Humanitarian Resources
Remmer Ryzewic and her family faced a complicated series of emotional and interaction issues, a challenge for even an experienced advisor. But for families that want to focus on less menacing areas, finding the right manager can be more straightforward. This is particularly true of philanthropy. In these cases, board or staff members of charities can prove resourceful family office managers. Wasserman recalls a family in which the second generation was about to hand control of the family business to the next generation. Simultaneously, members of the family’s three branches were considering going their separate ways. They called in a consultant to help them decide on the best course of action. Because the family had long been involved in a wide range of charities, from local organizations to international groups, they concluded that the family office should focus on these activities first and foremost. The relatives replaced their family office CEO, a finance specialist, with someone who had run a large governmental agency and had sat on the boards of several charities focusing on areas that piqued the family’s interest. In addition to the family office, the new hire headed the family foundation.