Preparing for future leaders

After looking at succession planning in our previous article in February, this month I focus on the future leaders of families and their businesses.

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Planning for family succession

Mark Estcourt talks about the importance of families and their professional advisors to remain focused on planning for succession. 

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White Paper #4: Private Equity allocation within a Family Office

stock-exchange

Over the last decade, Private Equity as an asset class has grown in importance for families. We wanted to examine some of the most important factors behind this trend, whether this is likely to continue and the alternative strategies open to families in accessing this asset class.

So why are families increasing their exposure to Private Equity?
While every family is different, we see the following as the most common themes driving this trend:

  • Higher returns: in an environment of low interest rates, Private Equity has achieved an average annualised return of 12% to 15% net per annum, or circa 500bps above public equity markets.*

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White Paper #7: Blockchain and Cryptocurrencies

Blockchain

This is an article on a (relatively) new piece of technology that is dominating our discussions and the media at the moment – blockchain. This digital ledger is believed to be able to revolutionise the way we transact and trade.

There is also the whole issue around the rise in cryptocurrencies (see comments below), which has added an extra dimension to the subject and led to some interesting comments from the likes of Jamie Dimon, CEO of JP Morgan, who last month referred to bitcoin a “fraud”.

However, blockchain has a madness of markets with everyone talking about it and few understanding it.

The only agreed terminology is that this is a shared system, which means that more than one player has to be in the game for a blockchain development to work.

I will therefore endeavour to give a high-level overview to the current situation and hopefully prompt an enthusiasm for more information. In other words, I can only scratch at the surface for this article.

What is Blockchain?
Currently, most people use a trusted middleman such as a bank to make a transaction, but blockchain allows consumers and suppliers to connect directly, removing the need for a third party, in a digital format.

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Bring in some New Year’s happiness to your Monaco home

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It’s no secret that these days we’re willing to spend a lot of time and a whole lot of money on how we look and feel. Yet since we spend a considerably large percentage of our life at home, it’s also essential for our wellbeing to invest in our personal space, which can make you more productive and give you energy. With the New Year around the corner, why not start 2018 in a happy place?

2-minute Home-Satisfaction test
On a scale of 1-10, how true are the following:

  1. I feel relaxed and in harmony with my home
  2. I feel inspired and content when I look around my home
  3. I have no desire to add or change anything to my home
  4. I have the home I’ve always dreamed of
  5. My home reflects perfectly who I am
  6. I am proud of my home when I entertain guests

If you scored a perfect 60, congratulations, your personal home space is a temple.

If you scored less then 48, then maybe you should consider changing your home style to a more balanced yet functional beauty.

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Happy home vision
When I walk into a room, I can instantly see what needs to be done to create a space that matches the homeowner’s vision.

I sense the energy of the room, taking in the colours and shapes, and start designing on my notepad a desired version of the room. After a chat with the owner, and a little brainstorming, I offer a few suggestions.

One of my most common recommendations is to objectively look at your furnishings and home accessories, which should give an interior a personal touch. When done well – grouping them in interesting patterns and displaying them where they can shine – they tell the story you want to be told. When cluttered or mismatched, they are noise and distracting.

Decluttering
Sometimes all a home needs is a few minor changes, a reshuffling or a decluttering. A home has to be functional and its objects should play a practical role.

It’s not always a question of acquiring more things to restore the room’s balance. In fact, objects that no longer serve a purpose should be thanked for good service and retired. “Less is more” is still valid in interior design.

There are plenty of online portals where you can donate or sell items you no longer want. Try “Monaco, Buy it, Sell it, Rent it” or search for the nearest “Vide grenier”.

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Home accessories shopping
Other times, a home needs a few additions. Pillows, blankets, candleholders and mirrors are the most functional items and create the most warmth in a room.

I have a long list of home accessories and furniture contacts for different home styles and know where to take clients shopping and/or do the shopping for them.

Down to a fine art
One of the biggest and most universal mistakes people make when hanging art – however expensive or magnificent the piece – is to either cover an existing hole or spot on a wall, or to use the last available space in between furniture or other artworks. Symmetry, esthetics and the visual lifting up of a room, all need to be taken into account. Beauty may be in the eye of the beholder but hung properly a work of art can be appreciated by everyone in your happy home.

With access to contemporary artists worldwide, Galerie OSCAR “Brings Art to Real Living Spaces” to Monaco and the French Riviera. This year, Galerie OSCAR launched an interior decoration and styling service, which includes personal shopping. Article first published December 28, 2017.


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White Paper #2: Working with the Next Gen within a Family Office

Photo: Aris.Valdez
Photo: Aris.Valdez

In our previous White Paper on “When does it make sense to set up a Family Office” we explored the huge and unprecedented era of transfer of wealth from one generation to the next, as the world’s most affluent individuals approach retirement and contemplate their succession and wealth planning issues.

The needs of these families are extensive, complicated, and require expert advice, so many are considering a Family Office to help them manage this transition and provide a crucially provide a framework for the Next Generation (Next Gen).

The problem is especially difficult for many advisers is that they are ill-equipped to connect with these Next Gen clients who are technology savvy and expect a very different service experience than their parents did.

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