What advice did panelists give for building a family office that lasts?
Short answer: Rodrigo links costly changes later to mistakes made at the start, so an office's early setup can shape what it can change as it grows.
At a panel on Richard C. Wilson's YouTube channel, family office leaders discuss managing capital and building lasting businesses.
Rodrigo on early office setup
Rodrigo says new and generational wealth takes a long time to build. He advises taking time to find good solutions and choose the office's technology setup, since early mistakes can be costly to change later (7:32). (at 7:32)
John on team decisions
John says he believes in team decision making and open systems. In his view, one person can make the best or worst idea, while well managed teams make the best ideas (13:20). (at 13:20)
Simony on client contact in down markets
Simony advises staying close to clients when markets are down and problems arise. She says walking with clients through negative times supports a sustainable business (6:09). (at 6:09)
"I think generational wealth takes a long time to build. New wealth takes a long time to build."
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Check before you give. Study the work of an NGO, ask more questions, and visit it if you can. This leads to an informed decision.
- Tim Draper: Make your customers your sales force. Hotmail put a message at the bottom of the screen inviting people to get free email. It spread to 11 million users.
- Don Wenner: Commit to scale. Don's major turning point came when he decided to build a great company that makes an impact. Making money and being successful was not enough for him.
See the data
Frequently asked questions
What advice did panelists give for building a family office that lasts?
Rodrigo links costly changes later to mistakes made at the start, so an office's early setup can shape what it can change as it grows.
What should a family office clarify with funders?
John says to understand how much diversification funders want and how they think about their existing assets (8:25).
What does Simony say to do before making an offer?
Simony says to listen first and understand what the client wants before presenting an offer (10:15).
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.