News and Articles
Family office consultancy lands 100th client
(From Private Banker International, March 8, 2010 issue)
Family Office Metrics, a US-based consultancy that advises single-family offices on converting to multi-family offices, has signed up its 100th client.
The business, set up in 2001 by Jon Carroll, helps family offices with selecting and integrating of systems, improving operations and controls and clarifying business strategy. Its recent growth is another illustration of the growing professionalisation of single family offices (SFOs) following the financial crisis.
Family Offices Eye Portfolio Administration
(From Private Asset Management, March 5, 2010 issue)
Family offices are looking for the most efficient portfolio information systems in an attempt to reconcile asset holdings and measure the overall portfolio performance. Paul McKibbin, managing partner, Family Office Metrics said that family offices are struggling with finding the right portfolio administration systems to fit their investment styles.
Third-party Search Consultants Growing Rapidly
(From Family Wealth Report, March 1, 2010 issue)
Helping wealthy families find the right multifamily office or wealth management firm as a third-party consultant has become one of the industry’s hottest growth areas, figures in the industry are saying.
GenSpring - A Multi-Family Office With Momentum, Challenges
(From Family Wealth Report, January 28, 2010 issue)
The chief executive officer of GenSpring, the US multi-family office, has big ambitions. Asked about the firm's ambitions to be a national brand, Maria Elena “Mel” Lagomasino is quick to state that the firm’s goal is to be a leading global, not just US, brand.
Rockefeller & Co's Hunt For New CEO Raises Questions On Future Strategy
(From Family Wealth Report, January 11, 2010 issue)
Today Family Wealth Report carries an article describing how the search for a new CEO at Rockefeller & Co will have a key influence on the future strategy of this famous multifamily office.
Single Family Offices to Defy Doubters, Will Flourish - Consultant
(From Family Wealth Report, January 6, 2010 issue)
Single family offices, according to popular opinion, may be going the way of the Dodo bird this year.
But the notion that the old-fashioned SFO should be put on the endangered species list is decidedly premature, according to Jon Carroll, president and chief executive of New York-based Family Office Metrics, a New York-based consulting firm for the family office market.
“The hue and cry that single family offices are dead is way, way overstated,” Mr Carroll said. “New SFOs are being created as new wealth is being created.”
21st Century Single Family Offices: What Service Providers Need to Know
(From Private Wealth, September/October 2009 issue)
Executive Summary
Current Trends
-The 21st Century SFO is run like a business. SFOs value quality of service, control, flexibility and cost efficiency more than longstanding relationships
-Generational and technological shifts are the main accelerators of structural change in SFOs. Recent market turmoil has added momentum
-Increased number of providers and solutions creates more flexibility and cost leverage for SFOs
Key Take-away
-SFO service providers who adapt their business model to these current trends will win
Getting Personal: Single Family Offices Undergo Big Change
(From Wall Street Journal, August 21, 2009)
Younger generations of ultra-wealthy families are showing little loyalty to the advisers their predecessors put in place when taking over management of single-family offices, the private companies that manage their investments.
The trend - which may affect not only investment advisers, but other services, such as bill paying and accounting; and advance planning, tax, estate planning and legal experts - was under way before the market's downturn, but is expected to accelerate as investors, jaded by losses and news of scams, look to rebuild their trust.
Family Office Technology
(From Trusts & Estates Magazine, August 2009)
It's a brave new world of connectivity: even in the past few years, there's been a quantum leap in the ability of modern technology tools — designed to improve work group efforts and data management — to help all family office stakeholders communicate and collaborate more easily and effectively. Let's look at what's available — and how one single family office is taking advantage of it all.
Family Offices: In Search of the Easy Button
(From IBSJ Wealth Management Supplement, November 2008)
Jon Carroll is interviewed by Lawrence Freeborn about the technology requirements of family offices.
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Meeting the Challenges of the 21st Century Family Office: Integrating People, Process and Technology
(From Southeast Wealth Management Business, July 2008)
This article discusses how successful families respond to the challenges of increasingly complex offices, effective business processes needed to fulfill the functions of a family office, and how technology completes the picture.
Is a Family Office Within Reach?
(From Wealth, Financial Perspective from Northern Trust, Winter 2006)
Jon Carroll comments on how similar to successful companies, as families grow and prosper, they may find themselves needing more resources to manage their assets; they may need a family office. New options are making this support available for more families today.
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The Importance of Being Benchmarked: It can help your family office meet- or exceed- expectations
(From Trust & Estates, August 2006)
SFO to MFO Conversions
(From Trust and Estates Magazine, August 2005)
Jon Carroll is cited by Patricia Soldano, CEO of MFO Cymric Family Office, and Kathryn McCarthy, independent consultant, in their article about the opportunities and challenges facing a single family office considering the transformation to a multi-family office.
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Is Your Family Office Techno-Savvy?
(From Trust & Estates, August 2005)
One size doesn't always fit all. That's why it's advisable to look at all your options when you want to out-source or build your family office technology to improve productivity and profitability.
People, Process & Technology to Meet Your Fiduciary Responsibilities
(From Senior Consultant, Vol 7, No 8, August 2004)
What high net worth investor would not be attracted by an advisor who has adopted proven technology, best practices and business process implementation based upon professional standards? Advisors and their high net worth clients ultimately have the same objectives when it comes to fulfilling their respective fiduciary responsibilities.
IT Upgrades for Improved Performance in Your Family Business Office
(From Families in Business, December 2003)
As a growing family business owner, you must execute your strategic business plan, build great products, stay focused on maintaining excellent client relationships, and deliver strong financial results. You also need to ensure that your business technology infrastructure provides your company a strong competitive advantage.
Multi-Family Office Outsourcing: Due Diligence and Conflicts of Interest
(From Institute for Private Investors, Investor-Advisor Dialogue & Roundtable, December 2003)
When your family office out-sources activities or functions to others, what sort of conflicts of interest arise and how should you mitigate them?
Business Process Reviews Improve Family Office Operations
(Family Office Metrics White Paper, July 2003)
Have you found yourself asking why it takes so long to get information about your investments; so long that the information you finally receive isn’t current enough for you to evaluate whether your portfolio and your managers are performing adequately? Perhaps you wonder why it takes so many people to keep track of the family’s financial data, especially when meaningful and timely reports are not available. Are you puzzled as to why the cost of running the family office is so very high, when client service and responsiveness is less than what you expect? It may be time for you to consider having a professional business process review.
Business Continuity Considerations for a Small Family Office
(Family Office Metrics White Paper, June 2002)
Since the tragedy of September 11, 2001, most family offices have become more concerned about their ability to continue operations should a serious interruption occur. Taking stock of the basic requirements that must be met, and keeping an eye on costs and complexity, many family offices have implemented simple and cost effective business continuity plans. This whitepaper outlines successful practices that can be easily implemented by your family office.
Designing and Implementing Technology in Your Family Office
(From Families in Business, April 2002)
Today more than ever, families need information about their personal financial affairs quickly and easily. Whether at home or away, family members need to stay in touch with each other in order to make decisions, provide counsel, or just stay informed. Today’s family business office provides the framework for the collection, integration, and communication of personal financial information to the family.
The Functions of a Family Office
(From Journal of Wealth Management, Vol 4, No 2 Fall 2001)
Families today face the challenge of keeping family wealth in the family, while continuing the legacy of the wealth creator. Families that successfully share values through generations will preserve and expand the family’s wealth. The author believes that the most effective approach for a family of significant wealth to preserve and enhance its wealth through the generations is by the creation of a properly functioning family office. The CIO, CFO, and Trustee functions described support the objectives of a wealthy family that wants absolute control over its own affairs, completely customized and personalized service, and privacy. Thoughtfully managed, the family office is the best chance available for a family to successfully share its values and its wealth with succeeding generations.
Restructuring the Family Office & Modeling the Alternative Family Office
(From Sophisticated Investor Strategies, May and June 2001)
Small family offices have several options when they want to upgrade their operations. Families searching for an integrated solution have more options from which to choose.
View Article - Restructuring the Family Office
View Article - Modeling the Alternative Family Office
