family office super summit

Richard Wilson recaps the 7th annual Family Office Club Super Summit.

Connect with over 50 investors on stage over 2 days at the 7th annual Family Office Club Super Summit.

Register Now:
https://familyoffices.com/super

Richard C. Wilson explains what he calls wealth shrapnel. Basically, you know what is negative about being ultrawealthy? A lot of people see ultrawealthy as someone who has a private jet, has many houses, and more money than they know what to do with. Perhaps, is making investments all the time. But I don't see all the negative things that come with it. You know, I have one client who's worth several $100 million who has been blackmailed 12 times. I have people that are clients who are threatened by employees. That if they don't do something like give them a big severance or agree to something in a settlement that them and three others will claim that that person did something to them and ruin the reputation,  essentially. People who are ultrawealthy are typically the ones who are sued the most. The regulators come after them. They're on everybody's radar. If you're in some countries, it's whose assets get confiscated or who has new laws created, to basically take away their assets or take away their market share. Many times, it's the ultra-wealthy who are targeted for kind of silly lawsuits over slip and falls, and it happens much more often than most people probably know about. 

We have 58 current clients. Who altogether are worth well over a $1 Billion. We advise on a couple of 100 million of the portions of their assets related to direct investments. I have been making big progress on virtual family office infrastructure, lately. Helping with getting a family office, quality CFO and all the accounting infrastructure. It needs to go in a place and having that be kind of plug and play ready for clients.  Also having the direct investment components. Helping them with a strategy on that, figuring out when they start their family office, what their strike zone should be or I formalize it. What direct investments should they be doing in-house versus outsourcing to a best in class provider? Then on top of that, figuring out who should be doing the traditional wealth management private banking work. We don't do that component internally, but we now have agreements signed in place with several wealth advisors and multi-family offices who, depending on your location, or whether you're a dentist, or a doctor or a business owner caters to your needs and industry.

Panel from the 2019 Family Office Super Summit in Key Biscayne, FL

Richard C. Wilson keynote at the 2019 Family Office Super Summit