In the latest episode of Planning Reimagined, Celeste and Kris are joined by Charmaine Tang, President of Orca, to explore the evolving landscape of family offices and the pivotal role of technology in enhancing their efficiency and effectiveness. Charmaine brings her expertise to the table, discussing issues such as succession, transitioning within family offices, and key person risk. They talk about how technology can facilitate a smooth transition to the next generation, mitigating risks and providing equal access to essential information for better decision-making.
They also emphasize the necessity of incorporating technology to professionalize and operationalize family office operations and discuss topics such as the importance of compliance, managing nonbankable assets, and understanding complex ownership structures. The conversation underscores the potential of technological solutions, like Orca ARC, which offers robust tools for managing family office assets and compliance requirements, thus helping family offices navigate the increasingly complex regulatory landscape.
To learn more about Orca, visit: www.withorca.com/en/
To learn more about Robin Glen, visit: RobinGlen.com
To schedule an appt, visit: www.calendly.com/ccmoya
Chapter Summary
00:00 Start
04:19 Key person risk: valuable institutional knowledge at stake
08:40 Older generation differs technologically from younger generation
10:14 Next gen integrating technology in family offices
15:28 Inheritance education is crucial for family planning
17:10 Inheriting confusion, centralized doc depository beneficial
22:38 Entities have properties, family members can participate
24:35 Orca built for vital European tracking laws. Compliance and fines for unreported ownership
27:18 ORCA simplifies ownership and accessibility of documents
31:25 Family offices assess and optimize their tech
34:19 Wealth transfer to new generations, changing leadership
37:53 Positive response to technology for family organization