FamilyOffice10x - Risks faced by wealthy families - Wendy Craft, CEO, Elle Single Family Office

Wendy Craft is a family office veteran, she has worked with multiple wealthy families helping them with asset allocation, risk management, tax optimization, governance, risk management & more. Wendy serves as CEO for Elle Family Office, a single family office in Atlanta, GA. The office handles the holdings of the Lazarian family which include real estate, exotic cars and various other investments. Links: ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Wendy Craft on LinkedIn - https://www.linkedin.com/in/wendy-craft-7281176 🎙️ Hosted by Prashant ChoubeyFollow Prashant on LinkedIn - https://www.linkedin.com/in/choubeysahab Follow Prashant on X - https://x.com/ChoubeySahab In this episode we talk about - - Importance of structuring a family offices and different aspects to keep in mind - Different ways of tax optimization utilized by wealthy families - Privacy risks faced by wealthy families - How does political and market environment impact family office strategy - Are wealthy families really happy with their lives? & lots more Timestamps: (00:00) Introduction (03:32) Wendy's personal story and experience with family offices (04:24) Importance of structuring a family office (05:30) Key considerations when establishing a family office (07:13) Different types of family offices (embedded, multi-family, single family) (10:08) Capital allocation and preservation strategy (11:00) Risk management and portfolio construction (14:19) Generational differences in investment approach (17:39) Family office organizational structure and governance (18:13) Family office constitution and mission statement (20:02) Family office trusts and their purposes (22:20) Tax optimization strategies for family offices (26:31) Impact of market conditions and political environment on family office strategies (29:00) Privacy risks and concerns for wealthy families (34:42) Factors contributing to long-lasting family offices across generations (37:52) Venture capital as an asset class from a family office perspective (42:56) How venture capital fund managers should approach family offices (48:09) Risk profiles of direct investments, VC funds, and fund of funds (53:07) Common mistakes made by family offices (55:30) Happiness and challenges of wealthy families For sponsorship or guest appearance requests, write to prashantchoubey3@gmail.com Subscribe to VC10X on Youtube, Spotify, Apple Podcasts.