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Rotman's Family Wealth Management Program

Learn the key frameworks for successful wealth management, including how to avoid common mistakes. This program is designed for family members who would like to successfully preserve, grow and transition family wealth.

As a member of the third generation of our family office, this program provided a much needed opportunity to learn and share from other families experiencing similar situations as our family. More importantly, it opened my eyes to a number of issues and processes our family needs to address as well as reaffirmed our instance on regular and well structured inter-generational communication. This is an extremely worthwhile program for any family interested in maintaining family wealth and fostering family engagement.

2015 Program Participant

Overview

The effective management of family wealth is a critical skill set in ensuring the long-term financial success of wealthy families. This program will provide the practical insights and knowledge that families need to oversee the management of their wealth and help each family member to be an excellent leader and/or contributor to the wealth management process. Participants will learn the key building blocks and frameworks for successful wealth management, how to create an integrated wealth management strategy that considers the family's complete financial picture, and how to avoid common catastrophic mistakes.

The program is designed for family members who would like to learn more about the wealth management process and how to successfully preserve, grow, and transition family wealth.

 

Articles

Tom McCullough has written several white papers that may be of interest to participants in Rotman's Family Wealth Management Program:

Control What You Can, Conservatively Estimate the Rest

Creating an effective wealth plan involves managing a wide variety of elements, some of which are controllable (e.g. investment costs) while others are not (e.g. investment returns). This article identifies which elements are controllable and how to plan for the unpredictable elements.

The Critical Role of Expenses in Family Cash Flow Planning

Cash flow projections are an essential tool to plan for the amount of capital required to meet a family’s goals. While there are several inputs that impact cash flow projection results, expenses are by far the most important. To illustrate why, this article explores an example and also examines the impact different expense levels has on a family’s investment portfolio.

Tips for Managing Investment Risk

A family’s investment portfolio plays a critical role in helping them meet their financial goals. Unfortunately, many families take on unnecessary risk which could compromise their financial well-being. This article explores the reasons why investors take on excess risk, and steps to take to avoid these pitfalls.

The program was neither too easy, nor too hard. There were a variety of ways in which one could participate to suit a variety of experiences and skill sets.

2015 Program Participant

Program Details

This program will help participants develop the frameworks, tools and skills to better understand and participate in the family wealth management process.

Topics include: 

  • Goals based wealth management
  • Investment planning and strategic development
  • Asset allocation
  • Portfolio management
  • Security selection
  • Types of family capital
  • Tax and estate planning
  • Insurance, wills and trusts
  • Integrated financial management
  • Family governance and communication
  • Risk identification and management
  • Selection of investment firms and advisors
  • Strategies for the preservation and inter generational transfer of wealth

Key Takeaways

  • Develop a comprehensive wealth management strategy that considers family goals, objectives, values and family circumstances
  • Identify the pitfalls and common mistakes to avoid
  • Select an investment strategy that is realistic, prudent, tax-efficient and actionable given the time and resources you have to commit
  • Learn how to integrate the family business or concentrated family asset into a wealth management strategy
  • Identify the key roles, responsibilities, and opportunities for family members in understanding, supervising, and managing the family assets
  • Better understand how to effectively manage the personal and social benefits and risks of family wealth


This program has been approved for 21 continuing professional development (CPD) hours under Section A of the continuing professional development (CPD) log of the Human Resources Professionals Association (HRPA).

HRPA Seal

The course brought both the emotional and fiscal nature of the family balance sheet into focus. The course addressed human matters with precision and financial issues with heart. Our family has certainly benefited from the experience.

2015 Program Participant

Who Should Attend

This course is for wealth owners only. Family office executives may attend with principal family members but no other financial services professionals may attend. The course is ideal for those:

  • striving to maintain prosperity and a flourishing family through retirement and, for many, across generations.
  • contemplating-or recently experiencing-a significant liquidity event, whether through the sale of a company, inheritance, or other major wealth transition.
  • committed to engaging their families in more productive dialogue about the challenges and opportunities of wealth.
  • seeking added confidence to evaluate and select financial advisors and/or to set strategic direction for a family office.

We have found that multiple members of the same family derive considerable benefit from taking the course together. The program gives them a foundation for continued productive dialogue well into the future.

The course introduced me to a wide variety of professors and participants, all thinking about similar issues. The experience made me question some of my assumptions, while providing a network of people to reach out to as I reshape some of my thinking. The course environment felt both challenging and supportive.

2015 Program Participant

Key Faculty and Wealth Management Leaders

This distinctive Rotman experience will be led by world-class faculty and experts in the area of
wealth management. Sessions will be delivered through a thoughtful pedagogical architecture using
adult learning strategies including class lectures, interactive case work and large and small group
discussions. Some of the most valuable learning in the course takes place in the shared experiences among
classmates and peers. We create a confidential and solicitation-free environment.

Faculty include:

Eric Kirzner holds the John H. Watson Chair in Value Investing and teaches investment finance at the Rotman School of Management. Equitable Trust Director and Audit Committee Chair, A director of the Canada Council for the Arts Investment committee and Healthcare of Ontario Pension Plan’s lead external advisor, Eric designed the Easy Chair Portfolio and co-designed the FPX Indexes. Author/co-author of 13 books on investment finance and over 1,000 articles on security analysis and portfolio management, Eric has written for The Globe and Mail, The Financial Post, Maclean’s Magazine, Investors Digest, The Canadian Investment Review, Benefits Canada, and The Toronto Star.

Tom McCullough is an adjunct professor of finance in the MBA program at the Rotman School of Management and the Chairman and CEO of Northwood Family Office, a leading Canadian multifamily office providing customized, integrated financial advice and counsel to families of significant net worth. He has spent over 30 years in the wealth management/ family office field in leadership and board positions. Tom is a member of the editorial board of the Journal of Wealth Management and is the co-author of the new book Family Wealth Management: 7 Imperatives for Successful Investing in the New World Order.

Michael Lagopoulos is the recently retired Deputy Chairman of Royal Bank of Canada Wealth Management. A Chartered Accountant by profession, he has spent 34 years in the wealth management industry. During his 16 years as CEO of RBC International Wealth Management, he worked with and serviced many of the wealthiest families in Canada and around the world. He is the recipient of two Lifetime Achievement Awards from Private Wealth Management and Family Office Review, two important journals that cover the wealth management industry. Today Mr. Lagopoulos provides private client consulting services to wealthy families and is also a Director on a number of corporate Boards.

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    Dates and FeesMark your calendar

    3-day intensive program

    Dates: TBD

    Rotman School of Management, Toronto, Ontario

    Fee: $6,500 CAD + HST

    Contact UsLearn More

    Sharon Doopan
    Phone: 416.946.0726
    Fax: 416.978.5656
    Email: sharon.doopan@rotman.utoronto.ca

    Executive Programs
    Rotman School of Management
    149 College Street
    Toronto, ON M5T 1P5

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