Comments for The Inheritance Project

Comment on The private world of the very, very rich, Part 4: The multi-family office by Marvin Pollack

Marvin Pollack — Fri, 16 Mar 2012 15:17:13 +0000

Barbara,most of what you say about Family Office Exchange above is accurate, but FOX is not a multi-family office. FOX doesn’t provide investment advice or other “family office services.” It is more accurate to include FOX in the networking groups that you discuss in your next blog post. FOX is different from the other networking groups due to our longevity, our independence, and our commitment to original research which, over the years, has created a compendium of best practices covering the main topics of interest to family office executives, high net worth families, and trusted advisors such as selecting investment advisors, family office operations, and family legacy and leadership.

Comment on The Private world of the very, very rich, part 5: Networking groups by Marvin Pollack

Marvin Pollack — Fri, 16 Mar 2012 15:07:43 +0000

We are surprised that you did not mention Family Office Exchange as the first networking group for wealth owning families, founded in 1989. We note that in your previous blog post that you categorize FOX as a multi-family office, which is incorrect.

FOX provides a global membership network for Wealth Owning Families and their trusted advisors to learn from each other in a private arena. The sharing of knowledge between members of Family Office Exchange is supported by our proprietary research which is geared toward identifying best practices in the management of family wealth. I invite anyone interested to check out our website which contains over 20 years of proprietary research, industry white papers, and a wide array of educational events. http://www.familyoffice.com.

The research and daily interaction with hundreds of family offices and advisors forms the foundation of our events which take the form of Workshops, Forums, Roundtables and Webinars. Between these meetings our members receive consultative support from assigned Relationship Managers, to provide them with guidance around best practice, problem solving and networking.

Our membership group currently totals around 3540 families and family offices based in 21 countries. We are honored to serve the family office and wealth advisory communities and believe the need is greater than ever to focus on best practices in wealth management around the globe.

Comment on Occupy Wall Street—A Movement Whose Time Has Come by D. Matsen

D. Matsen — Thu, 20 Oct 2011 02:26:41 +0000

Thank you for your essay.

Do you think those who don’t “get it”, say they don’t understand/there’s no clear message, etc., just don’t want to get it? Is it a pretense to avoid or delay dealing with the reality of the shrinking middle class, and the reality that the population has caught on to just how very money driven Washington (I use it to represent politics) really is?

I, too, just have more questions and muddle on. —- Horrified at how naive I have been/am.

Comment on “Born Rich” — How not to prepare your children for an inheritance by son one else

son one else — Thu, 13 Oct 2011 02:00:40 +0000

word up Keith Whitaker,
I praise you both for writing about what is clearly a concern of wealthy parents.
Speaking as a Non Wealthy Person, (N.W.P) I find it strange however to hear this question of responsible parenting choices to predestine suffering free outcomes for ones progeny. Is it not ones own role as parent, regardless of wealth class and age, (race is seldom as much an issue in within rich families), to foster independance and growth through letting go and allowing failure to teach the lessons needed? Is not falling down, regardless of how many times, the key to learning how to not fall down in the first place?
On a base level the idea that providing determined structure to prevent an occurence is not the same thing as structure which enables. To find fear in unknown and uncommon ground is normal, isn’t it far better to pursue that fear with reckless abandon until it squishes between your teeth with satisfaction? The point being made is that through looking with our parent glasses on at the challenges our kids face in a trusting, open hearted and brave manner we can enable inheritors to become real contributing factors in a tangible positive change of western society, and as the saying goes, strike when the iron is hot. Nothing gets kids these days hotter than failure to succeed, and that is the motivation for falling down, the rise again.
Im leaving mine the necessary funding to live a life able to fail and succeed as much as possible, a trail of money for them to use and make change in this world in unprecedented ways. But I’m kind of a fundamnentalist.

Comment on Occupy Wall Street—A Movement Whose Time Has Come by son one else

son one else — Thu, 13 Oct 2011 01:32:46 +0000

The beauty in the moment at hand is tangible to everyone who grew into a society filled with resources and looking glasses pointed towards the insane reality presented by the united states government and its brand of the truth. The strength in occupying MyStreet, is found in histories rich in defiance and intelligent action which the united states itself is oft times responsible for gestating into existence.
What lies ahead is a moment of getting up from your chair, rolling down the windows and shouting the news at the top of your lungs on your drive down to wherever occupation has begun, and helping immediate change to occur.

Comment on “Born Rich” — How not to prepare your children for an inheritance by Keith Whitaker

Keith Whitaker — Tue, 31 May 2011 14:27:41 +0000

Thanks for your wonderful questions and the beginnings of your thoughts on each one. I felt somewhat differently about the film and the scene you cite. Johnson’s film is complicated, both by his choice of subjects and by the medium itself. I felt empathy for his dad in this scene, as he obviously felt great discomfort being confronted by his son regarding such matters while the camera was rolling. More basically, I question Johnson’s question of his dad. Is it fair to expect a father to tell his grown son what he thinks he should do with his life? I think a conversation about what dad experienced and how he dealt with the challenges and opportunities of life would be more likely to encourage empathy between both generations as well as impart some wisdom. The tragedy in so many families (not just families of wealth) is that such conversations don’t take place. I see the central problem here as the lack of communication and empathy, rather than the failure of parents to “choose a different outcome for their children.”

Keith Whitaker

Comment on Inherited wealth can bring out the worst in people by Mazarine

Mazarine — Mon, 28 Mar 2011 05:17:52 +0000

Inherited wealth does bring out the worst in people.

For example, in a family that I know, the 5 children inherited a million dollars each, while the father and his new wife did not. they actually struggled for money and had to watch this travesty happen.

Suddenly children who had serious substance abuse issues and emotional abuse issues were spending money like water, and not seeing that their own father needed help.

I know that it was hard for everyone to watch money being wasted that way, and even when one of the children did promise his father some money for helping him move house, he ended up reneging on it, making bad blood.

It was a nightmare. We need to educate people who are coming into money on how to deal with the different emotions and impulses that will arise. And maybe a round of family counseling to start?

Sincerely,

Mazarine

Comment on Inherited wealth and Prenuptial agreements, part 1 by s.

s. — Mon, 21 Feb 2011 05:34:57 +0000

In our family, we were warned that pre-nups are increasingly being thrown out by judges so even a well-written agreement that is signed by both parties is not iron-clad.

Comment on Inherited wealth, The Hare with Amber Eyes, and my Jewish family, by Barbara Blouin by S.

S. — Mon, 21 Feb 2011 05:26:25 +0000

I’m glad you’ve chosen to be more personal in this blog – it’s both brave and illuminating. I wish that more inheritors would join the discussion but commenting on what you have written.