Rethinking the Family Office Business
Interview with: Michael Maslinski,
Director, Maslinski & Co
“Family offices need to ...
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marcus evans Summits group
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Rethinking the Family Office Business - Interview with: Michael Maslinski, Director, Maslinski & Co, UK Elite Summit 2013

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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

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Transcript of "Rethinking the Family Office Business - Interview with: Michael Maslinski, Director, Maslinski & Co, UK Elite Summit 2013"

  1. 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
  2. 2. The Investment Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional t r e n d s a n d b r e a k t h r o u g h innovations. Please note that the Summit is a closed business event and the number of participants strictly limited. About the UK Elite Summit 2013 This unique forum will take place at the Wyndham Grand London Chelsea Harbour, London, UK, 7 - 8 October 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit will feature presentations on key investment and economic trends, elevating the service offering of UK family offices, investing in alternative assets and strategies for building a sustainable investment platform. http://ukelite.marcusevans-summits.com About marcus evans Summits marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, case studies, roundtables and one-to-one business meetings. For more information, please visit: www.marcusevans.com Upcoming Events Elite Summit - www.elitesummit.com Middle East Investment Summit - www.mei-summit.com Private Wealth Management APAC Summit - www.pwmsummit.com Private Wealth Management Summit (North America) - www.privatewealthsummit.com To view the web version of this interview, please click here: http://ukelite.marcusevans-summits.com/MichaelMaslinski Contact Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division Tel: + 357 22 849 313 Email: press@marcusevanscy.com For more information please send an email to info@marcusevanscy.com All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

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