Every family has an operating system. Most just don’t design it ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

FEATURED ARTICLE

Does your family office need to register as a portfolio manager? The answer isn’t always clear-cut

Family offices fulfill a number of roles, from enterprise and wealth management, investing and tax matters to governance, philanthropy, and estate and legacy planning. As Canadian business families expand across generations and establish these formal structures, the investment advice that single-family offices provide brings a focus on a special consideration: whether they need to be registered with provincial securities regulators as portfolio managers.

It’s perhaps not as simple as it seems.

“The family office label alone doesn’t answer the registration question,” says Katie Walmsley, president of the Portfolio Management Association of Canada (PMAC), whose members include 320 asset and portfolio managers—family offices among them. “Much depends on whom the office serves and what it is actually doing.”

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Thane Stenner: U.S. equities are in ‘thin air’—and that creates opportunities

I am not in the business of calling market tops. Nobody rings a bell. But part of my job—arguably the most important part—is to tell ultra-high-net-worth families when the risk they are being paid to take has quietly stopped being worth it.

Right now, three independent bodies of evidence are flashing the same signal on U.S. equities: valuations are historically extreme, leverage in the system is at an all-time high, and the people who know their own companies best are selling into this strength at a pace not seen in a generation. Just as importantly, that story is largely a U.S. large-cap story, and I want to explore the pockets of the world where the setup looks more attractive.

This article is Member Content, provided by Stenner Wealth Partners+.

Every family has an operating system. Most just don’t design it

In her monthly column, Elke Rubach, discusses ‘continuity questions’ and outlines why they are as valuable as estate-planning questions

When succession feels stuck, change the choice

‘Readiness can also become confused with resemblance—a successor may approach risk, relationships or growth differently from the founder’

Real estate online panel

As part of our Real Estate Special Report, sponsored by CMI Financial Group, Canadian Family Offices will feature a panel discussion on Thursday, Oct 1 centred on the key real estate sectors and opportunities to watch in the year ahead. We’ll explore investment opportunities, current trends and developments shaping the real estate landscape, as well as their potential impact on family offices and their portfolio strategies.

FROM OUR SPECIAL REPORT ON REAL ESTATE

Inside Canada’s most luxurious real estate markets

Despite broader weakness, trophy homes and other ultra-premium properties continue to attract buyers motivated by lifestyle, legacy and long-term wealth preservation