At a glance
- Scott D. Saslow, principal and founder of One World Investments, a single family office, has taken a similar route while launching the Palo Alto Fire Foundation, a 501(c)(3) seeded with family capital.
- His daughters are helping establish the organization's social media brand and identity and distributing fliers to solicit donations for its early community events.
- For family offices weighing the same structure, the term to write into the governance document is authority.
Rising-generation family members can opt in to Chicago Financial's investment committee as participants with no initial vote, president Josh Kanter said, one way family offices are teaching younger relatives through hands-on roles, FO Pro reported.
Scott D. Saslow, principal and founder of One World Investments, a single family office, has taken a similar route while launching the Palo Alto Fire Foundation, a 501(c)(3) seeded with family capital. His daughters are helping establish the organization's social media brand and identity and distributing fliers to solicit donations for its early community events. Saslow said the nonprofit will support the unmet needs of the Palo Alto Fire Department and contribute to community resilience as climate change increases the chances of a devastating wildfire.
For family offices weighing the same structure, the term to write into the governance document is authority. Kanter's committee seats carry no initial vote, and the report does not say when or whether that changes, so the role is observational until the family sets a different rule. Kanter said Chicago Financial has also run education sessions on financial literacy, estate planning, trusts, taxes, insurance and cybersecurity, and the report notes that focused sessions remain necessary and need to appeal across generations.
Reported by the Governance & Succession desk from FO Pro — The Family Office Professional. Published . Corrections