Learning On The Fly? Further Executive Education & Business Schools For Family Offices

 Learning On The Fly? Further Executive Education & Business Schools For Family Offices

Family offices are undeniably a league of their own and the industry is a bit modern. An industry where, traditionally, family office professionals and executives cut their teeth in allied sectors, such as banking, legal or corporate finance and need to learn the ins and outs of management of family wealth then. Any ‘education’ takes place primarily through their peers or through events and membership forums with a lot of knowledge sharing.

Despite the growth of the industry, so have the family offices themselves and many now realize the importance of standardized learning for their executives. Family offices have already begun to adopt new data collection tools as well as to promote targeted ongoing executive education courses through leading institutions to further train their executives. Instead, many of these institutions are responding to this need by developing new executive education courses that are curated for many different needs, including the next generations who want to enter the UK. family business, family office management, wealth management and planning, to name a few. .

They say you can’t teach an old dog new tricks, but with the growing number of family office-based education programs, it appears that you can send an old dog back to school. Here is a run-down of some of the most interesting courses available to family office professionals.

Leading the Family Office through IMD Business School

The Global Family Business Center (GFBC) at IMD Business School offers a very special, three -day course on managing a family office through the “Leading Family Office” program. The program is offered once a year at IMD campuses in Switzerland (June) and Singapore (October). The program is exclusively open to family members of existing Single Family Offices or families who may be considering or are in the process of setting up for their personal wealth management needs.

“The field of family offices is a growing field and there are few or no structures in place that provide guidelines for‘ what is a family office or what is not ”’, said Peter Vogel , Director of the Global Family Business Center and Professor of Family Business at IMD. ”Families struggle to identify their own aspirations when it comes to a family office and there is no one size fits all all methods here, but there are attempts to create a dedicated certification program for family officers, which is trying to bring some structure to. the field. ”

The content of the three-day IMD course includes introducing the family office landscape, identifying trends and perspectives, asset allocation, wealth management, impact investing, and high performance management. an SFO. The course is very different from GFBC’s other famous executive “Leading the Family Business” which is designed for managing a family company/business rather than managing its wealth.

“There are many reasons for this growing interest in the topic of family offices around the world (from families and as a result also from service providers), although the growing number of property owners around the world are actively seeking solutions, increased complexity of family business systems requiring a better and more tailored approach or an increased complexity of the investment space, ”Vogel added.“ It is only natural that those institutions step up their activities in this space and try to position themselves. “

Family Office Wealth Management — By Harvard Business School

This three-day program is designed to help family office professionals navigate their investment decisions in an ever-changing financial landscape without compromising the family’s needs. they are represented. The essential program of educational purposes includes:

  • Deeper knowledge of office management and family wealth management.
  • Intergenerational wealth transfer solutions and addressing skill gaps.
  • Get an idea of ​​the full range of investment opportunities available in a family office company.
  • Analysis of philanthropic investment.
  • Develop and implement appropriate networking and relationship management strategies.

Although it is best suited for individuals directly involved in planning and implementing the FO portfolio, HBS encourages every member to be involved in the family’s wealth generation to attend the program. The program is offered as an in-person course on the HBS campus and carries a price tag of US $ 10,500 which includes the cost of tuition, accommodation, books, case materials, and most meals.

Financial Management for the Family Office — By Pepperdine Graziadio Business School

Many family offices fail to create a profitable portfolio due to poor investment and/or budgeting decisions. This two-and-a-half-day Graziadio Business School program is designed to help family office executives develop essential skills in corporate governance, financial management, and evaluating and making investment decisions that good information.

The program examines key wealth management topics such as philanthropic investing, FO governance, taxing and accounting, risk management, asset allocation, real estate investing, and multi-generational wealth management. It is offered as an executive education course at the Drescher Graduate Campus in Malibu and is suitable for Single executives as well as Multi-Family Offices and any family members with a long net who would like to learn. on key long -term wealth management skills. .

The Family Office Leadership Program — By Kellogg School of Management, Northwestern University

This unique, highly specialized family office program offered by the Kellogg School of Management focuses on training industry executives in the leadership skills to manage the complex, high stakes environment of a family office. The program is structured as a virtual, executive education course and admissions are limited to senior executive leaders in single family offices. The important objectives of this program include:

  • Understanding and adapting FO operations to family dynamics.
  • Promoting stakeholder trust.
  • Learn essential networking skills with other family offices and industry leaders.
  • Develop strategies for sequence planning, outsourcing, sustainability, and other areas.

The program is also registered with the National Association of State Boards of Accountancy and offers 12.0 Continuing Professional Education (CPE) credits to students who complete it.

The Wharton Global Family Alliance — By The Wharton School, University of Pennsylvania

The Global Family Alliance was founded at Wharton School in 2004 in partnership with the CCC Alliance Multi-Family office. It has since evolved into a one-of-a-kind, global institution with a mission to spread knowledge to help high-income families and family companies grow on a global scale. As a family business-academic partnership, it offers a diverse selection of full-time degree and non-degree programs along with regular publication of industry reports in the form of research publications. GFA also holds an annual Family Office Roundtable as a forum for inter-family knowledge transfer.

GFA is unique from other institutions in its high impact output in publications based on peer-based, real-time collaborative research based on actual global family experiences. It operates under the leadership of Dr. Raphael Amit and Laird Pendleton serving as chairman and advisory board of the alliance.

Family Office Initiative — By Stanford University

Despite the growing importance of family offices around the world, there is limited knowledge about its impact on society. Family offices manage the wealth of high-income families who control the unequal amount of wealth around the world and the way this wealth is managed and used can have serious socio-economic implications. Stanford University’s Global Projects Center is developing a robust curriculum to analyze the importance and impact of family offices on a global stage. The goal of the Family Office Initiative program is to identify key areas in improving the wealth management services provided by family offices. Research topics include the impact of FOs on early -stage technology funding, philanthropic ventures, and wealth preservation.

Family Business Governance and Management — By HEC Business School

HEC Business School offers a 2-week family business management and administration program to train senior executives in dynamic entrepreneurship and asset management. It is offered as an in-person, executive education certificate program at the HEC Business School campus in Paris. The program is aimed at current or future directors, stakeholders, board members, and non-family CEOs of family-run businesses. The course is in French and the entire program is priced at € 17,900. The objectives of the program include:

  • Training executives in their roles as administrators.
  • Conclude with a deeper understanding of the complex nature of a family business to better understand their unique dynamics and psychology.
  • Train students in industry standard skills in family management and corporate management.

More room for growth

As family offices continue to grow around the world, new industry standards will emerge and old industry standards will be replaced. Tertiary educational institutions therefore have an important role to play in not only keeping FO executives up-to-date with the latest industry developments but they can also help develop essential skills to better. to manage their company without compromising the needs of the families they represent.

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