Innovative Strategies for Consulting The Affluent
Buch, Englisch, 176 Seiten
ISBN: 978-1-84374-064-3
Verlag: Euromoney
Lisa Gray tracks the changing demands from the marketplace, explaining how you can take advantage of the upheavals in the financial services industry to move from a role of investment management advisor to that of wealth optimization consultant - fully developing the family office model and providing optimal solutions to the changing needs of your clients.
What needs to be put in place to attain and maintain business success?
Discover the new options for accomplishing family office business objectives.
What are the factors that make family office models so attractive?
How do you optimise the wealth of your clients, in order to maximize your personal financial returns?
What is the required technology, the costs and education to move to a new wealth optimization model?
With a complete examination of the histories of the family office and financial services industry, The New Family Office: Innovative Strategies for Consulting to the Affluent explains the state of the industry, the choices and opportunities open to today's high level advisors, and, step-by-step, the process to establish advisors as the consultants to today's demanding clients.
".The book brings together all the possibilities - in terms of servicing mechanisms - advisors and consultants have available to them. In successfully bringing together all of these elements, the author has created an invaluable resource book."
Frank L. Campanale, former President and CEO, Salomon Smith Barney Consulting Group
"Any consultant interested in dealing effectively with private clients would benefit from reading this book. While the book deals specifically with the complexities of family offices and how to manage them profitably, it offers numerous insights that can be used immediately by consultants in refining and improving their service, communications, client education presentations, and marketing efforts. The ultrarich might have specific needs and motivations, but in the final analysis, they, too, are people who value an expert adviser who can solve their problems." Book review in IMCA Monitor by Brooks C. Sackett, CIMA, CFP, President, Chief Capital Management Inc (see Reviews page for the full review)
"This book does an excellent job of tracing the history of the family office, identifying the unique attributes of the service models in use, and providing helpful suggestions that a practitioner can adapt for daily use. In an environment where individual investors are becoming more sophisticated and selective, this book can provide a distinct competitive edge."
J. Richard Joyner, President, Private Wealth Management, Tolleson Wealth Management
Autoren/Hrsg.
Fachgebiete
Weitere Infos & Material
Author biography
Foreword
Acknowledgements
Introduction
Problems for the financial services industry
Problems for the family office industry
The solution
The future of the financial services industry
The purpose and structure of this book
Part I: The historical basis for the family office’s appeal
Introduction to Part I
Chapter 1:Evolution of the family office model
Introduction
Origins of the family office
Early securities investment and the construct of family assets
Industrial icons create a need for larger family offices
‘Waves of wealth’ and multiple generations complicate family wealth
Other emerging wealth concerns
Expansion of the family office
Services and structure of the family office
Key objectives of the family office
The family office of today
Conclusions
Chapter 2: Separately managed accounts: the ‘Holy Grail’ of the financial services industry
Introduction
Legislative changes foster the development of SMAs
Lockwood’s pension fund business model
The introduction of separate accounts for individuals
Educating the brokerage community
Early operations of the broker/consultants
Conclusions
Chapter 3: Family office models: melding old objectives with new structures
Introduction
An overview of family office models
Variations on original model themes
New family office models
Family offices around the world
Measuring value
Challenges and issues families face
A round-up of family office models
Chapter 4: Facing the emerging realities
Introduction
Landscape of the financial services industry
The financial services industry view of consulting
The family office view of consulting
What the wealthy are seeking
Who are the wealthy?
Part II The basics
Introduction to Part II
Chapter 5: Creating efficiencies through collaborative networks
Introduction
Team dynamics and the waves of change
Team collaboration with outside advisors
Enhanced efficiency and profitability
How to create efficiency and reduce costs
A new version of the team model
What technology can and cannot do
Chapter 6: Harnessing the power of information management
Introduction
The next ‘big frontier’
New technology mandates
The ‘virtual’ family office
Functional overlap between the industries
The state of technology in the financial services industry
The state of technology in the family office industry
Summarizing the technology platforms
Technology case studies
Preparing for future success
Chapter 7: The feasibility of the new family office models: costs and how to manage them
Introduction
Considerations in setting up a new family office practice
Costs of becoming an independent wealth optimization consultant
Monitoring costs and creating a business
Chapter 8: Family dynamics and governance
Introduction
How family dynamics shape family office structure
Indigenous generational dynamics
The family governance ingredient
Concerns regarding governance
The growing role of philanthropy
The wealth optimization consultant’s role in governance
The growing influence of women and minorities
Conclusions
Part III: Competitive advantages of expanding your practice
Introduction to Part III
Chapter 9: Education: the differentiating factor when applying wealth optimization skills in the new model
Introduction
Why ongoing education is essential
Educational resources
Incorporating family dynamics
The role of the wealth optimization consultant
Involvement in the family council
Specific education needs
Conclusions
Chapter 10: Attracting the wealthy and their advisors
Introduction
Key characteristics of wealth and the wealthy
The needs of the wealthy
Further characteristics of the wealthy
Cycles of affluent personalities
Conclusions
Chapter 11: Expanding advisory practices into wealth optimization businesses: deciding how to compete
Introduction
The competitive framework
Compensatory concerns
The transformation process
Conclusions
Chapter 12: Effective marketing and client education
Introduction
What marketing is designed to do
The difference between advertising, marketing, and sales
The source of marketing success
The marketing plan
Marketing materials
Conclusions
Chapter 13: The new family office: the optimization of family office services
Introduction
The advisory perspective
A new business model
Optimization is the key
The focus of the wealth optimization consultant
Models of the future
Appendix: Outsource resources for wealth optimization businesses
Philanthropy
Educational organizations
Web-based client service platforms
Performance measurement and attribution
Connectivity
Virtual connectivity
Technology service providers for financial institutions
Industry trade magazines
Institutional Investor journals
Other journals
