The family office book : investing capital for the ultra-affluent

338 Pages·2012·5.39 MB·English

by  Richard C. Wilson

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Additional Praise for The Family Office Book
“TheFamilyOfficeBookisatrulyuniquepieceofwork.Richardhasthor-
oughlyexplainedtheworkingsofthemoderndayfamilyoffice,aworldthat
ishighlysecretiveandlittleunderstood,evenamongstfinanceprofessionals.
Hisstatusasatrustedadviserisattestedbythequalityoftheinterviewswith
family offices and his incisive views on the future of this powerful investor
class. An essential study that is relevant to anyone who is keen to under-
standthefamilyoffice,eitherfromaprofessionalperspectiveorpurelyout
ofintrigue.”
—MaxKantella,CEOMcLarenGlobalPartnersPELtd
“Richard’sbookonfamilyofficesisthemostcomplete,organized,andcom-
pellingbookonanextremelyimportantandgrowingsegmentofthewealth
management business. I plan to use this book as a gift to our family office
clients to prove to them they made a good decision in setting up their own
familyoffice!”
—DonF.Wilkinson,FamilyOfficeConsulting,LLC
“The Family Office Book is a rare and well-documented guide for anyone
in the wealth management industry. The interviews cover a wide array of
family office professionals and were in-depth, informative, and extremely
helpful.Thereisnobetterwaytolearnthanhearingtheexperiences,advice,
andinsightstraightfromtheexpertsthemselves!”
—TomThiel,McAdamsWrightRagen
“As someone who has worked in both a SFO and MFO, Richard and his
extremely well qualified lineup of family office professionals have done an
excellentjobofoutliningexactlyhowthefamilyofficeindustryworks.This
book is pretty much all you need in order to fully understand how the in-
dustryoperates.”
—DaveTrunzo,FamilyOfficeInvestmentProfessional
“The family office industry is a secretive and complex niche of the wealth
management industry, and much of how it worked was hidden, until now.
Writtenfromthebest,thisiscertainlyabookthateverybodywhoworksin
thefinance,fundmanagement,orwealthmanagementindustryshouldhold
intheirlibrary.”
—AlexisAlexiou,PortfolioManager
a
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“The Family Office Book is really great because it explains exactly how
the family office industry works, how the ultra-wealthy are investing their
money, and how the fund manager selection process works. Interviewing
topfamilyofficeexecutivesabouttheirexperienceprovidesarealisticview
oftheindustrypictureofhoweverythingisappliedintheindustrytoday.”
—MichaelSkapoullis,CertifiedHedgeFundProfessional(CHP)
designation,CeoSocieteGoldfinger
“TheFamilyOfficeBookisthemostcomprehensiveinformationalresource,
withrespecttofamilyoffices,thatIhaveread.Althoughitsmainaudienceis
familyofficesandultra-highnetworthindividuals,itisavaluableresource
for anyone who wants to learn about the operations, perspectives, motiva-
tions, and inner workings of family offices. The multiple interviews with
seasonedfamilyofficerepresentativesprovideakeeninsighttotheworldof
the family office. Richard Wilson provides a history of the family office,
the definition of what constitutes the current day family office, and per-
spective on where this market is headed. And his use of interactive media,
i.e.,audiointerviews,videos,andexternallinks,lendsanaddeddimension
to the comprehensiveness of the material. I highly recommend The Family
Office Book to anyone who is interested in learning more about family of-
ficesandthisoftenunderpublicizedmarket.”
—EricWarshal,FundAssociates
“Richard Wilson’s family office book is a valuable resource that improved
myfirmsfocusandsuccessimmediately.Theexamplesfromhispracticeand
theleadingexpertsheinterviewsaretothepointandprovidesubtleinsights.
We have incorporated several key strategies from this book into our mar-
ketingandclientretentionplans.Thebook’semphasisonaconsistent,well
developed approach to your messaging and the creation of an educational
tonetoyourpotentialinvestorsisuniqueandeffective.”
—StephenChunias,CPA,ChiefFinancialOfficer,
CazenoviaCreekInvestmentManagement
b
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The Family
Office Book
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Founded in 1807, John Wiley & Sons is the oldest independent publish-
ing company in the United States. With offices in North America, Europe,
AustraliaandAsia,Wileyisgloballycommittedtodevelopingandmarket-
ingprintandelectronicproductsandservicesforourcustomers’professional
andpersonalknowledgeandunderstanding.
TheWileyFinanceseriescontainsbookswrittenspecificallyforfinance
and investment professionals as well as sophisticated individual investors
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cialinstrumentanalysis,aswellasmuchmore.
Foralistofavailabletitles,visitourwebsiteatwww.WileyFinance.com.
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The Family
Office Book
Investing Capital for the
Ultra-Affluent
RICHARD C. WILSON
John Wiley & Sons, Inc.
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Copyright©2012byRichardC.Wilson.Allrightsreserved.
PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey.
PublishedsimultaneouslyinCanada.
Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformor
byanymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermitted
underSection107or108ofthe1976UnitedStatesCopyrightAct,withouteitherthepriorwritten
permissionofthePublisher,orauthorizationthroughpaymentoftheappropriateper-copyfeetothe
CopyrightClearanceCenter,Inc.,222RosewoodDrive,Danvers,MA01923,[phone],fax(978)
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[phone],fax[phone],oronlinea twww.wiley.com/go/permissions.
LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsin
preparingthisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyor
completenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesof
merchantabilityorfitnessforaparticularpurpose.Nowarrantymaybecreatedorextendedbysales
representativesorwrittensalesmaterials.Theadviceandstrategiescontainedhereinmaynotbesuitable
foryoursituation.Youshouldconsultwithaprofessionalwhereappropriate.Neitherthepublishernor
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Disclaimer:Pleasereviewthefollowing:Everyindividualhasdifferentrisksandneedsforwealth
management.Beforejoiningafamilyofficeorwealthmanagementfirmofanytype,youshouldseek
professionallegalcounselandconductyourownthoroughduediligence.Thewordsyoureaddirectlyfrom
headsoffamilyofficesinthisbookdonotreplacespeakingwithanexpertone-on-oneaboutyourunique
situation.Noinvestment,fundmanagerselection,orwealthmanagementdecisionsshouldbemadebased
solelyontheinformationprovidedinthisbook.
Yourspecificcity,state,andcountrymayregulatecapitalraisingormarketingoffamilyoffice,wealth
management,orRIAservices.Pleasespeakwithlegalcounselbeforetakingactionontheinformation
providedwithinthisbookifyouareawealthadvisorofanytype.
Nothingpresentedinthisbookshouldbeconstruedasasolicitation,offeringofsecuritiesorsaleof
investmentproducts,wealthmanagementsolutionsorprivateplacementvehiclesoranyotherlegally
bindingstatement.
LibraryofCongressCataloging-in-PublicationData:
Wilson,RichardC.
Thefamilyofficebook:investingcapitalfortheultra-affluent/RichardC.Wilson.
p. cm.–(Wileyfinanceseries)
Includesindex.
ISBN978-1-118-18536-0(cloth); ISBN978-1-118-22743-5(ebk);
ISBN978-1-118-26516-1(ebk); ISBN978-1-118-23326-9(ebk)
1.Investmentadvisors. 2.Financialplanners. 3.Financialservicesindustry.
4.Families–Finance,Personal. 5.Richpeople–Finance,Personal.
6.Wealth–Management. I.Title.
HG4621.W47 2012
332.6–dc23
2012009221
PrintedintheUnitedStatesofAmerica
10 9 8 7 6 5 4 3 2 1
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Since the 1700s the Wilson name has stood for taking action
and focusing on something instead of simply talking about
ideas. This book is dedicated to the entire Wilson family for
creating an environment for our generation of the family
that fosters creativity, a strong work ethic, entrepreneurship,
and tenacity.
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