Exceptional wealth provides exceptional freedom and flexibility to enjoy life. But with this wealth comes a dizzying array of lifestyle choices that go far beyond restaurant reservations and tickets to sporting events:
- Collect contemporary art or Old Masters?
- Own a home in Tuscany, the Cote d’Azur or Montana?
- Fly private, or commercial first class?
- Hire a full-time chef? 24/7 nannies? Estate manager?
- Purchase jewelry from a retail boutique, or custom-designed by a private artisan?
- Celebrate that anniversary by flying all the guests to Venice, or select a venue closer to home?
- Join a “concierge medical” practice? Obtain a trusted medical advisor?
- Build a state-of-the-art wine cellar? “Invest” in horses?
Too many choices can lead to inaction and paralysis. What families must do is identify their unique criteria for making these exciting but challenging decisions, determining what really matters most.
Families that have taken a cautious, curatorial approach, viewing themselves as stewards of the items that they accumulate, find a higher level of enjoyment in these areas of “passion investments.” This is a process of education and continuous improvement, focusing on the culture and context of their collections, whatever they may be. At the same time, families avoid the risks – such as overpayment and fraud -- that may come when hasty decisions are made without the benefit of appropriate expertise.
The Family Office Association (FOA) provides resources to help your family make these decisions, and to get more enjoyment out of life. The FOA takes a unique approach to wealth building and legacy sustainability, integrating lifestyle matters and philanthropic contributions into your overall investment strategy.
The FOA is monitoring several key trends in key lifestyle areas on behalf of its members:
- High-performing private staff is more expensive than ever, and families are competing for the best chefs, estate managers, nannies, and other staff. How can your family become an employer of choice, while protecting from potential liabilities and risks?
- Integrated and proactive “wellness” that integrates nutrition, medical care and other areas is increasingly viewed as essential. How can your family reap the benefits of this approach?
- Art collecting in today’s complex market is challenging, as there is a shortage of good material despite many items for sale. How can families take advantage of opportunities to build their collections?
- Families are gravitating toward more “experiences” and not as much toward “things,” but how can families identify high-quality experiences that will have meaning and resonate long after the experience has taken place?
- Single family offices, formerly focused solely on investing and preserving financial wealth, are increasingly assisting families with lifestyle management and support. How can SFOs build these capabilities, or is outsourcing the answer?
The Family Office Association, with its unrivaled emphasis on creating safe, intimate networks of like-minded peers, is ideally equipped to support you in these pursuits. We will provide you with the research and resources that you will need, so that you are able to proceed with the appropriate expertise and confidence.
FOA would like to thank contributing editor Natasha Pearl, Founder & CEO, Aston Pearl.
