Governance and Succession Panel Tackles Tough Questions at Opal’s Family Office Forum
( Newport , RI - July X, 2014) –Opal Financial Group hosts their 8th annual Family Office and Private Wealth Management Forum July 21-23, convening top-tier family offices, investment advisors and product providers from around the world. Kirby Rosplock, PhD, Founder and CEO of Tamarind Partners and author of, The Complete Office Handbook/ A Guide for Affluent Families and the Advisors Who Serve Them released by Wiley/Bloomberg in January 2014, will moderate a panel on “Family Office Governance and Succession Strategies” with leading family office panelists:
· Barbara Hauser, Global Family Advisor, Barbara R. Hauser LLC
· Doug Hood, Founder of Impactful Family Conversations
· Elaine King, Director of Family Governance and Education at WE Family Offices
· Rhona Vogel, CEO and Founder of Vogel Consulting
The panel will discuss the importance of governance practices as well as share examples of succession strategies by explaining why both pieces are needed to ensure the longevity of a family’s wealth.
Not all families may have an appetite for the notion of governance. “I prefer families to simply think of governance as group or joint decision-making. The term ‘governance’ can be off-putting, but when families consider how they make decisions together, the concept is not as intimidating,” notes Hood, a 4th generation in-law in a family with operating businesses and a stand-alone single family office. There are several hurdles to employing group decision making or governance; however, getting started is one that stifles many family enterprises. Vogel, who heads up a multi-family office in Milwaukee, WI, notes that business-owning families and financial families will use different governance structures.
While structure is important, how family members are involved is equally important. “How families engage future family members into the decision-making process can have significant implications for successful succession strategies,” comments King who works with Central and South American affluent families.
“When one generation refuses to hand over the baton, resulting in future generations being left out of the governance process, their lack of involvement can lead to lack of commitment”, comments Hauser, author of International Family Governance and advisor to several large family offices in the Middle East and in the U.S. “The fear is that the shirtsleeves to shirtsleeves paradigm results in three generations or ‘wonder, blunder, dunder,’ ” notes Rosplock in her book. When families do not tackle the tough governance and succession questions, they may be leaving a lot up to chance and “dumb luck” says Hood.
The panel discussion takes place on July 23rd at 11am EST at the Hyatt Regency in Newport, RI. To learn more about how to attend this year’s conference visit /17573OY
For more information, please contact:
Domarc Dayondon
Director of Marketing
Opal Financial Group
10 East 38th Street | New York, NY, 10016
T: 212.532.9898 x 281 | F: 212.532.7151
E: