Fisher’s Family Business Program Presents an Introduction to the Family Office
Through an Interactive Video, the Family Business Program Brings Together Two Experts in the Family Office
Family offices are an increasingly important opportunity for families involved in growing, buying, and selling businesses to stay connected and further their entrepreneurial dreams, but they are frequently misunderstood. Through an interactive video, the Family Business Program at St. John Fisher University is bringing together two experts in the family office for an engaging discussion that will offer a definition of the family office, provide an overview of office types, why a family would consider creating one, and how to get started.
The video—which will be available on Monday, April 14—will feature Matthew Ray, senior managing director for the family office, Fishers Asset Management and Vince Lecce, KeyBank Rochester Market president and Key Private Bank market leader. Dr. Carol Wittmeyer, director of the Family Business Program, will serve as moderator.
A family office, which can be for single or multiple families, is a private organization that manages wealth, investments, and other financial matters for ultra-high-net-worth families. It provides comprehensive financial and wealth management services that go well beyond what typical financial advisors or wealth management firms offer. Family office functions typically include financial and risk management, administrative services, family leadership development, and legacy planning. They employ a team of professionals including investment managers, tax experts, lawyers, and accountants who work exclusively for the family’s benefit; these services are also offered by banks such as Key Private Bank.
“No two families are the same and there are many ways to operationalize family office services to meet the needs of each individual family,” Wittmeyer explained.
Ray and Lecce both have a deep understanding of the benefits of family offices and the Rochester region. For nearly 10 years, Ray has overseen a team that provides a full suite of family office services to a prominent, Forbes Top 250 family in Upstate New York. He has served on a variety of business and non-profit boards.
“By forming a family office, high net worth families can enjoy the individualized attention of trusted professionals who bring their knowledge, skills and experiences to work with those families towards their specific goals for both today and into the future,” Ray said, noting that enterprising families can benefit greatly from learning more about family offices. “As a trusted advisor, the uniqueness and evolution of those goals are what make the role within a family office both challenging and rewarding.”
With more than 25 years in the industry, Lecce oversees the Key Private Bank team in Rochester. They work with high-net-worth families, providing them with comprehensive wealth management and family office services. He also serves on a variety of regional boards.
“We are excited to partner with St. John Fisher’s Family Business Program to share the work that our Key Private Bank team does to help family business owners grow multi-generational wealth,” Lecce said.
Wittmeyer said the video format will make the information more accessible to families throughout the region.
“This is our first Fisher Family Business video. I’m grateful to our liberal arts colleagues Jim Bowman and Cecil Felton and their Cardinal Television student interns for their collaboration and leadership,” she said.
This event is sponsored by Key Private Bank, the Family Business Program’s yearlong Cardinal Sponsor.
To access the video, complete the request form, which also includes an opportunity for individuals to pose a question for the panel. For more information, email cwittmeyer@sjf.edu.