Dynamics of Running a Family Office For Wealthy Families
Money Tree Investing
Money Tree Investing Podcast
4.6 • 732 Ratings
🗓️ 24 February 2023
⏱️ 54 minutes
🧾️ Download transcript
Summary
Are you worth 500 million or more?
Yup, me too... in Venezuelan Bolivars.
However, if you are worth more than 500 million in US dollars, you might want to consider setting up and running a family office to take care of you vast wealth so you can go about enjoying life.
Managing and running a family office is no picnic. It is a tremendous responsibility.
So this week we interview Ron Diamond about the dynamics of running a family office. You can get a sneak peak into how the other half lives.
Today's Panelists:
- Kirk Chisholm | Innovative Wealth
- Barbara Friedberg | Barbara Friedberg Personal Finance
- Megan Gorman | The Wealth Intersection
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For more information, visit the show notes at https://moneytreepodcast.com/running-a-family-office-ron-diamond
Transcript
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| 0:00.0 | Welcome to the Money Tree Investing Podcast. |
| 0:04.0 | Stock market, wealth, personal finance, value stocks, invest in your life. |
| 0:10.0 | Hello, Smart Money Tree Podcasts listeners. |
| 0:12.0 | Welcome to this week's show. |
| 0:13.0 | My name's Kirk Chisholm and I will be your host. |
| 0:16.0 | So today I'm talking with Ron Diamond. |
| 0:18.0 | How are you doing day, Ron? |
| 0:19.0 | I'm doing terrific, thank you. |
| 0:20.0 | Great. Well, I brought Ron on because there's this trend in family offices going on that I really |
| 0:25.2 | wanted to touch on. And it's something that's not really talked about all that much, but it's |
| 0:28.6 | really important. So, Ron, maybe you can tell us a little bit about your background. |
| 0:32.5 | Graduated Northwestern, worked at Drexel Burnham, thought I was going to be there for 40 years, Drexel imploded, came back to |
| 0:38.7 | Chicago, started a hedge fund, ran it for 10 years, sold it, and started investing. And what we |
| 0:43.4 | currently do is we work with about 100 single family offices, ranging anywhere between 250 million |
| 0:48.4 | to 30 billion, and we invest in the private market. So I kind have acted as a funnel, so private equity, venture capital, real estate credit. Let's start with this. What is a family office? Because there are a lot of |
| 0:57.9 | listeners who may not even know what one is. There's a lot of family offices that can't really |
| 1:01.8 | answer that question. I gave a keynote at Stanford four years ago and I had five billion |
| 1:06.7 | dollar families speaking. And I just asked the question. I said, what was the family office and why |
| 1:11.4 | do you create it? And I had five completely different answers. And nobody was wrong. Nobody was right. |
| 1:16.5 | It's just kind of where we are. So family offices, I mean, there's roughly 17,000 family offices |
| 1:22.0 | throughout the world controlling roughly $10 trillion in capital. And then when you combine that with |
| 1:27.4 | the fact that in |
... |
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