Louise Kramer
09/01/2005
T.J. Fox who has an MBA from Wharton and is a chartered financial analyst, heads her family office. Her training serves her well in being able to judge potential investments and find the right advice when she needs it.
But this Washington, D.C., mother of two knows all too well how easy it is to make poor choices. The family assets come from a residential real estate company Fox’s grandfather founded in the Philadelphia area. In 1999, he was sidelined by a neurological disorder and sold part of the company. He had taken a relatively small salary for his entire career and suddenly had $10 million in assets. He relied on an investment banker from a firm with a good reputation who was hot on technology stocks—and promptly lost one-third of his wealth, including money in trusts for his grandchildren. “My parents were distraught,” Fox says. In 2003, the family sold the rest of its business and Fox, now in charge, shudders at the thought of another disastrous downturn. With her background, she is confident in her ability to make careful choices. Her family, however, does not share her savvy, and she believes they need it to be able to all “sing from one song sheet” to avoid grudges or misunderstandings because of poor communication. “My sister is completely petrified of the whole thing,” Fox says. “She doesn’t want to manage the money; she wants me to, but she doesn’t even understand the emails I send her.”
After hearing the positive buzz the Wharton-IPI program is generating, Fox is considering enrolling her family. “I’m going to try to sign up every single person in my family—my three siblings, my mother and potentially their spouses—and I will do it with them. Having the education so everyone can communicate on a level playing field will certainly make for smoother sailing,” she says. “I’m partial to Wharton, having gone there. I realize how terrific its financial department is.”
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