I would say that if one's concerned about the fees, a lot of SFOs balance the fees where they hire
the top-notch people for the strategies, the $2,000 an hour lawyers for the strategies,
and then more of a mid-range to manage the projects as they go on year to year.
So you don't need to pay $2,000 an hour for every single part of the project,
for every email, every phone call. Absolutely. We don't have that much time, but I want to get this
one question. I want to start with Elodie. Most family offices have a strict lane where they made
their wealth, right? And they tend to stick to that lane.
So if someone made money in real estate, they're going to invest primarily in real estate or
private credit or agriculture, whatever it is. But what happens since you work with so many family
offices? What happens when you have something when you're too rigid? and you're missing out on
generational opportunities. There's family offices that probably, they looked at deals like OpenAI
in the beginning, or Anthropic, something like that, where it's absolutely moonshot,
massive generational returns. How does a family office look at things like,
you know what, we're going to stay in our lane, but how do they get out of that group thing, so to
speak, of not missing opportunities like this? Love your input on this. I love this question
because it links, in my opinion, to the role of the next generation. For example,
the Swiss family I represent, they date back from the 16th century. They have a family constitution
that's kept in the Vatican, so they can talk about constitution and about transgenerational wealth.
And what built the resilience of the family is really relying on the next generation to be...
an engine for innovation and to really get them involved to to get them involved first and and and
really be a two-side learning journey it's not just you know the founders the the the fathers or
the the older generation who can teach the next gen but it's also the next gen who has this role of
bringing innovation bringing their own perspective on new sectors where the family initially was
not maybe really involved in. So I think that that's really an opportunity.
And it can be done only if, again, there's the right foundation to do it.
Because if you have a family office that's not professionalized enough, if you don't have the right
governance, the right processes in place, You are functioning basically as we as a family like
usually that decides and that's it And that's not enough in the frame of a family office.
You have to have procedures and processes and opportunities for Everyone to really express
themselves and bring this innovation for these opportunities and this openness to the world One
thing I will say because I know we're finishing up here is Any sponsors in this room, you have to
understand something that I made a mistake in my first three months. Talking to other families,
I figured they're intelligent, they're successful, they know everything. Well, the reality is they
spent the last 40 years in chemicals. They don't understand real estate and hedge funds and private
equity, right? And there's different creations for that. So a lot of that is, one, do I trust the
person? It goes back to trust again, right? Because if I trust somebody, I'm willing to do
something with them. And then also other families and get their take on it.
Because the first thing I was told for every family I worked for was I had three responsibilities.
Don't lose money. Don't lose money. Don't lose money. That's the key. I know we're out of time,
but I'd like to get at least possibly one question from the audience. Of course, I had a different
situation. Ours was don't lose money, but 10x the money. That's why sometimes it's hard.
That's a better one. Thank you very much. Fantastic panel. Thanks. Thanks. A round of applause for
our panelists. Hi, I'm Richard C. Wilson. Our community has closed over $1 billion of transactions.
We have over 16 million registered members across 100 plus LinkedIn groups.
And I own billionaires.com and run Family Office Club. Over 19 years, we've hosted 300 live
events. I've built 50 of our own AI tools. And between the billionaires I've interviewed...
Distant to millionaires who have spoken on stage and over a thousand decamillionaires who have
presented, we've found there's three things that really can build your wealth. Proximity, super
intelligence, and scale. That's exactly what we provide at Family Office Club. We host 30 events a
year, including five large summits for wealthy founders and investors. dozens of workshops and
masterminds, including 12 artificial intelligence laptops out implementation workshops.
So you leave with AI implemented. To learn more, please go to familyoffices.com.
And I look forward to personally meeting you at our next live event.