For more information contact: emailus@marcusevans.com An interview with: Michael Maslinski who is the Director at Maslinski & Co and a speaker at the marcus evans UK Elite Summit 2013 shares his thoughts on why family offices need to adopt a more holistic approach. Join the November 2014 Summit along with leading European family offices and global asset managers in an intimate environment for a focused discussion of key new drivers shaping wealth management strategies today. For more information contact: emailus@marcusevans.com

1. Rethinking the Family Office Business
Interview with: Michael Maslinski,
Director, Maslinski & Co
“Family offices need to get away from
the notion that wealth management is
just about running the investment
portfolio,” Michael Maslinski, Director,
Maslinski & Co believes. Family and
succession issues should be far more
central to the proposition family offices
offer. At the moment, most of them
concentrate too much on the areas that
are the easiest to supply and that
provide the highest remuneration,
instead of those that add the most
value, he goes on to say.
Maslinski is a speaker at the marcus
evans UK Elite Summit 2013 in
London, UK, 7 - 8 October.
Why do you think that family offices
need to re-evaluate their operating
procedures?
The private wealth management
industry has set out to cater for only
part of the needs that clients have,
those it most easily serves at greatest
profit. It needs to provide a more
holistic service. Wealth management
covers much more than investment
management, such as support for issues
surrounding the family business,
succession planning and how assets are
passed on to the next generation. Most
of the industry does not deal with these
satisfactorily.
How can they effectively cater to all
their needs? What are the barriers
to family office success?
The barrier to success is the failure to
understand the key drivers of the
services that are required, and what
sorts of decisions keep family leaders
awake at night. That is where they need
the most help and support, and they
often relate to their business affairs. Yet
the industry makes most of its money
from managing investment portfolios.
There is a misconception about where
they can add the most value. At the
moment, the problem is that
remuneration from the most important
areas is inadequate, while too much
remuneration is attached to the areas
that are the easiest to supply.
Why should family offices also
closely monitor the business affairs
of the family? What value can they
add?
In a business owning family, the
likelihood is that the majority of the
wealth will be tied up in the business. If
the family office does not focus on the
business, it will be managing only part
of the family’s wealth. There are risks
and succession issues involved in the
business. In order to understand the
risks that can be taken in the
investment portfolio, they must
understand the risks that are being
taken in the family business. The two
cannot be separated for a complete
overview of the family’s wealth
situation.
One of the biggest problems in the
industry is that too much is done in
pockets without adopting the holistic
approach that many claim to have done.
Not a lot of work is done analysing the
correlation between family business risk
and investment portfolio risk. During
the worst of the financial crisis, some
family businesses had cash flow
problems as banks were unwilling to
lend. Many families dipped into their
other assets to finance their business.
That is a very big decision to take. If
their business goes bust, they can lose
all their money. What are the risks
involved? Is it the right time from an
investment perspective? What due
diligence is required to make that
judgement? Is it in the interests of all
family members? Are all the interests
actually aligned? This is a situation that
requires a holistic approach. So much of
client wealth is tied up in business
interests that family offices should
sometimes be more involved with their
businesses, if they are truly wealth
managers, as opposed to just with
investment managers.
Any final comments?
Family office directors need to think
about how they can add value and
identify what is most important to
clients. They should not always take the
route of doing what is the easiest and
what makes them the most money.
They need to get involved with what
really makes a difference to the family.
If the
family office
does not
focus on the
business,
it will be
managing
only part of
the family’s
wealth

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