Post Type: White Papers

Mar 20th

Six Reasons Why Most UHNWIs Choose a Multi-Family Office

Your family office is a point of pride as well as a smart way to manage your business and personal affairs. But you don’t have to have a gold nameplate and command your own staff to reap all of the family-office benefits. In fact, a multi-family office typically offers greater advantages—and ironically, more control—than a single-family office. Here are six ways that a multi-family office gives you more.

Security & Compliance

Infrastructure, cybersecurity, compliance training . . . it’s tedious, it’s frustrating, and if you’re not out in front of it, you're putting yourself at risk. That’s a lot of pressure for your staff and family. At a multi-family office, we have expert teams on top of changing trends, regulations, and demands.

Flexibility to Evolve

It’s a common misconception that a single-family office will better address your family’s unique needs. But how can it, when it means you have to hire staff for each new development in your life? When your time is spent handling payroll, office space, and interpersonal dynamics, you’re left with less control of your life. The multi-family office infrastructure is designed to give you all the flexibility you need without worrying about reducing, reorganizing, or adding to your team. We hold your business and interests together as you evolve.

Trust & Objectivity

How well do you know your staff and trust their commitment to your goals? Are you certain they won’t be swayed by their own interests? Can they safely suggest different points of view, or do they perhaps feel pressure to agree and conform? How do you gauge their loyalty while allowing dissent? By its very nature, the multi-family office has checks and balances against rogue players or people pursuing their own self-interest. We act as fiduciaries, bound to manage your affairs to your greatest benefit, not ours.

Proactive Leadership

Successful executives are problem-solvers and often visionaries as well, always looking down the road for the next big thing and for solutions to potential issues. But a healthy company doesn’t rely on one leader to see everything. The cross-pollination among executives at a multi-family office creates an acutely proactive environment. Staff at a single-family office, on the other hand, tend to be more reactive to their specific set of circumstances, because focusing on that one family’s needs is the efficient thing to do.

Plus, some multi-family offices, such as Whittier Trust, have robust service offerings spanning various departments. Whether you need help launching a family foundation, acquiring or managing real estate, exploring alternative investments, or working through estate planning options to fit your unique needs, it’s all under one umbrella and at our fingertips.  

Privacy & Continuity

By definition, a single-family office should excel at protecting your privacy. But it can be difficult when multiple branches of a family want to keep their affairs separate. Sometimes you may even end up competing for staff loyalty. Your advisors at a multi-family office act as neutral mediators to help prevent these sorts of conflicts and maintain each family member’s interests and privacy. You can rely on that same team to help facilitate succession planning and generational wealth transfer and provide continuity for decades.

Help with Family Dynamics

No matter which type of office you have, family governance is typically led by a powerful patriarch or matriarch. But with a multi-family office team, there’s a counterbalance to that control dynamic. There are other voices suggesting governance structure and helping organize a family council or regular family meetings, ensuring everyone is heard and respected, and that everything can run smoothly.

How to Transition

So what if you currently have a single-family office and want to transition to a multi-family office? It doesn’t have to be complicated. There are natural points in any business for pausing and reassessing, and given how expensive and stressful a single-family office can be, simplicity and cost-effectiveness are always good reasons for a change. 

Let everyone know it’s time for a fresh analysis and audit of operations. Make it clear that during this transition, you will be analyzing risk and cash flow, prioritizing different investments to accommodate family member’s preferences, digitizing documents, etc. Perhaps you will be adding new services as well, such as philanthropic strategy, trust services, real estate, private equity, or direct investment in alternative assets. Because your team at the multi-family office will be accustomed to working with a wide variety of families, you can maintain relationships with existing staff and integrate key players into your new multi-family office.

Why Whittier Trust

Whittier Trust brings your investments, real estate, philanthropy, administrative services, trust services, and more under one roof—without you having to manage it. You maintain control over your portfolio, while your trusted team of advisors ensures that your investments work in concert with your estate plan. You get holistic, personalized, and responsive service with scalable efficiency. And you and your family get your lives back to enjoy.

For those seeking a seamless transition to a multi-family office, Whittier Trust stands out as an optimal choice. By entrusting your affairs to Whittier Trust, you not only maintain control over your portfolio but also gain access to a dedicated team of advisors committed to aligning your investments with your estate plan. Experience the benefits of holistic, personalized, and responsive service, all while enjoying the freedom to focus on what truly matters—your life and your family. Make the switch today and discover the peace of mind that comes with having Whittier Trust by your side.

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Written by Elizabeth M. Anderson, Vice President of Business Development at Whittier Trust. For more information, start a conversation with a Whittier Trust advisor today by visiting our contact page.

 

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Feb 1st

The Magnificent 7 and the Imperfect Index

Despite domestic and geopolitical uncertainty, equity portfolios performed quite well in 2023 as measured by the S&P 500 Index. The market return was largely driven by the seven largest constituents of the S&P 500, also known as the Magnificent Seven. The Magnificent Seven includes: Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Nvidia, and Tesla. These companies account for over twenty-eight percent of the S&P 500 Index and collectively more than doubled in 2023.  The spectacular returns concentrated in a few names left the average stock returning less than half of the S&P 500 Index overall.  The Magnificent Seven masked the underlying share price weakness of most stocks in the S&P 500 Index.  The concentration of returns and weightings raises the question of whether the S&P 500 Index should be dissected for opportunities and imperfections.

S&P 500 Index

This leads us to our next point in which we discuss the construction of the S&P 500 Index and lessons to learn from the evolution of the index.  The S&P 500 Index is often referred to as a “passive index,” meaning there is not an active manager changing the constituents of the Index on a regular basis.  It may come as a surprise that in any given year there are several changes to the S&P 500 Index.  As companies are acquired, merged, or face challenging times, they must be replaced in the index so there remain exactly 500 companies.  Over the past decade a shocking 189 companies were added to the S&P 500 Index! 

Before we delve into the implications of the 189 additions to the “passive” S&P 500 Index, we should highlight that over 28% of the S&P 500 Index is now in just seven companies, aka the Magnificent Seven.  These seven companies are the largest because of their extraordinary performance over the past 15 years.  The magnificent seven returns (measured in multiples) since the market peak before the Great Financial Crisis (12/31/2007) through the most recent quarter (12/31/2023) are as follows:

  • Apple 32.1x
  • Google (Alphabet) 8.1x
  • Nvidia 63.4x
  • Amazon 32.8x
  • Tesla 156.3x (since IPO in 2010) (1.1x since S&P 500 Index inclusion in 2020)
  • Microsoft 14.5x
  • Meta 12.0x (since IPO in 2012) (6.5x since S&P 500 Index inclusion in 2013)

Usually, we talk about stocks and bonds in percentage terms reserving double digit multiples on investment for only the best Venture Capital hits.  In this case, writing about Apple stock’s 3,113% return (32.1x multiple) if purchased at one of the worst times in history (right before the financial crisis) through today seems absurd.  Thus, we can simply say that an investment in 2007 would today be worth 32.1x as much including dividends (equally absurd you say!).  This is a great reminder of how favorable investing in high quality companies can be over long periods of time.  (Imagine a game table in Las Vegas that gave you a greater than 50% chance of winning each day, a greater than 65% chance of winning over one year and a nearly 100% chance of winning over multiple decades.  You would want to play that game and only that game for as long as you possibly could.)  While the magnificent seven have all returned multiples of investment since 2007, the S&P 500 Index has also returned a handsome 4.5x (347%) return over that time frame. 

The 189 additions to the S&P 500 Index

Now back to the 189 companies that were added to the S&P 500 Index in the last decade. The 189 additions have been selected by a committee known as the S&P Dow Jones Indices Index Committee (within S&P Global).1  These additions have to be disclosed before they are added to the index.  Thus, the average of those 189 stocks saw a bump immediately before they were added to the S&P 500 Index.  On average, those 189 stocks returned 11% over the three month period prior to the announcement date.  As more and more investors allocate a portion of their portfolio to index funds, the newly added stocks see more and more demand for their shares ahead of being included in the index.  According to the Investment Company Institute, midway through 2023 there were over $6.3 trillion dollars invested in S&P 500 Index funds in the United States.  As a company is added to the S&P 500 Index there is significant buying power behind that addition.  

Magnificent Seven

The Magnificent Seven stock price appreciation in 2023 reflects their strong fundamentals.  These seven companies generally have high margins, low input costs, strong balance sheets, and no unionized labor.  Conveniently avoiding the major pitfalls of 2023.  Perhaps more importantly, the strong performance from the top seven companies and the outsized weightings of those companies, obfuscates the weakness of the other 493 stocks that are on average still down from the beginning of 2022.  After two years of negative returns for the majority of the stocks in the index, perhaps there are some bargains out there for long-term investors.

Conclusion

We can draw a number of conclusions from the above analysis:  

  1. The S&P 500 Index returns over the next few years will be heavily dependent on the Magnificent Seven. Fortunately, the majority of the Magnificent Seven have low debt levels, high profit margins, low labor expense relative to revenue, and are cash generative (higher interest rates may boost earnings).  
  2. The imperfect index will continue to evolve and change despite the passive moniker.  
  3. Being attentive to potential index inclusions will be ever more important as the size of assets invested in the index grows faster than the index itself.
  4. 2023 market returns have been skewed by the Magnificent Seven leaving potential bargains beneath the surface.  
  5. Finally, investing in high quality companies may pose risks in the near term, but continues to look favorable over extended periods of time.

 

Endnotes:

      Source:  S&P Global
      Source:  Bloomberg Intelligence
      Source:  Investment Company Institute

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Dec 5th

Federal Tax Updates

On November 9, the IRS released its annual inflation adjustments for tax year 2024 covering updates to more than 63 tax provisions. The 2024 adjustments will affect tax returns filed in 2025.

On December 31, 2025, a significant amount of the individual tax provisions passed under the 2017 Tax Cuts and Jobs Act (“TCJA”) will sunset, including: the TCJA’s lower tax rates, the 60% AGI threshold for cash gifts, the doubling of the Unified Gift and Estate Tax Credit, the elimination of the $10,000 state and local tax cap, the return of the 2% miscellaneous tax deduction, and more. Whittier Trust’s Tax Department can assist with modeling these upcoming changes.

2023 tax year filings are due in 2024; certain tax due dates fall on a weekend or holiday. A list of 2024 federal tax due dates can be found available for download in the attached PDF.

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Nov 15th

3 Steps for a Generational Transition of the Family Business

As the oldest Multifamily Office headquartered in the West, we bring decades of experience helping families transition their businesses to the next generation. Over the years, we’ve identified several commonalities among families that have successfully navigated a family business transition. The following three concepts we believe are essential:

1. Create a family office to organize your family outside of the business.

Generational transitions in a family business can affect morale, liquidity, and security within the family. A family office can be particularly effective in identifying and addressing these issues, especially when family members share interests in complex assets, such as real estate or business stock.
A family office also plays a critical role in creating privacy, community, shared purpose, and a safe meeting space for all family members. Designed around your family’s unique needs and objectives, your family office can provide education about your family’s financial situation, estate planning objectives, and family history. It can help you articulate values, roles, and responsibilities for the business and the family.

Some families set out to create their own single-family office by hiring attorneys, accountants, administrators, trust officers, real estate professionals, and philanthropic advisors. They will also lease out office space to house these professionals and host family meetings. Our clients find significant value in having efficient access to our many resources, benefiting from economies of scale. With over 550 client families with distinct needs and unique family office structures, we are able to deploy the lessons learned and shared knowledge to help families establish their own platform and make critical adjustments as the business and family evolve.

2. Establish a strong foundation.

For any family to work together and make decisions collectively, it is paramount that a clearly defined vision, mission, and purpose is articulated, integrating their core values and long-term objectives. There should be a mission statement for the family office incorporating each of these elements that is different from the mission statement for the family business. The ability to effectively communicate and resolve conflict is crucial to longevity and work may need to be done to strengthen this foundation.

3. Design a structure that allows the flexibility to adapt, evolve, grow, and protect the family.

Once you have formed a dynamic family office and created a strong foundation, your family is ready to construct an entity structure that allows for ownership and control to transition smoothly ensuring continued success in a tax efficient manner. If there is one constant we can count on, it is that tax laws will always change. The family office will help keep your family at the forefront of planning ahead for these changes. The entity structure should either benefit from being grandfathered into current laws or have the flexibility to adapt to unforeseen future tax law changes. We’ve seen the struggle created when an owner dies, and the family hasn’t planned for the succession or the estate tax liability. There are many options available today that will reduce estate and other tax burdens and prepare the family and the business for the emotional, financial, and related burdens associated with generational transitions.

Having a skilled advisory team that knows your family and understands big picture objectives can make all the difference.

 

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Sep 6th

6 Considerations Before Starting a Private Foundation

These essential questions will inform the direction of your charitable giving endeavors.

The first thing to know about starting a private foundation is that it’s not your only option when it comes to philanthropic giving. A donor advised fund (DAF) is another popular grant-making entity available to you. “The entities are very different in terms of legal structure and governing rules, but you can name your DAF with ‘Foundation’ in it and the public won’t know the difference,” says Ashley Fontanetta, vice president of Philanthropic Services at Whittier Trust.

A DAF must be housed by a sponsoring organization that holds authority with respect to final grant-making decisions, however they take grant-making direction from those named as advisors to the fund. A private foundation can be established as a corporation or charitable trust and offers more control for the donor. If you start out with establishing a foundation and then change your mind, you can transfer assets to a DAF later on. However, once a DAF is established, the assets within it are irrevocably there. 

“There are numerous things you can do with a foundation and can’t do with a DAF, and vice versa,” Fontanetta says. 

The following are six questions to ask yourself when deciding on the most compatible path for your charitable goals.

1) How much time do you have to put into your philanthropic causes organization?

Every private foundation that is established as a corporation must have an annual meeting, recorded minutes of that meeting and a tax return filed. “At the very least, you have to convene once a year. If that’s a problem for your family, then a donor advised fund would be the better choice since it does not have a meeting requirement,” says Fontanetta.

2) Who is going to be involved in managing it?

Typically, the board of directors of a private foundation is made up of family members. The board has a fiduciary responsibility to the foundation, such as paying attention to financial statements and attending the annual meeting. A family member might even find a career path as the executive director of the foundation. “Family engagement could be a big reason for setting up the foundation in the first place, and the formal push to get together annually and compensating board members or an executive director might be welcome,” Fontanetta says. However, if you prefer a less time-consuming, low-key approach, a DAF is a better choice since it doesn’t have any of those requirements. “It can essentially just sit there until you’re ready to make grants,” says Fontanetta.

3) What kinds of grants would you like to make?

A DAF is more restrictive in that you can only grant funds to another 501(c)(3) public charity. With a foundation, you have the flexibility to make a grant to another private foundation or to a for-profit entity (after completing additional diligence), in addition to public charities. 

4) What experiences do you want to have?

Experiences that are of a reasonable cost and are in line with your foundation’s mission and charitable purpose are deemed “qualified” to be paid from the foundation itself. For instance, you might envision further education and a salary for the executive director, an annual board retreat, travel stipends for meetings and site visits, hiring a consultant to create a website about your foundation and its charitable giving. “If these things are part of what philanthropy looks like for you, establishing a private foundation is the right path, as you cannot pay for any such expenses from a DAF,” Fontanetta says.

Another financial consideration with a foundation is the required 5% of average asset value distribution to charitable purposes each year. “This 5% includes grants but also certain expenses. Anything that is related to your charitable purpose and not spent on investment management can apply,” says Fontanetta. With expenses calculated, she suggests asking yourself “Will I be able to make the charitable impact that I intended?”. If not, then a DAF might be the better choice.

A DAF does not require a minimum annual distribution or tax return. 

5) Which assets will you contribute?

The IRS offers the highest level of charitable deduction for donations to public charities which include DAFs. Fontanetta provides this example: If real estate is contributed to a private foundation, the amount you are allowed to deduct is going to be limited to the cost basis, which is likely lower than the market value is right now, and a percentage of your adjusted gross income (AGI). Alternatively, if you contribute that same real estate to your DAF, the deduction will be based on the fair market value of the property and a higher percentage of your AGI. “This is a massive difference in a lot of cases,” says Fontanetta. One consideration might be to maintain both a private foundation and a DAF. The DAF could receive certain assets such as real estate to maximize your tax deductions.

6) If you decide on a DAF, what kind of sponsoring organization works best for you?

It is necessary to select a sponsoring organization, such as a financial institution or community foundation, to house your DAF. Fontanetta notes that not all DAFs are similarly situated. It’s important to look at options in both a community foundation and a financial institution to find the best fit for your needs. Depending on the type of assets you want to contribute or how long you’d like your family to advise grantmaking or what investment options are available, one option will stand out as a better fit for you. With regard to fees, it’s important to understand both the administrative fee as well as the investment fee, which are often separate. 

Whittier Trust provides a unique offering for DAFs. While we do not maintain public charity status, we partner with a best-in-class community foundation that allows us to invest assets for our clients and maintain the primary role of interfacing with the client and grantees. “With expertise in estate settlement, real estate, private equity and other complex investments, this capability allows Whittier clients more flexibility to contribute and manage alternative assets within their DAF,” Fontanetta says.

If you’re not sure if a private foundation or donor advised fund is right for your situation, the Philanthropic Services team at Whittier will help you understand the differences between the two and advise on which direction is the best for your family.

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Jul 26th

It’s a Match

Whittier Trust has a team of more than a dozen dedicated professionals responsible for protecting and growing all of our charitable clients. The passion these skilled matchmakers have for the philanthropic field is never more apparent than when they have the opportunity to connect Whittier Trust nonprofit endowment clients to Whittier Trust grant-making clients. Philanthropic clients often seek out the team’s expertise when looking for well-run charities that align with their goals and missions. Similarly, Whittier Trust’s nonprofit clients trust the team to help identify new qualified revenue sources. The diligent members of Pegine Grayson’s team explore all possible options and make special note when values, interests and visions for the future align between clients.

Whittier Trust Senior Vice President and Director of Philanthropic Services, Pegine Grayson, and her group never guarantee more than a personal and thoughtful introduction. However, they can offer exclusive visibility into certain nonprofit and grantmaking clients. Connecting these dots can be critical for grant making foundations and donor-advised funds that don’t publicize their efforts or existence through social media or websites. The insights and relationships the team has with their clients allows for more informed decision-making and can help save valuable time. The team is happy to provide win-win scenarios on a regular basis.

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Mar 25th

Is ‘Doing Good’ Good for your Portfolio?

As environmental and social issues come to the forefront of the agenda of many individual investors when working with an advisor, trickling down from the shift led by large endowments and foundations, the question stands – is it profitable to make investment decisions aligned with values that will have a positive impact on our world?

Studies have shown that having a socially conscious lens toward investment can have a positive impact on portfolio performance, taking into account that organizations that highly regard social values are likely to take an ethical approach across all of their operations driving long-term profitability.

There are different approaches to building an investment portfolio that reflects a commitment to varied Environmental, Social, and Governance (ESG) issues such as selling stocks that are not representative of your stance on the issue (“negative screening”), or funding organizations that are driving beneficial impact in this area (“social impact investing”). As with any investment decision, individuals need to take a broad view of the overall goals and stance of their portfolios when pursuing ESG focused investing.

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Feb 22nd

An Upside to Inflation? Larger gift tax exemptions!

Inflation has been a trending topic in the news as supply chains and labor shortages continue to struggle to meet market demands. Though this current climate may reduce an investor’s confidence, there is an upside: larger gift tax exemptions. The increase in gift tax exemptions has increased to $16,000 per donee, which means that tax savvy individuals can reduce the overall tax burden of their estate.

The current lifetime gift tax exemption allows for individuals to give over $12million per donee. While this is set to “sunset” in 2025, there has never been a better time to take advantage of this opportunity. Though taking advantage of this exemption is extremely lucrative, it should not be done without the oversight and guidance of a qualified estate planner, as errors can be incredibly costly. Talk to your advisor to craft an effective strategy about how you can protect your estate for future generations.

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Feb 2nd

Seven Steps to Involving the Next Generation in Philanthropy

As a parent, it can be challenging to find meaningful ways to integrate your children into your philanthropic efforts. Factors such as age, interests, and financial status all play into how you handle introducing your children to your family’s philanthropic goals. At Whittier Trust, we channel our years of experience into tailored solutions that help mitigate uncertainty as we address the needs that are most important to you. Over the years our Philanthropic Services team has worked with adolescents, and adult children to make sure this transitional phase is both educational and impactful.

When meeting with the next generation, it is important to set up one on one time with your children to see where their interests, and passions lie in the philanthropic sphere. After honest and comprehensive conversations, we can begin to align their interests with the causes they feel are most significant. From there, we are able to provide recommendations that best align with that vision. To begin coordinating interactions between your child and nonprofit organizations, it is crucial to set up an associate board. Oftentimes, we also find it beneficial to pair a young philanthropist with an advisor of a similar age so that they can get expertise with someone who is familiar with the social and digital platforms they are accustomed to using.

This process is deeply rewarding and can result in many long-term benefits. Through it, we educate the next generation on the charitable tools and topics that will be most useful to help them achieve their goals. Tools like grant-making become increasingly valuable during this phase, as it allows for the child to involve other members of the family and deepen the family bond around their cause. When all is said and done, our aim is to help create an individual who has the confidence, knowledge, and support to perpetuate their family’s legacy in their philanthropic endeavors. If you are unsure about where to begin this process with your child, please reach out and allow us to guide you through this exciting process.

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Jan 5th

4 Stages for Developing Good Stewards of Wealth and Family Businesses

The parenting and education we provide our children has a profound impact on their future attitudes towards wealth, money, stewardship, and the family business. We have to consider our approach very carefully, as it must be consistent, thoughtful, and disciplined, not exerting too much or too little control. It is ultimately up to them whether they want to pursue the family business or other ventures. It is our job to encourage their passions and be active participants in their lives, giving them all the tools we can possibly offer to make their own decisions and be prepared for any opportunity. There are different methods for each stage of our children’s lives for teaching family history, family business, money, investments, and estate planning.

In early development, from the time they’re born, till they’re about six years old, what is most important for your children is dedicating time and attention to them regardless of your other demands, creating a warm and loving environment to start laying a strong foundation for their character and values. At this age we lead by example, children see and internalize us working hard and being kind and generous to others. The latter end of this stage is also a good time to introduce your children to actual currency. Through an allowance, they will start learning money management and delayed gratification as they realize they need to save for items they really want, a valuable lesson as technology will be ever more present in their lives and needs to be understood as a tool, not a magic wand. At ages seven to thirteen, your children will begin asking questions about money and business, and when this happens you must take the time to provide them with thoughtful answers to encourage a strong work ethic, curiosity, generosity, and a fully functioning moral compass. If they have allowed their savings to grow, this may be a good time to introduce investing. Let them buy a few stocks of companies they know well and introduce basic ideas of compound growth and market behavior in relation to the larger world. To foster creativity and a go-getter spirit, it’s not a bad idea to let them start a simple business, your classic lemonade stand for example, but it’s important that they are actively involved in all aspects of planning and expenses, not just the revenue side, so they may work out themselves how to overcome challenges and understand logistical relationships. If applicable, this is also a good time to teach them the basics of the family business and introduce them to key figures. They may gravitate toward it, or they may not.

Their high school and college years (14-22) will be challenging, and it is critical that you remain an active participant in their lives, as they will have many life-impacting decisions to make during this time. However, it is also essential you recognize that while choices of academic rigor and effort, college, costs, and career path are not to be taken lightly, ultimately it is their choice. As variables grow and life gets complicated, communication becomes increasingly important to properly handle the questions and expectations of all parties. This is also the age to encourage the pursuit of internships. Real-world experience is a must for future employers and a necessity for personal growth. If you own a family business, let them intern at the bottom and learn how to work their way up, so they can understand the hard work that goes into every level of the company and the value of each component to the business overall. After graduating from college, they’re on their own. You can still give advice and help them find opportunities, but this is where your hard work, love, and lessons pay off. They will be on their own journey, and that may involve a career you envisioned for them or even the family business, or it may not. The important thing is maintaining open, honest communication, and bringing them into the fold on estate planning, so they may preserve, protect, and enhance your family’s assets as they teach their own children about stewardship.

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