"On the horizon: Changes ahead on Family Offices.
A gathering of thought leaders in the industry"
In collaboration with Ms Barbara Hauser - International Private Wealth Advisor - New York
May 9 & 10, 2007
Millenium Broadway Hotel - New York- United States
International Private Wealth
Managing Director, Family
Office Practice Leader
Marsh's Private Client
The number of family offices keeps increasing and accelerating every year all over the world.
When entrepreneurs sell their enterprise, most believe they are then rich forever.
Nevertheless experience shows that quite a few lose a very large share of their fortune in five to ten years.
Because whilst they were good at making money through their industry or service corporations, former entrepreneurs often don’t possess the skills and knowhow required to develop their new mostly financial activities.
Beyond the two basic bad moves : giving full responsibility of one’s fortune to a portfolio manager and forgetting to control or deciding to take care by oneself of all the necessary financial moves, there are quite a lot of wrongdoings that the former entrepreneur is inevitably subject to and that can lead him to failure.
Those mistakes are related :
- failure of setting up a secure legal strategy,
- failure of developing a safe tax scheme,
- failure of protecting the trangenerational interest in their family,
- poor allocation of ressources,
- poor timing,
- poor risks control,
- poor adaptation of strategy along with the environement changes,
- poor global control
Deep analysis of those mistakes along with advice on how to avoid them was at the core of this seminar.
Successful former entrepreneurs, including some who did not fare well in their activities of protecting their fortune, strategists in private equity and other specialists, for instance in asset and wealth protection l turned these two days into an invaluable experience that contributed not only to the preservation of your wealth, but most importantly to its enhancement.
They came to hear the predictions and participated in the discussions:
- what are the pressing needs,
- what are some emerging new models,
- how are global families organizing their offices,
- what is the attraction of Dubai,
- why the new interest in yachts and islands,
- and how do advisors need to change their approach