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14: Beyond the Family Business: The Family Office
Manage episode 274892099 series 2809658
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Introduction
Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.
Description
Steve Legler sits down with industry thought leader, consultant and lauded author, Kirby Rosplock to explore the “what” and “why” of Family Offices, as well as the trends in the Family Office space that FEAs can benefit from paying attention to.
Guest bio
Kirby Rosplock, Ph.D., is a recognized consultant, researcher, innovator, advisor, author, facilitator and speaker in the family business and family office realms. As the founder of Tamarind Partners, Inc., a research and consultancy practice that works with families, advisors and institutions connected to the family office market, Kirby provides leading-edge insights and knowledge to the family office domain. Working with families of wealth and enterprise, Dr. Rosplock understands the unique nuances and needs of families starting a family office versus those transitioning or unwinding them.
To learn more about Dr. Rosplock visit Tamarind Partners or Rosplock.net
Key Takeaways
[0:16] Steve introduces Kirby and asks her to give a little bit of background on how she ended up working in the family office space.
[2:49] Kirby touches on the role that Tamarind Partners fills with family businesses.
[4:32] Kirby and Steve discuss what families may require a family office.
[6:30] Kirby touches on the two greatest differences she’s seen in the family office space in the past six years.
[9:18] New wealth tends to happen earlier in a lifetime; Kirby touches on the differences in working in the mid-30s vs. 60s.
[12:00] What does it take to operate a family office, and how does one prepare their children for it?
[15:10] Kirby offers what advisors should be aware of and do since their range of skills can be broad and bump up against other people’s domains.
[18:37] Steve offers tips on what advisors can do to help their clients find clarity and understanding of all the different choices they have in terms of service provisioning.
[19:29] Kirby offers that disclosure of conflict of interest is critical when operating a family office, then shares an example.
[24:32] Kirby touches on the impacts of cybersecurity, AI and data management on family offices. Advisors can help in that respect by learning which questions to ask; Kirby shares a few as well as an interesting tip on letting families talking to each other!
[31:00] Kirby shares her book recommendation and a piece of advice to advisors.
[34:32] Steve thanks Kirby for coming on the podcast and sharing so much of her expertise.
Subscribe to the podcast and share your thoughts with us at fea@family-enterprise-change.com
Mentioned in this episode
Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange.
Book: The Complete Family Office Handbook: A Guide for Affluent Families and the Advisors Who Serve Them, by Kirby Rosplock
Family Offices: The STEP Handbook for Advisors, by Barbara R. Hauser and the Society of Trust and Estate Practitioners
More about Family Enterprise Xchange
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