associated costs. \u003c\/p\u003e\u003cp\u003eThe book provides the most current knowledge, research, and cutting-edge insights from thought leaders in the family office sector. It provides practical tools, templates, and exercises to guide family office practitioners as they create plans for their family office. The \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eThe Complete Family Office Handbook\u003c\/i\u003e also includes brand new case studies, examples, and a dedicated chapter on establishing a private trust company that will be invaluable to family offices. \u003c\/p\u003e\u003cp\u003ePerfect for families who need assistance managing, sustaining, and growing their wealth across multiple generations, \u003ci\u003eThe Complete Family Office Handbook\u003c\/i\u003e explains how family offices aid families in the management of their tax, fiduciary, and compliance needs in addition to addressing investment governance and risk management. Further, the book reviews the various family office structures, assesses philanthropic and impact investment strategies, and presents modernized approaches to family wealth education. Finally, the book explores how family governance and wealth transfer are enhanced by the creation of continuity, cohesion, and purpose within the family. \u003c\/p\u003e\u003cp\u003eAn indispensable resource for family office executives and the families they serve, \u003ci\u003eThe Complete Family Office Handbook\u003c\/i\u003e belongs on the bookshelves of consultants, advisors, trustees, and providers to wealthy families, as well as any other professional working with family offices. This volume will educate affluent families and individuals, philanthropists, and industry professionals about the vital services provided by family offices for the benefit of today's generation and tomorrow's.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePRAISE FOR THE COMPLETE FAMILY OFFICE HANDBOOK\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"The \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eThe Complete Family Office Handbook\u003c\/i\u003e is packed with new and updated information. However, the book is much more than just an update. Rather, it offers a fresh perspective on the current and evolving state of family offices. There are lots of valuable insights and practical tips to help families, family offices, and their advisors understand and anticipate the issues and opportunities that they face today. The new case studies in particular bring the family office world to life in a meaningful and instructive way. Congratulations to Kirby and her collaborators for a job well done.\"\u003cbr\u003e \u003cb\u003e—Kathryn M. McCarthy,\u003c\/b\u003e independent advisor to families and family offices; Director, The Rockefeller Trust Company, N.A. \u003c\/p\u003e\u003cp\u003e\"As a trusted advisor to a family owned and operated business, Kirby's \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eThe Complete Family Office Handbook\u003c\/i\u003e will be an invaluable resource. Focused on the needs of enterprising families and their professional advisors, Kirby has updated and improved the guide to the \u003ci\u003eFamily Office\u003c\/i\u003e, providing information and advice that is timely and sophisticated yet practical and clear. Kirby's use of family stories and case studies brings the topics to life and makes this book a pleasure to read.\"\u003cbr\u003e \u003cb\u003e —Justin M. Zamparelli,\u003c\/b\u003e General Counsel, Vineyard Vines \u003c\/p\u003e\u003cp\u003e\"The \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eThe Complete Family Office Handbook\u003c\/i\u003e brings together the latest developments in family office management, coupled with hands-on practitioner insights. Families, advisors, and executives will find actionable strategies and new ideas in the evolving world of family offices.\"\u003cbr\u003e \u003cb\u003e —Stephen Campbell,\u003c\/b\u003e Managing Director and Chairman, Citi Private Capital Group \u003c\/p\u003e\u003cp\u003e\"Once again, Kirby blends the strategic with the tactical and emphasizes the practical. This \u003ci\u003eSecond Edition\u003c\/i\u003e provides a breadth of up to the moment research, new case examples, and best practices. Much more time is dedicated to investment governance. Even if you have the \u003ci\u003eFirst Edition\u003c\/i\u003e, you will find this work to be a meaningful update.\"\u003cbr\u003e \u003cb\u003e —John Benevides,\u003c\/b\u003e Regional Executive, Private Wealth Management, U.S. Bank; former Chair, YPO Global Family Business Network \u003c\/p\u003e\u003cp\u003e\"Kirby Rosplock's \u003ci\u003eThe Complete Family Office Handbook\u003c\/i\u003e was an invaluable resource when it was first published. This \u003ci\u003eSecond Edition\u003c\/i\u003e is a must-read that offers new and extremely relevant content and case studies, resources, best practices, and industry trends that provides families and family offices with the insights and tools they need to move forward with confidence. I highly recommend this comprehensive guide to anyone that is operating or contemplating the formation of a family office!\"\u003cbr\u003e \u003cb\u003e —Steve Prostano,\u003c\/b\u003e Partner, PKF O'Connor Davies LLP; Founder, The UHNW Institute \u003c\/p\u003e\u003cp\u003e\"This \u003ci\u003eSecond Edition\u003c\/i\u003e is essential reading. The book is a timeless guide that provides families and their advisors comprehensive and practical knowledge to help navigate the landscape of complexity of today's family office.\"\u003cbr\u003e \u003cb\u003e —Linda Bourn,\u003c\/b\u003e National Director, Family Enterprise Risk Practice, Alliant Private Client\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990192373989,"sku":"NP9781119694007","price":89.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119694007.jpg?v=1761786860","url":"https:\/\/k12savings.com\/products\/the-complete-family-office-handbook-isbn-9781119694007","provider":"K12savings","version":"1.0","type":"link"}