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FAMILY OFFICE MONTHLY November 2017

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FAMILY OFFICE MONTHLY November 2017 (305) 503-9077 FAMILY OFFICE MONTHLY November 2017 Upcoming Family Office Conferences in 2017-18 Family Office Super Summit elcome to the November edition of Family Office Monthly. We are gearing up for th W the biggest family office conference of the year: the annual Family Office Super December 5-6 , 2017 Summit in Miami, Florida. For four years, the Family Office Super Summit has been the Miami, FL largest gathering of family offices, high-net-worth individuals, and institutional investors. Leading into North America's premier art festival, Art Basel, this family office conference is www.FamilyOffices.com/ an unparalleled opportunity to hear from the leaders in this industry--while enjoying all of Super Miami's luxury and charms. Capital Raising If you plan on attending our upcoming conferences, especially next month's Family Office Bootcamps Super Summit, we encourage you to RSVP as a Charter Member in the new login platform online at www.FamilyOffices.com/Login. If you are not yet a Charter Member, be sure and visit www.FamilyOffices.com/Association to learn why membership keeps growing year February 2017: after year. Houston, TX Synovus Hires Exec to Lead High-Earners in NY and CT Chicago, IL Family Office Unit Consider Moving South Synovus has made a major acquisition to lead In the simmering controversy over tax Miami, FL its family office arm: Jamie Nicholson. reform (or tax cuts), few are shedding tears Atlanta, GA Nicholson comes from Truxton Trust, where for hedge fund managers and other high- she worked for ten years advising high-net- earners that might have to pay more under worth clients on complex..Page 2 an altered tax code. But that's exactly what Video: Difference Between Half- will likely happen if the proposed... Page 8 Full 2018 Schedule & Fully-Formed Family Offices Zuckerberg's Family Office http://FamilyOffices.com As the family office industry continues to Diving into Buyouts grow, I get to see a wide variety of different family office structures. In this edition, for Earlier in this issue we shined our spotlight Reserve your seat today: example, you will learn about the highly on a Canadian computer programmer who www.FamilyOffices.com/Reserve sophisticated DeVos family offices. But... turned Shopify into a billion dollar Page 4 company. That reminded us of the more familiar icon of the social... Page 11 E-Mail: [email protected] (305) 503-9077 Synovus Hires Executive to Lead Family Office Division Synovus has made a major acquisition to lead its family office arm: Jamie Nicholson. Nicholson comes from Truxton Trust, where she worked for ten years advising high-net-worth clients on complex transactions and wealth decisions. Now, Nicholson will take on the role of lead family office adviser at Family Asset Management for Synovus, which oversees $6.8 billion in assets under administration. Jamie Nicholson comes to Synovus, the parent of The Bank of Nashville, as senior vice president and lead family office advisor of the Family Asset Management office at its 1033 Demonbreun St. offices. Nicholson had been with Truxton since 2007, when that company still went by Nashville Bank & Trust, and was named a senior VP in 2011. "Jamie brings with her a deep knowledge of the wealth management and trust industry in Nashville," said Katherine Dunlevie, managing director of Synovus FAM, which has about $6.8 billion in assets under administration. "She is highly regarded for her extensive experience serving high net worth family clients with complex financial situations, and we are thrilled to have her lead FAM in Nashville." A native of Lebanon, Nicholson earned her undergraduate degree from Cumberland University and her law degree from Vanderbilt. Before joining Truxton, she was at SunTrust. Taking a step back, this move mirrors a lot of hiring activity over the last few years as family offices and wealth management firms compete for talent. Consolidation in the booming wealth management advisory industry has intensified competition for advisors who are not only skilled in their job but also bring their Rolodex of clients and wealthy relationships. Those contacts are key as family offices and RIAs fight to boost assets under management. Source: https://www.nashvillepost.com/business/finance/banking/article/20983349/synovus-family-office-arm-recruits-truxton-svp Dallas Family Office Looks to Invest in Local Startups Jon Frankel started a company at the age of The family office plans to invest $10 million in 15 to 20 seventeen and now he's done so well for early-stage, revenue generating startups over the next two himself that he has the money to back an years. The investments are expected to be between $250,000 investment firm as its sole investor: JF2 and $1 million, with the average check amounting to Capital. Frankel sold two companies in the $500,000. The firm is particularly interested in business-to- credit card processing industry. business startups providing technology-enabled solutions." "The Plano resident then hooked up with Aaron Source: https://www.dmagazine.com/business- Pierce, a former analyst at J.P. Morgan who aided in economy/2017/11/new-family-office-makes-first- wealth management who now helps Frankel find deals investment-from-10m-fund/ as a part of JF2 Capital. 2 | Family Office Monthly E-Mail: [email protected] (305) 503-9077 Family Offices "Poaching" Executives New Capital Morgan Stanley is finding that working with the Raising Book wealthiest clients presents something of a Are you looking to raise double-edged sword. Probably for as long as the capital? Richard C. Wilson, firm has been in existence, wealthy families and founder of the Family Office individuals have been in important client Club, just released his latest segment. So much so that the investment bank publication The Capital Raising Book: The 5-Step has a small army of well-dressed, sophisticated System for Raising Capital from bankers working across the country (and the Private Investors. globe) to win the business of HNWIs and UHNWIs. The problem rises when these satisfied clients look to bring those executives in house to handle the family office duties or run a portion of the portfolio. Apparently, these Morgan executives are doing a great job; perhaps too good of a job, really, considering that family offices and ultra-wealthy are poaching Morgan Stanley's executive ranks--particularly in Asia. To download the first four chapters of this book visit http://CapitalRaising.com/book Asia’s swelling ranks of mega-wealthy are proving to be a mixed blessing for Morgan Stanley. and complete the simple download form to receive the The firm’s Asian private banking unit has boosted assets under management and revenue this book. year, according to Vincent Chui, who oversees the business. But because top bankers keep getting Looking to meet family offices poached by family offices set up by the richest people, a plan to increase headcount has fallen flat. in person? The Family Office Club hosts many live At least 10 relationship managers left in 2017 for family offices, leaving headcount in Hong conferences throughout the year Kong and Singapore unchanged from the end of last year at about 100, Chui said in an in great locations like Manhattan, Singapore, and Miami. Once a interview... quarter, we host an exclusive gathering for single family ...“Given the irrational exuberance of hiring relationship managers in 2016 and the early part offices and affluent families to of 2017, we preferred not to participate in the bidding game,” said Chui. “With banks now meet, share experiences, and focusing more on costs, notwithstanding good revenue growth, it’s time for us to step up the quest build relationships. for talent.” Source: https://www.bloomberg.com/news/articles/2017-11-21/morgan-stanley-asia-wealth- push-runs-into-family-office-poaching Spotlight: Computer "Nerd" in Tweed Cap Joins Billion-Dollar Club Score one for the brainy, computer-literate set: Tobi Lutke has become a If you would like to be billionaire thanks to the hot run of stock in the company he founded, Shopify. considered for membership (free to single family offices) please An unapologetic computer nerd with a penchant for tweed caps has become one of Canada’s contact us: newest billionaires by helping small merchants sell online. E:[email protected] Tobi Lutke, a 37-year-old German immigrant who built Shopify Inc. into one of tech’s hottest P: (305) 333-1155 stocks, was worth $1.1 billion from company shares, options and sale proceeds at the close of trade 328 Crandon Blvd. #223 Key Biscayne 33149 on Friday, according to the Bloomberg Billionaires Index. Source: https://www.bloomberg.com/news/articles/2017-11-27/coder-in-tweed-cap-is-newest- canada-billionaire-as-shopify-soars E-Mail: [email protected] (305) 503-9077 Video: The Difference Between a Half- and Fully-Formed Family Office As the family office industry continues to grow, I get to see a wide variety of different family office structures. In this edition, for example, you will learn about the highly sophisticated DeVos family offices. But there for every well-conceived family office, there is a half-formed family office that is doing its beneficiaries a disservice. A half-formed family office often rises from good intentions but ultimately lacks the requisite planning, tax efficiencies, legal protections, or services that an affluent family should have in place to protect the fortune for future generations--and satisfy all the needs of the current generation, too. In this brief video (recorded outside a castle in Portugal), I discuss the difference between a half-formed and fully-formed family office and why you should take the time to build the latter.
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