Family Office Review

Jul 27th, 2012 FamilyOfficeReview.com 2012 All Rights Reserved In This Issue: My Dear Readers The Shuffle on page 3 on page 27 Home and the World Singapore Courts the Center on Philanthropy on page 5 Thinking Cap Costs and Rising Barriers Forcing Change in the Commercial Family Office Landscape on page 9 The Centerfold The FOR Centerfold: Ms. July on page 12 In the Money Company Profile: Monument Capital Group on page 14 Family Matters Personal Protection: Dispelling the Myth/Crystalizing Expectations on page 19 Five Facts about Addiction Everyone Should Know on page 21 The Organisers Guide to Planning the Perfect Event on page 24 FamilyOfficeReview.com 2012 All Rights Reserved Page 2 My Dear Readers MDR 27 July 2012 "Major banks and the financial global elite are now confirmed to have as much as $32 trillion in hidden assets My Dear Readers, stashed away in offshore accounts that are subject to little or no taxation. As a result, around $280 billion is Hey kids - welcome to this theme park called Planet estimated to be lost in tax revenues. In other words, the Earth. It's a wild ride. The fun just never ends. Over here, multi-trillion dollar banks and elite families are avoiding we have the shell game called Blame for the LIBOR any taxation while forcing United States citizens to foot Scandal. Watch closely as the shells move - can you spot the bill. Amazingly, the $32 trillion stashed away the shell with today's culprit? Over there, we have Pin the represents the overall GDP of the United States and Japan Tail on Bob Diamond (before he gets away with too big a combined. golden parachute). Then there's the fabulous log ride called Europe that will take you through Greece and Spain In order to reach the monetary figure, which many are - you are guaranteed to get soaked so be sure to wear your calling quite conservative, economist James Henry wellies. My personal favorite is Guess How Many Olympic commissioned was by the Tax Justice Network — a Security Guards Are In the Jar and win a fabulous prize. group that seeks to bring tax evasion to light. Even the Finally there is Dunk The Hackers in the corner - which Tax Justice Network was quite shocked by the outcome, former News of the World journalist is going down first? with spokesperson John Christensen saying he was ultimately startled by the "scale" of the numbers. What's It would be funny if it weren't all so pathetic. Just when more concerning than the numbers, however, is the you think things can't possibly get any more outrageous... entities behind them. The report revealed that major it does. The good news is once the Olympics start, we banks such as Bank of America and Citigroup were among should have a good three weeks of sporting news to the many major corporations and banking organizations distract us. to hide their assets in offshore tax havens." And lest I forget, there is the report that came out this Shock! Horror! You can just feel OWS stoking up the fires week concerning the $32 gazillion the nameless, faceless and heating the tar pots, can't you. Incoming! Fresh meat "rich" are hiding unreported around the world. This figure to fry! dazzles. Last I heard, the number was a paltry $6-$8 billion. Here's the story as reported by www.infowars.com Next report will be $100 trillion, mark my words. Because ( a bit more colorful than our coverage): in January of this year, the IMF put out research that FamilyOfficeReview.com 2012 All Rights Reserved Page 3 cited $18 trillion. So how is it that a mere six months later, the number has doubled?? I'm going to stop the rant 'n' rave right there. I'm bored, oh so bored, with sensational stories like this. But you know - the beatings will continue until morale improves. I'm just going to have to give this "story" the big American W: what-EVAH! Now - let's have some real fun and watch television. For this first in history, all the countries participating in the Olympics are sending female competitors. Three cheers. We've come a long way since 1996, when 26 countries failed to make room for the girls. The two Saudi women are slated to compete in judo and the 800 meter run. A few small points though... they are both American born and raised and they did not qualify - no competitions for them back home - so they were specially invited by the IOC in a noble attempt to be inclusive. So what. I think it's all good. The judo competitor, it was announced this week, will be fighting without her head scarf. The runner's garb, yet to be described in public, should be more interesting. I'm sure she won't be wearing shorts. She may have some aerodynamic struggles, a definite disadvantage. No matter. It's cool they will be in it. Go girls! May you kick some global butt. Best, Steffi FamilyOfficeReview.com 2012 All Rights Reserved Page 4 Home and the World Singapore Courts the Center on Philanthropy Shahnaz Mahmud Managing Editor - Family Office Review deal with the best programs in a specific area - and were we interested," Rooney recounts. Interested, yes. A first, in terms of such a request, quite possibly. But, as the financials resembled more of a break even scenario it didn't make sense, notes Rooney. The EDB's ask did provide a great deal of food for thought and time for reflection, which the COP took its time with. Rooney draws some of his own conclusions: "I think it is important for scholars and practitioners to have a broader understanding of philanthropy in an international context," he says. "While philanthropy is clearly a core American value, I think it's also a value that exists in other Two years ago, the Center on Philanthropy at Indiana cultures and other countries. And we ought not to be so University got a very interesting phone call. It was one of imperialistic. [It's not about] imposing how we do it, but those calls that could be compared to a life-changing helping others to understand the landscape. But you have moment. Like during college basketball recruitment time to have a starting point. Some of the things that we are when "Coach" shows up at your door and says: "Son, we doing here both from a fundraising approach and a want you." For the COP, the Singapore government "came research approach might be very useful there." a-knocking", seeking the ultimate philanthropy brain power to potentially set up a campus of sorts in the The COP determined that training programs are viable. It Southeast Asian city state. is mapping out such plans with the National University of Singapore, which may include joint research programs as According to Indianapolis, Ind.-based Patrick Rooney, well, thereby making it more cost effective, all the while executive director at the COP, the Economic Development gaining a better understanding of the context, Board, the lead government agency for planning and Singaporean laws and the culture, notes Rooney. "It executing strategies to enhance Singapore's position as a would be a win win," he says. global business center, approached the COP with this bid (or the gist of it at least): the EDB said they had done "While philanthropy is clearly a core their due diligence and essentially found the COP to be American value, I think it's also a value that the "biggest and best center in the world" according to exists in other cultures and other countries. their research. And we ought not to be so imperialistic." "They said Harvard and the University of Chicago have Since the EDB approached the COP, executives, including MBA programs there, Duke has a medical school there, Rooney, have traveled there yearly, undertaking due MIT has an engineering program there; that they only diligence of their own. This has involved talking to a FamilyOfficeReview.com 2012 All Rights Reserved Page 5 number of non profits and foundations to learn what their on the sources and uses of charitable giving. Another perception of the demand might be, as well what their study is for HNW households done in conjunction with perception of the price sensitivity was to ensure that the BofA. Addiitionally, the COP conducts a panel study that COP's assumptions on certain price levels and demand surveys the same 800 households every other year in the for training and research for academic programs was on US, inquiring about household giving and volunteering. the mark. But, they also wanted to ascertain if local In its studies, the COP examines giving, fundraising, funders might be willing to subsidize the programs overhead costs, corporate giving programs and through scholarships for Singaporean students, notes foundation grant making. Rooney. "[We want to] bring those types of research methods, Meetings have ensued mostly with local charities. But the making them culturally sensitive, appropriate and EDB has also recruited a number of international adaptive to the local and legal environment," says Rooney. charities that have their Asian headquarters set up in the "I think that would be important, but it's also something Lion City. that would be of value to us as well as to them." "They were interested in then developing academic, Next year will mark the formalization of these programs. research and training programs to help recruit and retain The initial next step would be to fundraise and find other international organizations and to help grow the support for key research projects and training programs indigenous non profit sector there as well," says Rooney.

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