family office workshop

Richard C. Wilson, founder of the Family Office Club and Centimillionaire advisors, LLC coming to you from downtown Singapore. Just finishing up my lunch break for private Investor Advantage Workshop for family offices and how to start a family office that I'm hosting here. And that's one of the emphasized the importance of a great factor with investing, building trust, with investors working with family offices. You can have all the integrity in the world or excellent team, but if you don't see things through, it doesn't mean anything. You can be passionate, have great skills and have great intellectual property. But if you can't make it through the challenges and really stick to your strategy and stick to your game plan through the ups and downs again, nothing will come of it. And I think that since the whole investment and investors space is focused on trust and getting a high conviction on not only the strategy that who's executing the strategy great is a really central factor to all of that.

 Richard C Wilson wanted to quickly dispel one myth about what Family Office Club does. Why would we put out videos just like this? Why we write books? Why we do a podcast?  etcetera. Most of my competitors came up in a world where they grew their credibility, their business, and all the relationships through live events, like the one we're hosting right here in this Hyatt. But also a lot of did it through with referrals and handshakes and in-person connections only. And when people see what we do, they think, Oh, you can't attract ultra-wealthy clients via social media. You can't use digital media assets and thought leadership, to do business, but they're wrong because they're at our event saying that because that stuff works, and the main point I wanted to get across here was that you still need to meet face to face. You still need to shake hands, so you need to get to know someone, see that they're genuine. They're real. That their expertise is focused in an area where they can add value to you. Big differences Nowadays, you can create hundreds or thousands of those relationships per year using a digital funnel that gets you more in-person relationships. 

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.

Richard Wilson of the Family Office Club and Centimillionaire Advisors gives a Q1 check-in for 2020 and just share how things are going. It would be interesting to look back at this may be in one year, five years, 10 years and to share the progress made. With making $5 million in revenue in 2019, a 13-person team on Key Biscayne with a couple of team members in the Philippines, as well as one in Portugal and one in Oregon. Richard goes through the event space that hosted 25 events last year and the obstacles of attempting 30 live events this year with the current COVID-19 situation. How the situation has also pushed toward the adaptation of how to add value to charter members, investors and the deal flow channels that brings them together.  One of the solutions is the podcast, webinar and virtual panel discussions that are now being offered to members and insights given to non-members of the Family Office Club. 

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

Investor Mandate Interview Series Episode #002

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