A creative family office Renaissance
Running Point and its chief investment officer, Michael Ashley Schulman, CFA, were quoted by Institutional Investor in an article — by Michael Thrasher, “Why Almost Every Family Office Employee Is Getting a Fat Raise in 2023” — regarding family offices fighting each other for a small pool of talent.
The real definition of a true family office
The family office and multifamily office environment is experiencing a creative Renaissance as new wealth is created and old wealth compounds. More families are realizing the real definition of a true family office and understanding that it is more than just a plaque on a door and a financial administrator to keep papers in order. A legitimate high-powered Family Office needs experienced advisors on the investment, legal, legacy, charity/foundation, and accounting and tax side, as well as support staff.
Your family office does not have to start from scratch
We interact with and understand dozens of dynamic families and family businesses. Every family and family office is distinct, with unique needs; however, that does not mean they have to reinvent the wheel. A personable multifamily office that comprehends your intricacies and priorities, yet can leverage the knowledge, scale, and solutions from multiple interactions, could be the perfect solution for you.
Private placement life insurance (PPLI) is a terrific example of an estate planning and wealth building strategy that because of various rules and regulations you cannot do on your own within a single family office; rather, you need the capabilities and experience of a multifamily office or other outside manager that offers it.
Quoted article excerpts are below:
El Segundo, California-based Running Point Capital Advisors, a multi-family office…, has also been talking to single family offices that are considering outsourcing some services because they can’t hire in-house staff. As the new family offices form, they are realizing they need “more than just a plaque on a door and a financial administrator to keep papers in order,” said Michael Ashely Schulman, CIO.
Family offices are making a mistake if they only consider candidates that have already worked for one — that thinking is only making it harder on all of them, he argued.
“Unfortunately, when trying to hire for these positions, many family offices and their specialty recruiters seek people specifically with family office experience, rather than with deep experience within their vertical of investments, tax, accounting, or legal and legacy planning,” Schulman said. “This is both driving up salaries and artificially limiting the supply of candidates.”
Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-23-99