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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.

Hopefully this video helps you build the family office you deserve.

Richard C. Wilson CEO & Founder Qualified Family Office Professional (QFOP) Family Office Club (305) 503-9077 328 Crandon Blvd. Suite #223 Key Biscayne, Florida 33149 United States http://FamilyOffices.com

4 | Family Office Monthly E-Mail: [email protected] (305) 503-9077 A Rare Look Inside a Billionaire Family's Single Family Office It's extremely rare that a family office would reveal its holdings and how it is structured. But that's exactly what the family office (actually two family offices) serving Department of Education Secretary Betsy DeVos has done through her disclosure filing. We're fairly confident that Secretary DeVos and her family would prefer to keep all this information under wraps but that's the price of civil service and now we all get to see how one of the most affluent families in America has protected and invested its wealth. The disclosure doesn't just cover Secretary DeVos, but her prominent family, as well. Her father- in-law is Richard DeVos, the founder of Amway Corp., her father's company, Prince Corp., was sold for over $1 billion, and her brother founded the private military contractor Blackwater. The Wall Street Journal has an in-depth breakdown of the disclosure, read the full article here: https:// www.wsj.com/articles/look-inside-the-devos-family-office-1510157138

The fortune of Mrs. DeVos and her husband, Richard DeVos Jr., comes from Amway Corp., a multilevel marketing firm co-founded by Mr. DeVos’s father, and also from Prince Corp., an auto-parts company founded by Mrs. DeVos’s father.

The couple’s combined wealth is managed through two family offices, RDV Corp. and Windquest Group. Windquest manages some money for Mrs. DeVos, her husband and their children.

RDV Corp. manages the multibillion-dollar fortune of the multigenerational DeVos clan. RDV owns assets including stakes in companies. It also has units that handle daily needs of family members: staffing, real-estate holdings, yachts and more.

RDV has a Family Council, which functions like a governing board and votes on family business decisions. The children of Amway co-founder Richard DeVos Sr. and their spouses sit on the council. There is also a Family Assembly, which includes 16 grandchildren and their spouses. Mrs. DeVos resigned from the Family Council in November 2016.

WSJ also took a look at the investments held by the DeVos family:

Mrs. DeVos listed 370 entities in which she was invested before any divestitures. Now, she or her husband wholly or partly own or part-own the Orlando Magic basketball team, a brain-training company, distilleries and restaurants, a hard cider company, a military-products company and more. Like other family offices, hers uses webs of limited- liability companies and trusts that can shield the wealth from scrutiny or minimize taxes.

General partners (GPs) and limited partners (LPs) are widely used in private equity and similar types of investing to separate the manager of the assets from the investors. RDV has a unit called Ottawa Avenue Partners that does the private-equity-style investing increasingly popular among wealthy families.

Read more: https://www.wsj.com/articles/look-inside-the-devos-family-office-1510157138

5 | Family Office Monthly E-Mail: [email protected] (305) 503-9077

Carr: 7 Drivers for Deciding Whether to Start a Family Office The decision of whether to create a family office or stick with more conventional wealth management can be a difficult one. It can also be incredibly expensive if you choose incorrectly, which is why I wrote a book all about starting your own single family office (How to Start a Family Office, 2016) and speak all the time with wealthy families about the pros and cons of creating your own family office. I'm always trying to share new resources and tips so that's why I wanted to highlight this article in Wealth Management on the seven drivers of starting a family office. Before I share this excerpt, I want anyone considering this important decision, please watch this brief video on the hidden dangers of running a family office: https://www.youtube.com/watch? v=xheT_MAQDLQ Here is Charlie Carr's seven drivers for deciding to start a family office: High wealth complexity. Is the burden of administering your client’s wealth and holdings outweighing the benefits of that wealth? Families with multiple houses, with maintenance, staffing and potential renovations often find they want additional support. Other families have assets spread across various trusts and entities, with a long list of asset managers and custodians. Often, such families struggle with knowing their total worth, identifying all of their holdings and tracking their spending.

Multiple generations. There certainly are first generation wealth-owners without children who can justify a family office, but most often, family offices benefit families who are planning across three or more generations. Frequently, a family office is a tool that families use to help achieve their desired legacies for future generations. The office may be charged with helping the family remember its history and values, providing education and prodding the family toward increasing its human and family capital. It also can protect individual family members from key mistakes that could impact the overall wealth.

Privacy. A family office can be a tool for protecting the family’s privacy about its wealth and activities. The office may house family and asset information and establish effective governance and risk assurance mechanisms to keep these assets protected. Office staff may be able to prevent actions that would hurt the privacy.

Preserve the family business legacy. What is the family’s desired legacy across the next 50 to 100 years? Is there a desire to build and maintain a family unity across generations, held together by common values, history and perhaps a business or other holdings? Other families want to split the wealth at each generation, giving each person freedom and flexibility to go their own way. A family office could provide a solution that promotes and preserves the unique identity and values of the business and the family.

Greater control. Families often form a family office to give themselves greater control over investments, holdings and staff compared to using outsourced investment firms. A family office provides the family greater control over the types of staff, what work they perform and how that work is prioritized. The office also may allow a family to concentrate investments differently than an outsourced provider may be comfortable with.

Other factors outweigh the costs. Hiring staff, with facilities and equipment, can be expensive. Frequently, one can outsource services or use a multi-family office for a lower cost. When the importance of the other factors listed here out-weigh concerns about cost, then a family office is feasible.

I believe that thought leadership like this is important as the family office community continues to evolve.

Read the full article: http://www.wealthmanagement.com/high-net-worth/seven-drivers-determining-if-family-office-right-your- client

6 | Family Office Monthly E-Mail: [email protected] (305) 503-9077

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7 | Family Office Monthly potentially higher pay than some investment and finance jobs. It's not just single family offices hiring, many private

3.) Broaden Your Geographic Scope: In most of the financial centers, like London, Manhattan, Chicago, etc. it can be easy to find a number of potential employers in the investment and finance sectors. But even in these top cities it can

(305) 503-9077

Will Tax Plan Lead High-Earners to Flee NYC & CT?

In the simmering controversy over tax reform (or tax cuts), few are shedding tears for hedge fund managers and other high-earners that might have to pay more under an altered tax code. But that's exactly what will likely happen if the proposed provisions being kicked around Congress find their way into the final bill, according to Bloomberg. The provision in question is the deduction for state and local taxes that many wealthy urbanites enjoy. Congress is considering ending these deductions as part of the still-evolving tax plan. High-earners could see an immediate hit to their compensation, particularly in New York, Connecticut, New Jersey (and other Blue states, as the article observes), if the deductions end. This potential for having to pay more is already leading hedge fund managers and other highly-compensated executives to consider relocating to "greener" pastures like Florida, where there is no state income tax and the state already works to please relocating fund managers. It's no wonder that family offices and funds are debating the merits of moving south even before a bill passes.

It remains to be seen whether the Republican tax plan will pass and, even if it does pass, what it will look like. But for those hedge fund managers and high earners in affected cities, this might provide the necessary nudge to relocate to warmer weather and lower taxes. Florida has already been successful in luring money managers like David Tepper to relocate to Florida so this might just provide more fuel to a migration that has already been underway. I'm sure this will be a big topic of conversation at next month's Family Office Super Summit that we're hosting (where else?) in Miami, Florida.

Source: https://www.bloomberg.com/news/articles/2017-11-27/in-greenwich-and-manhattan-tax- hike-fears-fuel-talk-of-exodus

8 | Family Office Monthly E-Mail: [email protected] (305) 503-9077

WHY MUSIC ROYALTIES BELONG IN YOUR PORTFOLIO By: Jeff Schneider - Royalty Exchange

Family offices have continued to move toward making direct investments in alternative assets. Their search for alternative investments is an important part of a broader portfolio. Alternative investments offer the promise of low correlation to traditional investments like stocks and bonds. They often have the potential to generate income as well.

When you add them to a portfolio, you get a significant diversification benefit over time with the goal of earning better risk-adjusted returns. But, when investors typically seek out alternative investments, they have very few options. Why? Leverage. The growth in debt has tightened the correlation among several different asset classes – including emerging markets and real estate. Few include what we think is the purest alternative investment available: royalty income derived from intellectual property (IP). Intellectual property is often a government granted monopoly – through a patent, trademark, or copyright. IP is becoming a growing part of the US and global economy. Historically, finished goods was where value was transferred between a buyer and seller. Royalty payments for IP is a unique type of value transfer that puts you at the top of the chain (ideally, with less cost overhead).

WHY MUSIC ROYALTIES ARE ONE OF THE BEST ALTERNATIVE ASSETS For now, let’s focus on music royalties. There’s a simple reason music royalties are one of the best alternative assets. The music business has transformed from a transaction based economy – where every purchase required a conscious consumer decision – to a subscription economy. We’ll talk about this transformation in a little bit. But first, let’s take a minute to understand how music royalties work. A rightsholder is a company or individual with a legal claim on income generated from the use of that IP, in this case… music copyrights. Rightsholders could be songwriters, recording artist, labels, publishers, producers, and so on. There are a number of different parties that can have that legal claim on future income. Their royalties are based on streams, downloads, physical album sales, and other usage depending on exactly which royalty they own. In essence, consumption of music drives royalty payments. That’s why we are confident music royalties is one of the best alternative assets. Music consumption doesn’t change when interest rates go up or when stock market sentiment turns bearish. In addition, music royalties: • Can earn consistent cash flow. • Are long-term assets (royalties are paid for the life of the artist +70 years!) • Have little counter-party risk. • They have the potential for capital appreciation - especially now. WHY NOW IS THE TIME TO BUY MUSIC ROYALTIES The music industry and related assets are climbing out of a long, brutal bear market. For the last 15 years, the industry has been the victim of:

To view full article visit: http://FamilyOffices.com/Music-Royalties-Belong-Portfolio/

9 | Family Office Monthly E-Mail: Clients@FamilyOffice .com (305) 503-9077 Four Job Openings with $1 Billion+ Family Offices in New York and Boston

I wanted to introduce myself as the President of our Family Office Executive Search firm. Family Office Executive Search is a recruiting firm that engages with single and multi-family offices to help them find talent for their teams. This month we have signed two new engagements to fill four job openings, for a $10B+ multi-family office in New York and a $1B+ family office in Boston. You can see these positions available on http://FamilyOfficeJobs.com and here are direct links to the position descriptions in case you want to send in your resume and apply to be considered for them:

1) Family Office Executive Leader Opportunity: http://FamilyOfficeJobs.com/Executive-Leadership-Position

2) Investment Advisor Associate Opportunity: http://FamilyOfficeJobs.com/Investment-Advisor-Associate

3) Wealth Planning Associate Opportunity: http://FamilyOfficeJobs.com/Wealth-Planning-Associate

4) Investment Analyst Opportunity: http://FamilyOfficeJobs.com/Family-Office-Investment-Analyst

5) Family Office Executive: http://FamilyOfficeJobs.com/Family-Office-Executive If you are interested in these positions, the first step would be to complete the application form at the bottom of any of the open position links in this email; if we see a relatively good match we will get in touch. Since we have had 900 resumes submitted to-date in the last year for positions we have helped fill, we cannot respond to everyone. But even if there is not an immediate fit, we will do our best to keep in touch and retain your resume on file for future family office mandates.

Of course if you run a single or multi-family office and you would like to access our talent pool of over 100,000 family office professionals that are in our database globally you can contact me regarding that as well - we are a fast moving team and we would be happy to discuss how to work together.

Thank you for keeping us in mind here and please check http://FamilyOfficeJobs.com in the future for new positions being posted.

Terry Terry Penn (407) 369-9130 President Family Office Executive Search [email protected] 328 Crandon Blvd. Suite #223 Key Biscayne, Florida 33149 http://FamilyOfficeJobs.com Want to hear about jobs before other candidates? Sign up to receive family office job alerts by entering your e-mail address on this form: www.FamilyOfficeJobs.com/Alerts

10| Family Office Monthly E-Mail: [email protected] (305) 503-9077 Zuckerberg's Family Office Dives into Buyouts Earlier in this issue we shined our spotlight on a Canadian computer programmer who turned Shopify into a billion dollar company. That reminded us of the more familiar icon of the social media and tech billionaires: Facebook's Mark Zuckerberg. His fortune has grown over the years since the social media company went from upstart to household name. Like many a tech scion before him, Zuckerberg hired a family office to oversee his personal wealth and manage his investments. Iconiq Capital, much like its extraordinary clients like Sheryl Sandberg and Mark Zuckerberg, operates a bit different from its competitors. The firm is a hybrid model of family office that manages the affairs and personal wealth of a number of high-profile and affluent clients.

Increasingly, Iconiq has been stepping out to do private equity-like deals with its own money and its clients, instead of passively allocating client money to third-party fund managers. For anyone who has been active in the industry over the last decade, the idea of a large wealth manager pushing into private equity like direct investments and pooling with clients isn't too surprising--in fact it mirrors a trend we've been reporting on for nearly ten years. But it is interesting to see Iconiq dig in to the tech-focused buyout model, as PE News reports.

Iconiq Capital, whose early clients included Mark Zuckerberg and Sheryl Sandberg, plans to pursue more buyouts of mature, medium-size technology companies, according to people familiar with the matter. Until now, the firm has mostly pursued venture-capital deals in potentially fast-growing startups.

Iconiq recently hired Arvindh Kumar from tech-focused private-equity firm Thoma Bravo to run the new strategy and expects to make more hires, the people said. The firm also has discussed the possibility of raising a tech buyout fund.

San Francisco-based Iconiq is a hybrid firm. It offers traditional wealth-management and family-office services to clients, doing everything from helping clients buy homes and planes to parceling out their money to various hedge funds and private-equity funds. However, a growing focus for Iconiq involves investing its own and clients' money itself—a typically higher-margin business—rather than through funds managed by others.

Iconiq's partners Divesh Makan, Chad Boeding, Michael Anders and Will Griffith want to turn the six-year-old firm into a tech-focused investor across a gamut of asset classes, a person familiar with the firm said. Its founders have discussed with Iconiq's advisory board wanting the firm to be as well-known in technology investing in a decade's time as Blackstone Group LP, KKR & Co. and TPG are in private equity, the person said.

Each of these firms was founded at least 25 years ago; KKR began in 1976.

Iconiq is known for investing in "growth-stage" private companies such as Jessica Alba's Honest Co., Uber Technologies Inc. and Indian e-commerce company Flipkart Ltd. It has made private-equity investments in the past, including in cloud-based financial software firm BlackLine Inc., but now believes it has greater opportunities in this type of investing, said the person familiar with the firm. The potential buyouts are expected to involve full or partial purchases in mature companies, including publicly traded ones.

Source: https://www.penews.com/articles/mark-zuckerbergs-family-office-wants-to-be-a-buyout-shop-20171121

11| Family Office Monthly E-Mail: Clients@FamilyOffice .com (305) 503-9077 Why Tax Reform is a Big Deal for Family Offices It's tough to talk intelligibly about the yet-to-be-finalized Republican-led tax reform bill. The U.S. House of Representatives has proposed its own bill but there's no guarantee that a final bill would closely resemble that draft once the House meets the Senate version through reconciliation. So, with that major caveat, we thought it was worth noting the major stakes family offices (and their clients) have in these potentially momentous tax reforms. Here are a few considerations that family offices and high-net-worth individuals should keep an eye on as the debate rages in Washington (note: as always, we aim to be non-partisan and simply relay important considerations for readers of this magazine). We aren't experts in tax policy (although many of our members are) so we've provided a summary here for anyone interested in following this debate.

The Federal Estate Tax: The estate tax has been a major source of controversy for years. The Democrats see it as an unnecessary giveaway to the ultra-wealthy, whereas the Republicans argue that this tax is ineffective and unfair. One thing is for sure: if the estate tax is eliminated it's a major win for the wealthiest Americans. For a detailed write up from the AP: http://abcnews.go.com/ Business/wireStory/death-taxes-estate-tax-debate-51410496

Pass Through Entities and Other Partnerships: Perhaps the most surprising thing to come out of this tax debate is that the pass-through entity has entered the popular lexicon. It's worth tracking this because single family offices often utilize these structures and partnerships for their investment and business operations. Here's a write up on the Senate's proposed adjustments here via Forbes: https:// www.forbes.com/sites/greatspeculations/2017/11/27/senates-five-haircuts-on-the-tax-deduction- for-pass-through-entities/

Here's a write up by the same author on how all this could impact investment managers and traders: https://www.forbes.com/sites/greatspeculations/2017/11/06/how-the-tax-cut-bill-impacts-traders- and-investment-managers/

Finally, here's a general summary of the implications on family offices if the current drafts of the tax bills end up making it through to the president's desk: http://www.mondaq.com/unitedstates/ x/646070/tax+authorities/Effect+Of+Proposed+US+Tax+Bill+On+Family+Offices+And +Investment+Vehicles

PODCAST EPISODE: The Holy Grail of Capital Raising On this episode of the Family Office Podcast, Richard C. Wilson, author of Capital Raising shares what he calls the "holy grail" of capital raising. http://familyofficepodcast.com/the-holy-grail-of-capital-raising

Be sure to subscribe to the Family Office Podcast for more lessons on working with family offices: http://FamilyOfficePodcast.com