Family offices: How the ultra-wealthy manage their money π Live at Sage Intacct Advantage
How do the ultra-ultra-ultra-ULTRA-wealthy manage all that money? Some utilize what is known as a family office. We sat down with Angelo Robles, Founder and CEO of Family Office Association, at Sage Intacct Advantage 2019, to talk about what exactly a family office is, what it takes to run one, and how virtual family offices are ushering in the highest-quality outsourcing, and best technologies to streamline family-office management. Angelo also shares some 'Sage' advice for those new to the accounting industry on how to break into this highly 'niche-y' field!
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Show Notes
- 03:38 β Angelo defines 'family office'
- 04:19 β Definitely not small potatoes! 'Single' family offices are usually owned by those with wealth ranging from tens to hundreds of millions of dollars
- 06:21 β The ultra-high-net-worth crowd use a family office as a way to manage wealth, and mitigate financial risks
- 07:16 β An effective virtual family office utilizes outsourcing and the newest and most efficient technologies to seamlessly manage the family or individual's funds
- 08:51 β How do you measure success of a family office? Clarify, communicate, compare, and get two or three sets of eyeballs to check the work
- 12:26 β How exactly does one enter into the family-office arena as a career choice? Is it even possible?
- 13:52 β Breaking into the family office segment means getting to know the target (ultra-wealthy) audience, gaining some experience, and proving your worth
- 14:38 β At some point, the old dogs are going to have to learn some new tricks
- 15:36 β You really can't outsource creativity and leadership in the family office
- 16:50 β Apart from technology and automation, you need the soft skills - collaboration, globalization, and listening
- 17:22 β Angelo discusses some of the challenges of working for a family office
- 18:31 β Angelo talks about what inspired him to enter into the family office arena
- 20:29 β Check out Angeloβs book, βEffective Family Office: Best Practices and Beyond,β on Amazon! Heβs also got a podcast! You can find Effective Family Office Podcast on iTunes, for Apple users, or Stitcher, for the Android crowd!
Connect with Angelo
- Angelo Robles, CEO, Family Office Association
- Website: https://familyofficeassociation.com/
- LinkedIn: https://www.linkedin.com/in/angelorobles/
- Twitter: https://twitter.com/familyoffice
Episode Art Photo Credit:
- April Blankenship
- https://twitter.com/aprilblnknshp
- https://twitter.com/aprilblnknshp/status/1187023281687130112/photo/2
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