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CFO Summit 2015: Michael Rosemann, John Stanhope and Gilbert Enoka Executive Perspectives


Executive Perspectives:
Speakers from the CFO Summit 2015 Discuss…


What Capabilities Should Forward-Thinking CFOs Develop to Help their Organisation Succeed?



FOR IMMEDIATE RELEASE


Interviews with Michael Rosemann, John Stanhope and Gilbert Enoka, speakers at the marcus evans CFO Summit 2015, taking place in Queensland, Australia, 15 – 17 March 2015.


Michael Rosemann, Head of Information, Queensland University of Technology









 


The age of digitisation has shifted the focus from cost resilience to revenue resilience. Aiming for efficient operations and high productivity ratios is no longer a guarantee for survival. The emergence of digitally empowered customers has seen the growth of a shared economy and digital public goods putting established revenue streams in danger. Technology-savvy competitors increasingly operate on a light asset model and have entered most industries.


In this context, CFOs have to start building intelligence regarding the current and future threats to their revenue models. Digital developments need to be assessed in terms of their economic implications and CFOs have to contribute to finding new ways to digitalise and monetise existing assets. After decades of building rich tools and methods to secure cost effectiveness, they will now face the challenge of protecting and growing revenue. This will require foresight innovation and entire new methodologies. In particular, CFOs have to contribute to the development of a digital mind in the boardroom so that contemporary ways for revenue resilience can be established quickly.


John Stanhope, Chairman, Australia Post, Former CFO & Executive Director, Telstra, & Chairman, Australian Business Reporting Leaders Forum










The capabilities that CFOs need are in fact to be forward-looking. It is too easy to be dominated by the compliance/stewardship role and to always be looking backwards. There is no doubt that digitalisation is changing how customers behave and how that behaviour changes more rapidly than ever before.


The CFO must be leading an organisation now that can take the identification of this market risk and do deep-dive analysis to estimate the financial impact, and to be part of the response to execute a strategy to take the business forward to assure long-term sustainability.


Planning is the extrapolation of the past. Strategy is making your own future. The CFO has a major role in making sure this happens. Companies must be more agile and so does the CFO organisation.


Gilbert Enoka, Mental Skills Coach, All Blacks & GM, Harcourts International









Firstly, identify the “next challenge” for you and your organisation. Unless you are significantly challenged you will stop and/or go backwards. This challenge needs to be loud, excite you and have a strong heartbeat otherwise you will just “fall into” your next year. Once this challenge is clear and compelling it will evoke a process that ensures you look at your current reality with a greater degree of scrutiny. You will ask better questions, examine things in greater detail and demand more from those who are providing feedback.


Secondly, forward thinking CFOs need to understand the role of “small margins”. Top performers’ “rate of improvement” is not normally achieved in big chunks or huge swings of fortune – it is usually achieved with small margins. Understand that these are gold! Your rate of improvement must be better than your competitors’. Standing still won’t cut the mustard. If you are not moving in a competitive environment, you are losing your edge!


Lastly, know the difference between “wait and take”. If you sit back and wait for things to happen, trends to emerge, business to come your way – you will finish second. If you want to be here next year, or better than you were next year, then your mindset must be one of “taking it”. You will not “make it” unless you “take it”.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email:
press@marcusevanscy.com



About the CFO Summit 2015


The CFO Summit is the premium forum bringing elite buyers and sellers together. The Summit offers Australia and New Zealand’s chief financial officers and solution and service providers an intimate environment for a focused discussion of the key new drivers shaping corporate priorities and finance strategies. Taking place at the RACV Royal Pines Resort, Gold Coast, Queensland, Australia, 15 – 17 March 2015, the Summit includes presentations on investing in business intelligence and innovation, leveraging capital management, advancing the CFO leadership and mitigating risks in real time.


For more information please send an email to press@marcusevanscy.com or visit the event website


marcus evans group – finance/insurance sector portal 


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.










 

 

 



Please note that the Summit is a closed business event and the number of participants strictly limited.


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 



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

Private Wealth Management Summit Fall 2014: Charles A. Rodgers Interview


Making Wealth Last:
Why Families Need Effective Communication Plans








 


Charles A. Rodgers, a speaker at the marcus evans Private Wealth Management Summit Fall 2014, on setting up an effective communication plan for wealthy families.

Interview with: Charles A. Rodgers, Regional Chief Investment Officer, Asset Management, Abbot Downing


FOR IMMEDIATE RELEASE


Family offices must help clients develop effective communication plans that incorporate the diversity of the family’s particular situation. Effective communication helps clients build deeper relationships between family members and ensure they have difficult conversations that are critical for the family’s future,” advised Charles A. Rodgers, Regional Chief Investment Officer, Asset Management, Abbot Downing.


Rodgers is a speaker at the marcus evans Private Wealth Management Summit Fall 2014, taking place in Las Vegas, Nevada, December 7-9.


Why do families need a communication plan? Should education and communication strategies differ between family members?


All families are unique. We spend a lot of time on the communication component, especially with our first generation entrepreneur clients who might have spent a lot of time building up their business but not enough on thinking about the impact of their wealth on the family. There must be an effective communication plan that works for the family, acknowledges their differences and helps them communicate with each other across generations.


Most patriarchs do not sit down with their family to discuss what would happen if the company was perhaps sold. To make sure their money makes a positive impact on the family, instead of corroding relationships as it sometimes does, the communication plan has to take into account all stakeholders and what is important to them. Having everyone’s voice heard is an important part of the process.


How can wealthy families ensure their legacy lives on?


Unfortunately, only 30 percent of families are successful in transferring wealth to the next generation. We believe it is important to educate all stakeholders about finance and the family wealth. Young children can learn about basic finances and young adults about investments. It is important to customize the educational materials to the age and experiences of the various family members who may be at different stages of understanding wealth.


The earlier financial and wealth education begins, the more tangible the benefits will be. This comes back to setting ground rules, having open lines of communication and giving family members a stake in how they communicate with each another so it is not just a top-down process. Some conversations can be awkward or difficult to approach, so it is beneficial to have a third party assist the family with the conversation to ensure all voices are heard and that respectful ground rules for communication are followed.


Which areas of wealth management do some family offices overlook?


We find that many family offices are very focused on asset returns, which is important, but it is just as important to talk about the impact of the wealth, how is this wealth going to be used to benefit future generations and the community. 


What advice could you offer on succession planning and having a smooth transition from one generation to the next?


While it is common to see family members brought into the business, it is important that family members take on roles that match their skill sets. Sometimes succession planning involves bringing on leaders from outside the family or even selling the business. So it is critical for the family to have discussions early on about family employment policies and governance issues, which help ensure buy in from the family stakeholders on their defined roles in the business going forward.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the Private Wealth Management Summit Fall 2014


The 15th Private Wealth Management Summit is the premium forum bringing leaders from America’s leading single and multi-family offices and service providers together. The Summit offers service providers and executives from single and multi-family offices an intimate environment for a focused discussion of key new drivers shaping the future of the industry. Taking place at the Red Rock Resort, Spa, Las Vegas, Nevada, December 7-9, 2014, the Summit includes presentations on the art of manager selection, optimizing the portfolio, restoring client trust, family governance and family education and communication strategies.


For more information please send an email to press@marcusevanscy.com or visit the event website


marcus evans group – investment sector portal


The Investment Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.


                              


Please note that the Summit is a closed business event and the number of participants strictly limited.


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-on-one business meetings. For more information, please visit www.marcusevans.com 



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com


 

CFO Summit XXIX: Robert Kolodgy Interview


What’s Next in Healthcare for American Business?
How CFOs Can Prepare their Organization for the Future











Robert Kolodgy, a speaker at the marcus evans CFO Summit XXIX Fall 2014, on empowering employees to be more accountable for their healthcare.

Interview with: Robert Kolodgy, Senior Vice President and Chief Financial Officer, Blue Cross Blue Shield Association


FOR IMMEDIATE RELEASE


Employers, insurers and physicians can do much more to educate and empower employees to make healthier lifestyle choices, according to Robert Kolodgy, Senior Vice President and Chief Financial Officer, Blue Cross Blue Shield Association. As employees share more of the costs of their care, educational tools and reliable data should be made available to help them take on greater accountability for their healthcare choices, he believes.


A speaker at the marcus evans CFO Summit XXIX Fall 2014, in Las Vegas, Nevada, November 13-15, Kolodgy addresses some of the healthcare issues that Chief Financial Officers (CFOs) are dealing with today.


With the first phase of the Affordable Care Act implemented, what are the next steps employers need to address when it comes to healthcare?


Healthcare reform has helped to provide greater access to care, but we still need to reform a system that costs Americans – employers and consumers alike – USD 2.8 trillion a year.  


Thankfully, employers can increasingly partake in – and help further promote – innovations that aim to change that equation, including new models that place the patient at the center of care and reward doctors and hospitals not for the volume of care they provide, but rather for the quality and outcomes they deliver.


Moreover, as employees share more of the costs of their care, these patient-centered, value-based models resonate with workers who are being asked to take on greater accountability for their health and healthcare.


What approaches do you recommend to empower consumers/employees?


As employees are asked to bear greater responsibility for their healthcare decision-making, employers can leverage trusted cost and quality information, combined with tools and programs, to educate and empower their workers to make healthier lifestyle choices and more informed decisions about their care.


In doing so, they can transform their relationship with employees from that of sponsor and beneficiary to true partner in creating and maintaining a culture of health in the workplace – and a healthy and productive workforce.


If you were to give one message to CFOs, what would that be?


Accountability on the part of all parties is key to driving success. Today’s economic reality and consumer expectations spell greater accountability for employees to take better care of themselves and their dependents, and to make more informed, value-driven decisions about their healthcare.


In turn, as employees take on greater ownership of their healthcare, employers, insurers and physicians need to deliver on their part of the bargain, with incentive rewards, educational tools and programs that effectively engage and empower workers to make the right choices. And finally, with a plethora of third-party vendors attempting to fill the fast-increasing demand for decision-support solutions that work, employers need to do their due diligence and hold their vendor-partners accountable for the promises they make.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the CFO Summit XXIX Fall 2014


The CFO Summit XXIX is the premium forum bringing senior finance executives and solution providers together. The Summit offers service providers and CFOs an intimate environment for a focused discussion of key new drivers shaping the future of the industry. Taking place at the Red Rock Casino, Resort & Spa, Las Vegas, Nevada, November 13-15, 2014, the Summit includes presentation on Cyber Security, Talent Development, Emerging Markets, and Controlling Spending and Driving Growth.


For more information please send an email to press@marcusevanscy.com or visit the event website


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.


                                


Please note that the Summit is a closed business event and the number of participants strictly limited.


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-on-one business meetings. For more information, please visit www.marcusevans.com



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com


 

National Healthcare CFO Summit Fall 2014: Tom Gibney Interview


How Hospitals Can Survive in the New Healthcare Environment









 

Tom Gibney, a speaker at the marcus evans National Healthcare CFO Summit Fall 2014, on the healthcare exchanges and how Healthcare CFOs can ensure financial success.

Interview with: Tom Gibney, Chief Financial Officer, St. Luke’s Cornwall Hospital / Newburgh


 FOR IMMEDIATE RELEASE


“Over 1,000 hospitals out of the approximately 5,700 across the US will either close or merge with larger hospitals or healthcare systems in the next five to ten years according to some predictions. The reality of the situation is that many hospitals can no longer go it alone. They must look for partners to help bridge the gap between a current reimbursement model that pays on a “per click” basis to one that emphasizes shared savings, shared risk, population health and a trend towards “mega capitation”, advises Tom Gibney, Chief Financial Officer, St. Luke’s Cornwall Hospital / Newburgh.


A speaker at the marcus evans National Healthcare CFO Summit Fall 2014, Gibney believes that regardless of whether or not a hospital falls into a Medicaid expansion state, Healthcare CFOs must quickly determine the reimbursement effect of the expected uptick in insured patients, given the heavy financial burden borne by patients in the health exchange plans, primarily those in the bronze and silver buckets.


For example, in New York, approximately one million individuals signed up for insurance under Obamacare; 650,000 qualified for Medicaid with the remaining 350,000 signing up for one of the four health exchange plans, with the majority of those folks choosing the less expensive, but higher out-of-pocket cost, bronze and silver plans. “Collecting from this patient population could be a significant challenge for hospitals going forward. It is a significant unknown but too early in the process to identify what burden it will place on us,” Gibney explains.


“CFOs have to approach this new reality with their eyes wide open. On the surface, a patient who presents an insurance card (who never did before) is a good thing. But the positive feeling that comes from that experience can quickly evaporate if in the end, the visit or procedure is not fully paid for.”


So far in 2014, St. Luke’s Cornwall Hospital has seen its Medicaid population increase while its self-pay population has gone down. “In a vacuum, that is a good thing. All other things being equal, this provides us with more direct reimbursement for those patients compared to last year. The flip side of the equation is that a lot of work may be involved in collecting the ultimate amount we are due.”


He concludes: “To survive financially, hospitals may need to proactively seek out partners. Most hospitals have extracted as much as they can out of the cost side of the equation. The next step is to play to a bigger patient audience, take-on-risk, share savings, and reap the benefits of economies of scale. The only way to achieve those goals is to partner with other hospitals or healthcare systems. When a State as big as New York announces a stated goal of reducing avoidable hospitalizations and ER visits by 25 percent over the next five to ten years, is there any other choice?”



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the National Healthcare CFO Summit Fall 2014


The 20th National Healthcare CFO Summit is the premium forum bringing senior level finance executives and solution providers together. Taking place at the Red Rock Resort & Spa, Las Vegas, Nevada, October 19-21, 2014, the Summit includes presentations on healthcare strategies in the volume to value era, collaborating with ACOs, population health management and optimizing revenue cycle performance.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – healthcare sector portal


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-on-one business meetings. For more information, please visit www.marcusevans.com 


                               



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com


 

Latin Private Wealth Management Summit 2014: Juan Pablo Martinez-Blat Interview


Unraveling the Forces Impacting Investment Decisions











Juan Pablo Martinez-Blat, the Chairman and speaker at the marcus evans Latin Private Wealth Management Summit 2014, discusses how the investment decision-making process can improve.

Interview with: Juan Pablo Martinez-Blat, Founding Partner, OnNe Consulting


FOR IMMEDIATE RELEASE


“Investment decision-making is a process driven by forces that can destroy value,” according to Juan Pablo Martinez-Blat, Founding Partner, OnNe Consulting. “People think they are rational human beings, but cognitive biases get in the way of our decisions. Private wealth managers must be aware of these forces and implement practices that would help individuals and groups to make better decisions,” he recommends.


Martinez-Blat is the Chairman and a speaker at the marcus evans Latin Private Wealth Management Summit 2014, taking place in Panama City, Panama, September 25-26.


What are the behavioral, cultural and structural forces that drive how the decision-making process takes place? How do they impact the quality of decisions made?


There are three ways to look at the decision-making process. The point of view of the individuals themselves, the group dynamics that influence how those individuals interact and the organizational culture or members of the family. Individuals have cognitive biases, ways in which their brain distorts the perception of reality. When a group of people sit down to make a decision, they are influenced by the way they interact with those around them. There may be forces that drive them to withdraw or not participate. Perhaps one member has too much authority and prevents the group from developing synergy.


These habits are hard to perceive, but some of them are unhealthy and prevent a group from making the best possible investment decisions.


Once wealth managers are aware of these forces, how could they improve the decision-making process?


My first recommendation would be for the head of the investment committee, management team or chairman of the board of directors, to make sure to understand all these unconscious behaviors; otherwise he or she will be a victim of the same problem. I do not necessarily think the easiest or best way is to try to change people, instead, to implement the right rules of the game to drive the group to behave in a manner that creates synergy.


One way is to ensure people understand their role in the investment committee and how they can contribute. Secondly, create an environment where everyone is open to talk and contribute. Thirdly, the group must know the importance of having a devil’s advocate, someone questioning decisions, as it is very easy to converge too quickly into a non-optimal solution. Just because everyone is biased towards a specific solution does not make it the best one. Many times a group does not take the time to consider alternative options. Having a set up where people can identify and discuss different options would prevent the group from falling into “groupthink”. The head of the investment committee must be aggressive in requesting additional potential solutions for the group to consider. He can also prevent autocratic behavior from showing up. It is hard to realize our own behaviors but if the head of the decision-making process realizes that, the right steps can be taken to create the right structure and prevent those unconscious forces from derailing the process.


What opportunities for creating value are often lost?


Not being aware that decision-making is a process driven by these forces can destroy value. Just look at some investment committees and families making bad decisions because there was no analysis or confrontation of ideas. I believe it is the responsibility of the head to bring good practices to the decision-making process. The quality of decisions, in fact the value of the organization and quality of relationships in the family, get created or destroyed if the right or wrong decision is made.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the Latin Private Wealth Management Summit 2014


The Latin Private Wealth Management Summit is the premium forum bringing leaders from Latin America’s leading single and multi-family offices and service providers together. Taking place at the Trump Ocean Club, Panama City, Panama, September 25-26, 2014, the Summit includes presentations on mitigating the risks of investing in private equity, developing investment strategies, resolving family conflict and examining the global economy.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – investment sector portal


The Investment Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.


                              


Please note that the Summit is a closed business event and the number of participants strictly limited.


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-on-one business meetings. For more information, please visit www.marcusevans.com



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com


Private Wealth Management APAC Summit 2014: Eva Law News Release


How to Capture Private Wealth in China








Eva Law, a speaker at the marcus evans Private Wealth Management APAC Summit 2014, on what wealthy families in China need from family offices.


Interview with: Eva Law, Chairman, Association of Private Bankers in Greater China Region & Association of Family Offices in Asia



FOR IMMEDIATE RELEASE


Private wealth managers should always consider what their ultra-affluent customers really want. Wealthy families in China want to preserve assets and grow the business, not just grow financial assets. To gain their trust, family offices need to provide a range of services to support their needs, rather than constantly sell a solution,” advises Eva Law, Chairman, Association of Private Bankers in Greater China Region & Association of Family Offices in Asia.


Law is a speaker at the marcus evans Private Wealth Management APAC Summit 2014, taking place in Kuala Lumpur, Malaysia, 27 – 29 October. Ahead of the Summit, she reveals how family offices can capture wealth in China, the fastest growing market in the region. 


Why is wealth capturing a key challenge for family offices? Why is private wealth “hidden” in China?


In our market, many entrepreneurs have the capital but lack the sophistication and knowledge needed to preserve and grow the wealth. It will take time to educate these individuals. At the same time, there is an inadequate supply of professionals who can really address their diversified needs. Relationship Managers and advisers need to work with professionals from varied areas, which is not always easy.


Most wealthy Chinese do not want others to know they are so rich. In our market, people think exposing wealth to the masses can lead to jealousy and bad luck, so many of the wealthy choose to become low-profile. To uncover the hidden wealth, the plugged-in professionals connected with wealth owners have the instrumental role.


Which areas should they focus on?


Family offices need to address two major issues: rejuvenate the family’s business and manage the wealth transfer. They need to find a way to work well with the second generation. Research shows the next-gen does not want to continue the family business and has a different management mentality with their parents.


The family office can help the two generations explore different solutions to carry on with the existing business and identify a good time to set up a new business line or new firm. It can assess opportunities whether it is venturing into a new market, merging, acquiring offshore assets or incorporating a company offshore for organic growth. In all of the solutions, the family office can help minimise the family’s tax exposure, contain risk bearing and ensure the family is deploying capital efficiently.


What are some of the unique characteristics of private wealth owners in China?


Each family has its own decision-making style, but we could say that first generation wealth owners are quite proud of their achievements and very confident in their ability to generate profit. That is why bankers and advisors trying to sell solutions to these people may not be the best approach. Instead, they should inspire them to think in a new approach, to give them the useful information needed to venture into a new direction. That is how a family office can better gain the trust of very wealthy owners in China.


What cultural differences should family offices plan for?


The Western family office model cannot just be replicated in China. Cultural differences, the mentality of the people and business practices should all be taken into account. Some people talk about efficiency, learning from the West and taking advantage of the best models out there, but they should not simply replicate a model that may have worked well elsewhere.


Wealthy Chinese people like flexibility. The big boss always plays a dominant role and has the final say. The Chinese also respect relationships to a greater degree. It is important to be accommodating, to identify influential people in their circle, to leverage them and get them on your side.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email:
press@marcusevanscy.com



About the Private Wealth Management APAC Summit 2014


The fifth annual Private Wealth Management APAC Summit is the premium forum bringing elite buyers and sellers together. The Summit offers regional SFOs, MFOs, wealth advisors, and international fund managers and consultants an intimate environment for a focused discussion of key new drivers shaping wealth preservation and investment strategy. Taking place at the Hilton Kuala Lumpur Hotel, Kuala Lumpur, Malaysia, 27 – 29 October 2014, the Summit includes presentations on strategic asset allocation and risk management, co-investment opportunities, family governance, lucrative alternatives to boost returns and more.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – investment sector portal 


The Investment Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.










 

 

 


Please note that the Summit is a closed business event and the number of participants strictly limited.


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 



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

Elite Summit 2014: Kirby Rosplock News Release


Insights from The Complete Family Office Handbook:
Why Family Offices Need a Blueprint






 

Kirby Rosplock, the opening keynote speaker at the marcus evans Elite Summit 2014, discusses what inspired her to write a comprehensive guide for family offices and their advisors.


Interview with: Kirby Rosplock, Author of, The Complete Family Office Handbook ~ A Guide for Affluent Families and the Families Who Serve Them, published by Wiley/Bloomberg, 2014



FOR IMMEDIATE RELEASE


The family office can protect a wealthy family from numerous risks, and one of the most critical tasks for a family office is to create a baseline of information about who the family is, what it owns and what it wishes to do with the wealth, says Kirby Rosplock, author of The Complete Family Office Handbook.


A speaker at the marcus evans Elite Summit 2014, taking place in Montreux, Switzerland, 16-18 June, Rosplock explains what inspired her to write the book based on her own family going through a significant liquidity event, and her ten years as director of research and development with a prominent US-based multi-family office. Rosplock wished there was a guide to help her family and others to navigate through major wealth transitions. The handbook was born out of the very pure place of identifying a gap in the literature, the need for a comprehensive layperson guide that was accessible to the family and its advisors, that aggregated key components of how family offices really operate, she elaborates.


What are the key roles of the family office?


The family office tends to wear many hats for the family, from being the primary keeper and executor of transactions and legal documents, a protector and defender mitigating critical risks fending off suitors and solicitors that could jeopardise the well-being of the family, as well as the Brain Trust; a repository and a thinking partner to family members.


However, many family offices are created through the back door, where they are not aware they are in fact setting one up. Then a generation or so down the line, they realise that what originated as their family business has evolved into a family office, yet may lack a clear blueprint or a roadmap for their wealth.


Why is a family office blueprint helpful and how does a family office accomplish this task?


It is like when you are building a house. You do not go to the site with a hammer, nails, wood and just start building. Every builder starts with a blueprint of what they wish to build, an understanding of the proverbial space, the rooms in the house and what sort of foundation is needed to hold it all together.


There are four pillars to a family office blueprint. First, a family review to understand who the members of the family are, mapped in a genogram, interviews with family members to understand their backgrounds, goals and information on their trusted advisory network. Second, an estate plan review clarifies the estate structures in place and the long-term family goals. Third, a financial and investment review brings insights to what is owned, the asset allocation and asset location, risk tolerance and investment preferences and objectives. Finally, an insurance review brings insight to how risks are managed from homes and collectibles to yachts, planes, and the investments, for example. These four reviews are the building blocks for the blueprint as shared in my book.


Some existing family offices may take a step back and understand the vision for the family wealth. It is never too late to revisit how the wealth was created, even if it was done many years before. What is critical is to create that baseline of information about who the family is and what it owns, then conduct a capital sufficiency analysis to bridge the feasibility of achieving the family goals, lifestyle needs and legacy aspirations in relation to the family’s capital. This is an iterative process, not a one-time exercise. Life events such as a birth, marriage, and/or death and divorce often trigger changes in the plan, and the family office is there to aid families with navigating these changes.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email:
press@marcusevanscy.com 



About the Elite Summit 2014


The Elite Summit is the premium forum bringing top tier buyers and sellers together. Taking place at the Fairmont Le Montreux Palace, Montreux, Switzerland, 16 – 18 June 2014, the Summit offers the independent advisers of wealthy private investors and international fund and asset managers an intimate environment for a focused discussion of key new drivers shaping wealth management asset allocations. The Summit includes presentations on vision around family wealth, professionalising wealth management services in the age of FATCA, hand-picking the family office location, embracing aggregated reporting and outsourcing the family office CIO role.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – investment sector portal 


The Investment Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.












 

 

 


Please note that the Summit is a closed business event and the number of participants strictly limited.


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 



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

Elite Summit 2014: Adi Divgi News Release


What Family Offices Can Learn from Institutional Investors







 

Adi Divgi, a speaker at the marcus evans Elite Summit 2014, on how family offices can incorporate institutional best practices towards alternative investments in their own portfolios to attempt to replicate the success that such institutional funds have had.


Interview with: Adi Divgi, President, EA Global



FOR IMMEDIATE RELEASE


“If family offices act in aggregate to create “commingled separate accounts” in which their assets are bundled with assets of other like-minded family offices, they could have the potential ability to act like larger institutions and create strategic partnerships with best of breed managers,” proposes Adi Divgi, President of EA Global. Such family offices, he adds, could effectively replicate what he successfully did at a multibillion dollar North American plan sponsor until this past April for an allocation of USD 7.5 billion to opportunistic credit.


Mr. Divgi, a speaker at the marcus evans Elite Summit 2014, taking place in Montreux, Switzerland, 16 – 18 June, shares his unique perspective on investing, as a manager who has worn both the institutional and private wealth management “hats”.


What could private wealth managers learn from your experiences at the multibillion dollar North American plan sponsor?


Mr. Divgi created the first and only fund of one investment platform in alternatives at the plan sponsor, in which the sponsor acted as the sole limited partner. It created customised accounts with best of breed investment managers, incorporating best practices on market trends, valuation, pricing, administration, and policies that Mr. Divgi learned from thought leaders in the investment and infrastructure space.


Given the size of the plan sponsor’s fund, Mr. Divgi executed tickets that ranged from USD 250 to USD 600 million, allowing the sponsor to drive the conversation with managers and align interests as much as possible. Most family offices cannot write checks north of USD 50 million. “Bundling” would enable like-minded family offices to pool their assets to create a “commingled separate account”. Combining this structure with the institutional best practices that Mr. Divgi implemented at the plan sponsor would enable these families potentially to replicate the success that the plan sponsor had in generating compelling returns in this alternative investment platform (15% net annualised since inception IRR as of 31 December 2013, with inception on 15 December 2011). It is critical that these families hire an advisor who has had success negotiating with managers, executing the investment strategy, and developing the corresponding infrastructure.


What asset types would this structure best accommodate?


It can accommodate both short- and long-duration assets, from less than one-year paper on one end to private credit and direct lending to mid-market companies on the other. Families should know in advance that this structure does not accommodate periodic liquidity (e.g. on a monthly or quarterly basis), but rather is similar to a drawdown structure with an investment period in which the capital commitment is locked up over a certain number of years.


Banks have typically dominated the private credit area, especially in Europe. Due to increased scrutiny and regulation, they can no longer lend in the same volume. As a result, many companies are starved of capital. Institutional capital can effectively replace banks as lenders of last resort. This vehicle could effectively do that either by providing a manager with capital as a limited partner or by investing directly in assets that would be managed internally post-execution. Again, it is absolutely critical that the families interested in developing this structure and platform hire a leader with success in executing such a mandate at the institutional level.


If this concept was successful at the plan sponsor, does it mean the platform would also work in any family office?


Although there are many reasons why this platform was successful at the plan sponsor, the platform itself may not necessarily be appropriate for every family office. However, there are institutional best practices that families could incorporate in their own portfolios of alternatives to enable them potentially to replicate the plan sponsor’s success to a significant degree.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email:
press@marcusevanscy.com



About the Elite Summit 2014


The Elite Summit is the premium forum bringing top tier buyers and sellers together. Taking place at the Fairmont Le Montreux Palace, Montreux, Switzerland, 16 – 18 June 2014, the Summit offers the independent advisers of wealthy private investors and international fund and asset managers an intimate environment for a focused discussion of key new drivers shaping wealth management asset allocations. The Summit includes presentations on vision around family wealth, professionalising wealth management services in the age of FATCA, hand-picking the family office location, embracing aggregated reporting and outsourcing the family office CIO role.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – investment sector portal 


The Investment Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.












 

 

 


Please note that the Summit is a closed business event and the number of participants strictly limited.


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



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

National Healthcare CFO Summit Spring 2014: Dennis R. Roemer Interview


Healthcare Delivery in the Future:
The 8 Key Areas CFOs Should Focus on Today











Dennis R. Roemer, a speaker at the marcus evans National Healthcare CFO Summit Spring 2014, on managing care in the current environment.

Interview with: Dennis R. Roemer, Chief Financial Officer, Lancaster General Health


FOR IMMEDIATE RELEASE


“There is a tremendous amount of ambiguity in the healthcare environment today. Providers are trying to figure out how they can possibly maintain their margins, while trying to reduce utilization of their services and get healthcare to people at the right time and place,” says Dennis R. Roemer, Chief Financial Officer, Lancaster General Health. “The mindset has to change. We all have to get more effective at managing care and profiting sufficiently to reinvest back into our business. We do not have a choice but to get into the game of population health management,” he adds.


Roemer is a speaker at the marcus evans National Healthcare CFO Summit Spring 2014, in Palm Beach, Florida, May 18-20.



Prepare for the future. Do not expect this era will dissipate or dissolve like the last time. Fully engage in identifying all the things required to be done, invested in or fixed, to prepare for a future where we are paid more for health management than healthcare delivery. Focus on Information Technology (IT) and electronic health record systems, physician integration, cost reduction, revenue cycle enhancement and physician leadership development.


Engage with payers. Do rigorous financial modeling – with actuarial assistance – in evaluating prospective gain sharing or shared savings arrangements, or risk-sharing relationships, with payers or other infrastructure service providers.


Business Intelligence. Work with your IT leadership to ensure there is a robust Business Intelligence team and claims data analytics to support population health management efforts e.g. identifying high-risk patients, gaps in care, etc.


Change Management. Help build the organizational culture that supports change management and processing of decisions where there is greater ambiguity about potential effects of decisions and investments.


Take a long-term view. Hard as it is, prepare multiple financial models of potential outcomes over the next four to six years under varying assumptions about degree of health management, pricing levels, market share/steerage, payer mix shifts, cost behaviors at increasing or decreasing utilization levels, additional administrative and infrastructure costs, and alternative shared savings and risk-sharing constructs.


Invest. In IT, people and process redesign associated with improving the patient experience, patient access, containment and navigation, and information about the populations we will manage – in tiers (high-risk, potential high-risk, etc.)


Develop win-win relationships. Determine the means (mergers, contractual affiliations, etc.) by which the organization can best achieve the scale necessary to generate greater efficiencies around cost management, and appropriate market leverage for developing win-win relationships with major payers or employers for shared savings or risk-sharing.


Craft a roadmap. Map out a strategy for working with payers over a time horizon that maintains momentum and also has a manageable pace. Trying to do too much too quickly in transitioning from fee-for-service to fee-for-value could be chaotic or leave the organization in a place where deals have been struck but for which the leadership team is ill-prepared to manage and create a successful result. Work closely with the chief strategy officer, chief operating officer and chief population health management officer to craft the roadmap.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the National Healthcare CFO Summit Spring 2014


The 19th National Healthcare CFO Summit is the premium forum bringing senior level finance executives and solution providers together. Taking place at the Eau Palm Beach Resort & Spa, Palm Beach, Florida, May 18-20, 2014, the Summit includes presentations on value-based purchasing, ACO implementation, managed care strategies and driving revenue cycle excellence.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – healthcare sector portal


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-on-one business meetings. For more information, please visit www.marcusevans.com 


                               



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com


 

Tax Officers Summit XVII: Shanna Steed Interview


Tax Professionals as Project Managers:
Advice from The Walt Disney Company Tax Director Shanna Steed











Shanna Steed, a speaker at the marcus evans Tax Officers Summit XVII Spring 2014, lists the project management skills and expertise that Tax Officers need to deliver tax projects.

Interview with: Shanna Steed, Director, Tax Provision, The Walt Disney Company


FOR IMMEDIATE RELEASE


Tax Officers today should develop good project management skills, in order to operate in today’s complex global business environment and enhance the delivery of tax projects, advises Shanna Steed, Director, Tax Provision, The Walt Disney Company. The primary skills required are good communication, organization and tax technical expertise, she adds.


A speaker at the marcus evans Tax Officers Summit XVII Spring 2014 in Palm Beach, Florida, May 15-17, Steed details the project management skills and expertise required of a tax leader.



Communication. Both written and oral communication skills are critical to understanding project scope and stakeholder requirements and then conveying those data points to the project team.


Understand all the parameters around what is requested. Some Tax Leaders are reluctant to have a full discussion with the person making the enquiry. They start the project or calculation based on assumptions and the deliverable does not meet expectations. This can create chaos within the tax department.


Organization. Front load the project. Understand time constraints, staffing needs, milestone and deliverable dates, and agree project components with stakeholders. Tax departments have ongoing regulatory and statutory deliverables. Layering on incremental work will cause stress. Step back, understand what staffing resources are available, match them to availability and skill set or get external resources as necessary.


Tax technical expertise. To achieve the intended result for a particular project, specific expertise may be required on a particular subject matter. Identify, build or acquire needed resources early.


Be agile. The tax function must be agile to handle requests and to move resources and capabilities to current priorities and requirements. Adapting quickly to changes in tax rules, as well as changes in business environment and operations are key to success.


Keep executive summaries simple. A finance professional without a tax technical background should be able to understand the key points without getting lost.


Good documentation. Keep a record of all project issues that arise and how each issue is resolved or mitigated.


Be audit ready. Develop audit-ready project files and documents.
 
Train staff. Continually build skills, so team members are prepared to respond to changes in the environment or company. Change is inevitable, so change management has to be part of the department’s culture. Be proactive in building personal and technical skills, but also have the technology tools to efficiently adapt to those changes.


Align with the business operations. Ensure the tax department has a seat at the table when various business initiatives are being discussed or planned, so that tax considerations are part of the initial discussion and not an afterthought.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the Tax Officers Summit XVII Spring 2014


This unique forum will take place at the PGA National Resort & Spa, Palm Beach Gardens, Florida, May 15-17, 2014. The Summit offers solution providers and tax executives an intimate environment for a focused discussion of key new drivers shaping the future of the tax industry. The Summit includes presentations on corporate tax management, international tax planning, corporate tax reform and transfer pricing policy.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.


                              


Please note that the Summit is a closed business event and the number of participants strictly limited.


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-on-one business meetings. For more information, please visit www.marcusevans.com


All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com