What's better: Specialist or Generalist? One of my favorite books this year is 'Range: Why Generalists Triumph in a Specialized World' by David Epstein. It highlights the value of being a generalist over a specialist. Family office leaders should be expert generalists. Here are five killer quotes from the book: "The best forecasters and problem solvers are not specialists with deep expertise in one domain, but those who can make connections across multiple domains" "Generalists often find their path late, and they juggle many interests rather than focusing on one. But they end up excelling because they are forced to be creative and adaptable" "The research shows that people who think outside of one narrow domain solve problems more effectively than those who have spent years drilling into one specific expertise" "Generalists thrive in wicked environments, where rules are unclear, feedback is delayed, and problems are multi-faceted. Specialists succeed only in kind learning environments, where patterns repeat and feedback is immediate" "The most impactful innovations often come from people who have spent time in multiple fields and can combine knowledge in new and unexpected ways" Today's newsletter is all about expert generalists in family offices!
About us
- Website
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www.mrfamilyoffice.com
External link for Mr Family Office
- Industry
- Technology, Information and Media
- Company size
- 2-10 employees
- Headquarters
- New York
- Type
- Privately Held
- Specialties
- family office, single family office, multi-family office, wealth management, private banking, UHNW, HNW, estate planning, succession, legacy planning, generational wealth, investing, and family
Locations
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Primary
New York, US
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London, GB
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Singapore, SG
Updates
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Family Offices outsource a lot. Law leads the way, then tech then accounting. But what about real estate management? Goldman Sachs reports that 80% of family offices hold real estate. The key to maintaining that real estate and supporting family cohesion may be to outsource RE management. Outsourcing has some major advantages: - Better expertise - Lower costs - Fewer headaches "When unique real estate challenges arise – and they will – there is rarely an off-the-shelf solution, much less one that prioritizes the family." - Seth Chadwell, Fire Tower Group Where outsourcing makes sense: 1. Transaction Advisory - a family office aims to allocate funds to real estate directly, lacks internal expertise but doesn't want 'staff up' 2. Managing Existing Portfolios - families may lack the specialized expertise or bandwidth to oversee their assets effectively 3. One-Off Real Estate Needs - unique, family-specific requests; anything from acquiring warehouses, building workforce housing or procuring a ranch or winery Having a trusted real estate partner on hand means the family can move fast, avoid costly mistakes, and stay focused on bigger priorities. #familyoffice #realestate #wealthmanagement
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Work gotten scary? New family office job newsletter hitting your inbox today. New roles, experienced candidates and career resources. #familyoffice #wealthmanagement #careers #horriblebosses
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The Financial Times MBA rankings. Ranking based on salary increases, employment rates, career progress, value for money. Harvard at 13th.
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It can be incredibly difficult if you are wealthy to distinguish genuine relationships. Valentine’s Day is here - let's talk gold diggers, prenups and divorce! Oh, and dating. Today's newsletter covers: - The Risks & Power Imbalances - Family Expectations & Legacy Planning - Trusts & Asset Protection Structures - Family Governance & Agreements - The UHNW Dating Strategy Hitting your inbox shortly. #familyoffice #uhnwi #wealthmanagement #dating
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Family offices generally go for relatively small direct investments/M&A. The highest number of M&A exits occurred in 2021 during the investment boom, but the peak deal value was in late 2018. Large and mega-deals were popular in 2021 but declined by early 2023. Interest in large and mega-deals has since rebounded, with such deals making up 23% of family office activity in early 2024. Currently, 50% of family office direct investment / M&A deals involve investments of $25M or less. One in four deals falls within the $25M–$100M range. From the PwC Global Family Office Deals Study 2024 #familyoffice #wealthmanagement #investments #deals
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Billionaire's are using art as a flex. Last year, crypto billionaire Justin Sun bought a banana duct taped to a wall at a Sotheby's auction for $6.2 million. A week later, he ate the banana in front of a media-filled room. The influence of billionaires in the art world is undeniable. Some buy for status, many collect as a passion. It’s also a strategy to diversify portfolios. The value of art and collectibles owned by the world’s wealthiest is +$2 trillion. This is a serious asset class and billionaires are influencing the entire ecosystem behind it. Read how in our latest newsletter. #familyoffice #wealthmanagement #uhnwi #artworld
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Single-family offices in Singapore 🇸🇬 "SFOs contribute to the growth of the asset management industry, and increase demand for ancillary services such as in private banking, legal and tax advisory, accounting and fund administration" - Jamus Lim, MP, Trade and Industry Minister The trajectory continues, with support from institutions like the Wealth Management Institute (WMI) that offers a Certificate for Family Office Advisors and has +20,000 annual enrollments in their programmes. What is your jurisdiction doing to promote family office education? #familyoffice #wealthmanagement #UHNWI
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The smart people in finance get it. Years from now, they will be called lucky: "They were in the right place at the right time." But I talk to people every day who know exactly what’s coming down the road. As transformative as the advent of private corporations, public companies and private equity. They see the seismic impact of The Great Wealth Transfer: - $85 trillion to be transferred by 2045 - $73 trillion in assets going to heirs - $12 trillion to charities - 42% of transfers coming from 1.5% of households Primary beneficiaries: the heirs to the fortunes Secondary beneficiaries: - the wealth managers - the service providers - the family offices - the private banks - the funds - the advisors - the lawyers - the charities Family Offices will change everything in the next two decades. For those putting themselves in the right place at the right time, we’re in exhilarating times.
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For family offices exploring opportunities in East Asia, understanding how this new world of wealth came about can add valuable perspective. Here's eight key shifts that contributed to the evolution of wealth in the region: 1. Post-war Recovery - the rapid industrialization and economic development, particularly in Japan and South Korea 2. Japanese Economic Miracle - from a war-torn nation to one of the world’s largest economies in 30 years 3. Tigers and Dragons - the rise of South Korea, Taiwan, Hong Kong, and Singapore 4. China's Reform and Opening Up - liberalizing the economy, attracting foreign investment, and embracing market-oriented policies 5. Post-colonial Era - countries gaining independence and embarking on nation-building efforts 6. Economic Growth and Integration - radical transformations, like Singapore from a small trading port into a global financial hub 7. Regional Cooperation - organizations such as the Association of Southeast Asian Nations (ASEAN) sparked trade, investment, and economic development 8. Rise of the Middle Class - a driving force behind consumer spending, urbanisation, and demand for higher-quality goods and services Read Henry Brandts-Giesen's full piece on "Understanding The Private Wealth Evolution In East Asia" published on Mr Family Office. https://lnkd.in/dR9b_3j4 #familyoffice #wealthmanagement #asia
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