White Papers

Tom McCullough, Chairman and CEO of Northwood Family Office was interviewed on Tank Talks Podcast by Matt Cohen, Founder and Managing Partner of Ripple Ventures. They discuss the evolution of the family office industry, the importance of building trust with clients, and Tom's insights into intergenerational wealth transfer and the growing complexity of wealth management in today's world.

Over the past several decades, a new professional role has been emerging to address the complex, multi-faceted needs of wealthy families: the integrated advisor. This role grew out of the frustration families had with the traditional service models that were siloed and product-oriented, lacked a central strategy, and ignored the dynamics within the family.

Many entrepreneurs are great at running their businesses but are not prepared for the transition that occurs after that business is sold. Managing an operating business and managing the wealth that the sale of an operating business can generate are two different skillsets. This article covers how entrepreneurs can prepare to make the transition from being wealth creators to being wealth owners.

Creating an effective wealth plan involves managing a wide variety of elements, some of which are controllable (e.g. investment costs) while others are not (e.g. investment returns). This article identifies which elements are controllable and how to plan for the unpredictable elements.

At Northwood Family Office we spend a lot of time working with clients to get an in-depth understanding of their financial situation. As part of that, we work with them to understand their goals and then prepare cash flow projections to plan for the capital they will require during their lifetime and for their estate.

A family’s investment portfolio plays a critical role in helping them meet their financial goals. Unfortunately, many families take on unnecessary risk which could compromise their financial well-being. This article explores the reasons why investors take on excess risk, and steps to take to avoid these pitfalls.

While family offices have really come into their own in the last 30 years, the concept remains unfamiliar to many. This white paper answers some of the key questions about family offices, including what are the differences between single-family and multi-family offices, what are the range of services provided, and what benefits does a family office provide.

North America is in the early stages of a massive intergenerational wealth transfer with almost $1 trillion changing hands each year, and this may be just the tip of the iceberg. Accenture (2012)suggests that a “great transfer” from the Depression-era generation to baby boomers is taking place now, but a second and even-larger wealth transfer from boomers to their heirs will continue over the next30–40 years.

Long time friend of Northwood Family Office, Dr. Jim Grubman is an internationally recognized consultant, speaker, and educator, in the multidisciplinary field of wealth counseling. Using skills developed as a psychologist for over 30 years, Dr. Grubman helps families work through the natural dilemmas of acquired and inherited wealth. This white paper outlines how to successfully raise children of affluence by clearly addressing your child’s questions, helping to teach values and healthy attitudes – the foundation for good money skills.

Creating wealth is considerably different than sustaining that wealth, particularly if you are an entrepreneur or corporate executive. The path to this particular type of sustainability can be a perilous one but a family office can smooth that path and ensure that it remains clear for those who will inherit the wealth.

A few years ago, I was talking to a lawyer who was lamenting the lack of time and attention she was able to devote to her own family’s personal financial affairs. “My personal affairs never make it to the top of my in-basket,” she said. While she clearly wanted to manage her own affairs well, client issues always seemed more important – and certainly more urgent.
It reminds me of the old Scottish proverb – and its variants in many other languages and cultures – “the shoemaker’s children go barefoot.” The moral of the story is that a busy cobbler is so busy making shoes for his customers that he has no time to make shoes for his own children.