ALIGN Conference Offered Strategies, Connections and Real Talk for Family Office Professionals

FO Pro: The Family Office Professional held its inaugural ALIGN conference in Chicago last month, hosting family offices and the families they represent.

Speakers offered strategies on topics such as wealth management, governance best practices, succession planning, family dynamics and family cohesion.

The conference included two keynote addresses: Craig Duchossois, executive chairman emeritus of Duchossois Family Management, spoke with Mark Sitzman, managing director of Foundation Source; and Scott Peppet, president of the Chai Trust Company, the private trust company for the Zell family, was interviewed by Nate Imfeld, senior counsel at Foley & Lardner LLP.

Other discussions included:

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* Getting buy-in for the family office from family members: As families expand, not all members will have a close connection to the family office — and they may not recognize the advantages it offers. It’s especially important when the family office is beginning to serve a new generation to make sure they understand the services available, how to use them and what they can expect from the family office.

* Privacy, pooling and risk tolerance: When different family members have different levels of risk tolerance for their investments, it makes it complicated — but not impossible — to invest together. The same is true when family members have differing views on the importance of privacy in their investments.

* Single family office compensation: Long-term incentive plans are an increasingly important part of compensation for many in the family office — but they need to be thought through carefully and based on a clear compensation philosophy. Compensation plans also need stress testing to see if they will still feel fair when the market does something unexpected. * The family office’s role in maintaining cohesion and values: The family office plays a pivotal yet often overlooked role in fostering family cohesion and preserving shared values. A workshop at the conference looked at strategies for developing and reinforcing the family’s core values.

About the Author

Margaret Steen

Margaret Steen is the editor of FO Pro, The Family Office Professional. Based in Silicon Valley, she has written for Family Business Magazine for more than 15 years.


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