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Note From The Editor: August 2018

Editor in Chief Susan R. Lipp discusses this month's issue.

Family offices (FOs) are facing many challenges these days. For example, they need to reconsider their estate and income tax strategies based on changes made by the Tax Cuts and Jobs Act (the Act), and they may need to come up with new ideas to keep the next generation family members engaged and actively involved in managing and governing the FO. Advisors to FOs need to be aware of these issues to effectively help their FO clients stay ahead of the game. 

Our High-Net-Worth Families & Family Offices Committee Report gives guidance on how to handle these various challenges. For example, in “Empty Structures Syndrome,” p. 58, Marion McCollom Hampton and Nick Di Loreto identify a malaise they’ve noticed that’s crept in among members of FOs and give suggestions for how to re-energize the family members or avoid the problem in the first place. And, in “Establishing Certainty in Uncertain Times,” p. 41, Cathy Shoemaker addresses concerns FO clients may have regarding the Act and suggests how clients may tackle these concerns.  

Advisors seeking to attract new high-net-worth (HNW) clients or at least better understand the clients they currently serve would benefit from hearing the perspective of an HNW client herself.  In “Want Someone Like Me As Your Client?” (p. 45), Mitzi Perdue, the daughter of one family business titan and the widow of another, gives insight into the mind of an HNW client by discussing what she looks for in an advisor and suggesting how advisors can meet and impress HNW clients.   

Rounding out our Committee Report are two additional articles: one on how women are reshaping the role of FOs and the other identifying 10 tips for you to share with your clients to aid them in self-evaluation and conflict avoidance.    


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