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FOX Thought Leaders Roundtable
2006 Topic: Recasting the Central Role of the Family Office as Risk Manager
The FOX Thought Leaders program provides a forum for leading thinkers to meet face-to-face and probe important industry issues in a fashion that brings innovative solutions to the forefront in the wealth management community. For the Risk Thought Leaders Roundtable, FOX gathered an interdisciplinary group of delegates to examine what managing risk and uncertainty eans for families of significant wealth. FOX has worked with financial families for over 15 years and we have seen the struggles that many families face in identifying and managing key threats to long-term wealth and healthy family relationships. In our consulting work with individual families, FOX often plays the role of risk assessor and advisor due to our ability to view a family situation as an objective third party. We recognize that there is a need in the private wealth community for a formalized process that would allow families to recognize and rank the risks that they have. The delegates at the Risk Thought Leaders Roundtable, sponsored by U.S. Trust, evaluated a risk assessment and management process, developed by FOX in partnership with David Shimko of Risk Capital Management LLC. The process enables a family to measure their most threatening risks and determine the best mitigation tactics for handling them. The first step in this process is to challenge perceptions in the private wealth management community of what the term “risk management” encompasses. It is crucial to demonstrate that for financial families, risk management applies to far more than investment and insurance planning. Managing the threats to long-term wealth and family relations also includes issues such as wealth transfer and leadership planning, family governance and communications, clear mandates for the family office executives and many other concerns. Our process is based on risk management tools widely used by larger corporations and government organizations. For more information, please contact the program manager, Anna Nichols at (312) 327-1214, anichols@familyoffice.com. US Trust is the exclusive FOX Thought Leaders Roundtable sponsor. This role is consistent with the leadership they have shown in the wealth management industry and the FOX member community. For 150 years, US Trust has helped families with considerable assets preserve and enhance their wealth. A founding FOX Strategic Advisor member, US Trust has significantly enriched the FOX community through their contribution of intellectual capital and educational resources. FOX Contacts
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