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This week Tom McCullough, Chairman and CEO of Northwood Family Office stops by to talk all things Family Office.Tom is often referred to as the "godfather" of family offices in Canada. He shares his journey from a successful career at Dominion Securities to founding Northwood Family Office, where he has spent over two decades helping families manage their wealth and complex financial needs. The discussion covers the evolution of the family office industry, the importance of building trust with clients, and Tom's insights into intergenerational wealth transfer and the growing complexity of wealth management in today's world.We also are joined by friend-of-the-pod John Ruffolo of Maverix Private Equity to discuss the week's news (including Ripple's recent Fund III announcement)About Tom McCulloughTom McCullough is the Co-Founder, Chairman, and CEO of Northwood Family Office, a Toronto-based multi-family office that serves the comprehensive needs of families with significant wealth. Tom has been a pioneering force in establishing one of Canada's leading independent family offices. Northwood Family Office has been consistently recognized as the top independent family office in Canada by Euromoney in its global private banking survey. Tom is also the co-author of three influential books on wealth management: Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask, Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors, and Family Wealth Management: 7 Imperatives for Successful Investing.Before founding Northwood Family Office in 2002, Tom spent two decades at RBC Dominion Securities, where he held senior executive roles. His experience at RBC, combined with his personal insights into the needs of wealthy families, led him to establish a boutique-style, client-focused family office that provides objective and customized services. Tom's commitment to education and thought leadership in wealth management is evident through his role as an Adjunct Professor of Finance at the University of Toronto's Rotman School of Management, where he teaches an MBA course on the management of private wealth. He is also actively involved with the Ultra High Net Worth Institute, serving on its board and faculty.Tom's contributions to the field have been widely recognized, including being awarded ‘Best Individual Contribution to Thought Leadership in the Wealth Management Industry (North America)' at the 2020 Family Wealth Report Awards. He holds an MBA from York University's Schulich School of Business and certifications such as the Chartered Investment Manager (CIM) and Certified International Wealth Manager (CIWM). In addition to his professional endeavors, Tom is actively involved in philanthropic activities, particularly focusing on poverty alleviation in the developing world.In this episode, we discuss:(00:57) Announcement of the third fund from Ripple Ventures and promotion within the team(02:50) The saga of Bolt and its founder Ryan Breslow(07:00) Stripe's new buyback tender offer and its implications(09:07) Canadian government consultations on the 2024 federal budget(13:00) The U.S. Federal Reserve's upcoming rate decisions and economic impact(17:30) 20VC podcast insights with Aiden Gomez from Cohere—(22:34) The interview with Tom McCullough(23:00) Starting out at Dominion Securities and the early days of his career(24:00) The epiphanies that led him to leave Dominion Securities and start a family office(25:20) The early challenges of the family office business(26:08) What is a family office and how it serves high-net-worth families(28:09) The story behind landing his first client(30:01) The changing landscape of family offices in Canada.(32:31) What sets Northwood Family Office apart from bank-run family offices.(36:00) The most common questions wealthy families ask and how Northwood addresses them(41:19) Balancing professional advice with personal relationships in family office management(43:56) The seven imperatives for successful investing in the new world order(46:50) Teaching and thought leadership in wealth management and family office services(48:45) Practical tools and exercises from Tom's new book, Wealth of Wisdom(52:10) How families can maintain transparency and communication across generations(55:15) The evolving role of family offices in managing global wealth and complexity.(58:00) The impact of technology on wealth management and family offices.(1:04:38) The most rewarding aspects of Tom's career in wealth management.(1:08:02) Advice for those looking to start their own family office or wealth management firm.Fast Favorites:

Tom McCullough is Chairman and CEO of Northwood Family Office, a Toronto-based multi-family office serving the comprehensive needs of families of significant net worth. In this episode, Tom discusses how he supports families during financial and emotional transitions and reveals how he builds trust with families to disclose sensitive information. Tune in as we chat about preparing for the unexpected when it comes to family planning, the inspiration behind Tom's books, and the advice Tom would give a former version of himself.    IN THIS EPISODE:   [02:50] How Tom supports families during financial and emotional transitions. [06:20] Tom speaks about getting people to disclose sensitive information to him as an advisor.  [11:55] Ways to prepare for the unexpected when it comes to family planning.  [17:40] The inspiration behind Tom's book, The Top 50 Questions Wealthy Families Ask [22:15] The advice that Tom would give a former version of himself.    KEY TAKEAWAYS:   Advisors need to know what they are qualified and capable of dealing with. While on the other hand, they also need to know when it's time for a professional referral.  A family office should be objective; that way, it will bring clients into a zone of trust.  Be easier on yourself and others.  Practice more grace.    LINKS MENTIONED:   Website www.northwoodfamilyoffice.com   Books 'Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask' and 'Family Wealth Management: 7 Imperatives for Successful Investing in the New World Order'   The Top 50 Questions Wealthy Families Ask www.wealthofwisdombook.com/podcast/   BIO: Tom McCullough is Chairman and CEO of Northwood Family Office, a Toronto-based multi-family office serving the comprehensive needs of families of significant net worth. He is also the co-author of 'Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask' and 'Family Wealth Management: 7 Imperatives for Successful Investing in the New World Order'.  Tom has spent over 30 years in the wealth management/ family office field, initially in senior executive roles with RBC wealth management. The combination of this background, along with his own family's need for a truly comprehensive, customized and confidential service, led him to found one of Canada's first multi-family offices, dedicated to families looking for objective advice and boutique-style service. Northwood has quickly become one of the leaders in its field and has been consistently recognized as the top independent family office in Canada by Euromoney in its global private banking survey.

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.   All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.   Description Ruth Steverlynck sits down with Jane Flanagan, author of a recent white paper capturing interviews with over 30 former CEOs of family offices to distil key lessons learned that are applicable across all domains of a family enterprise.   Guest bio Jane Flanagan is a Senior Vice President and serves as Director of Family Office Consulting in the Global Family and Private Investment Offices Practice at Northern Trust Corporation in the U.S. She and her team serve some of the world's most prominent families to educate them about their options and support them in finding their best way forward.Jane has been working with and learning from family leaders and family office executives for her entire career. She has interviewed hundreds of families to document best practices in areas such as family communication, strategies to engage rising generations, family office service delivery, compensation, and more.   Before joining Northern Trust, Jane was a Managing Director with Family Office Exchange in Chicago for 26 years.   You can find out more about Jane Flanagan on Northern Trust Corporation and her LinkedIn.   Key Takeaways [0:26] Ruth Steverlynck, the host, introduces and welcomes Jane Flanagan. The subject for this episode is a Northern Trust whitepaper Jane has released, “Succession Stories: Lessons learned from former family office CEOs.”   [2:11] Ruth has shared the whitepaper with a couple of family office CEOs. One said it was one of the best papers they had ever read in the family office space! Today's episode is important for the family office community.   [3:30] Jane learned from Northern Trusts' 2020 Family Office Benchmarking Survey that nearly two-thirds of the participants said they would soon experience a succession in the family, family office, operating business, or within the trustees. Jane searched for resources to help these leaders to prepare but didn't find anything written.   [4:20] Jane reached out to former family office CEOs to see if they would share their succession stories. Everyone said, Yes! The paper is a result of the generosity of 32 former family office CEOs whom she interviewed. Most of the former CEOs Jane interviewed were non-family member professionals; a few were family member family office CEOs.   [5:17] The intention of the whitepaper is to share lessons learned and advice from CEOs who had lived through a succession. Succession is a normal part of every family's experience but it's scary to think of life without that trusted person. Many people put off the succession conversation; this paper provides a way to start that conversation.   [6:22] Ruth is struck by the usability of the whitepaper. It's easy to read!   [6:59] As Jane interviewed the former CEOs she learned that succession changes the way you see things, especially those of the next generation. One CEO may be replaced by multiple people. It's more than talent.   [9:44] How does a family manage the emotional aspect of a family office CEO succession? “Letting go” is the big challenge. A CEO needs to let go of the office and help the family let go of the CEO. The CEO must take the time to plan for what's next for themselves, for the board, the staff, and the family.   [12:54] The thing CEOs said that made the biggest difference in succession planning was being aware that the departing leader sets the tone for the entire process. CEOs need to show confidence in the team, in the family's readiness to navigate the transition, and in the future, combined with transparent communication about the plan for the succession process.   [13:44] Framing the process from the beginning, acknowledging that it can be bumpy and require a little bit of extra patience from everyone, helps manage the family's expectations. Jane cites Life Is in the Transitions, by Bruce Feiler, which explores three phases of transitions. It's helpful to have a transparent communication plan to think through the timing.   [16:59] Jane describes how a family office relates to a family business and believes that family office succession principles apply equally to family businesses.   [17:51] As an advisor, be ready to welcome the CEO successor with open arms. New leaders bring a fresh perspective and are always looking for ways to add value, especially in their first 90 days or six months.   [19:03] The mandate and role of the successor CEO may be very different from those of the incumbent CEO, due to how the family and the business have grown and changed. Of the CEOs interviewed, 58% of them said at the same time there was a generational transition. Successor CEOs may need different skills. The family chooses the successor CEO.   [22:08] Jane says we could study this topic for the rest of our lives and never finish! More study is needed on successor CEOs and Trustees. There is a lot of work being done now on preparing the next generation to lead.   [24:10] Jane comments on the succession of knowledge, information, and relationships. The CEOs interviewed said they should have taken more time to prepare and done more to communicate with people sooner; you can never start too soon.   [25:49] For additional study, Jane suggests the links page at the back of the whitepaper (see link below). One book she particularly recommends is Designing Your Life: How to Build a Well-Lived, Joyful Life, by Bill Burnett and Dave Evans. It's a good book for anyone from a college graduate to a transitioning CEO.   [27:23] Jane's advice from an advisor to other advisors and her two book recommendations!   [30:38] Ruth thanks Jane for joining us and sharing these nuggets from her research!   If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts, or any other podcast app. Please remember to share this episode with family, friends, and colleagues.Share your thoughts with us at fea@familyenterprise.ca   Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada. “Succession Stories: Lessons learned from former family office CEOs” Life Is in the Transitions: Mastering Change at Any Age, by Bruce FeilerDesigning Your Life: How to Build a Well-Lived, Joyful Life, by Bill Burnett and Dave Evans Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask, by Tom McCullough and Keith Whitaker   More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Tom McCullough is Chairman and CEO of Northwood Family Office, a Toronto-based multi-family office serving the comprehensive needs of families of significant net worth. In this episode, Tom discusses how he supports families during financial and emotional transitions and reveals how he builds trust with families to disclose sensitive information. Tune in as we chat about preparing for the unexpected when it comes to family planning, the inspiration behind Tom's books, and the advice Tom would give a former version of himself.    IN THIS EPISODE:   [02:50] How Tom supports families during financial and emotional transitions. [06:20] Tom speaks about getting people to disclose sensitive information to him as an advisor.  [11:55] Ways to prepare for the unexpected when it comes to family planning.  [17:40] The inspiration behind Tom's book, The Top 50 Questions Wealthy Families Ask [22:15] The advice that Tom would give a former version of himself.    KEY TAKEAWAYS:   Advisors need to know what they are qualified and capable of dealing with. While on the other hand, they also need to know when it's time for a professional referral.  A family office should be objective; that way, it will bring clients into a zone of trust.  Be easier on yourself and others.  Practice more grace.    LINKS MENTIONED:   Website www.northwoodfamilyoffice.com   Books 'Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask' and 'Family Wealth Management: 7 Imperatives for Successful Investing in the New World Order'   The Top 50 Questions Wealthy Families Ask www.wealthofwisdombook.com/podcast/ https://oconnorpg.com/podcasts/supporting-clients-through-life-transitions-with-tom-mccullough  BIO:   Tom McCullough is Chairman and CEO of Northwood Family Office, a Toronto-based multi-family office serving the comprehensive needs of families of significant net worth. He is also the co-author of 'Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask' and 'Family Wealth Management: 7 Imperatives for Successful Investing in the New World Order'.  Tom has spent over 30 years in the wealth management/ family office field, initially in senior executive roles with RBC wealth management. The combination of this background, along with his own family's need for a truly comprehensive, customized and confidential service, led him to found one of Canada's first multi-family offices, dedicated to families looking for objective advice and boutique-style service. Northwood has quickly become one of the leaders in its field and has been consistently recognized as the top independent family office in Canada by Euromoney in its global private banking survey. Tom is a frequent speaker on wealth management and family issues. He is an Adjunct Professor of Finance at the University of Toronto's Rotman School of Management where he teaches ‘The Management of Private Wealth' in the MBA program. He is also an Entrepreneur-in-Residence at Western University's Ivey School of Business. Tom is a member of the Editorial Board of the Journal of Wealth Management and holds a certificate in Family Business Advising from the Family Firm Institute.

Tom McCullough shares on The book Wealth of Wisdom. Exploring some of the 50 questions that wealthy people ask. About: Tom McCullough is Chairman and CEO of Northwood Family Office, the leading Canadian multi-family office, which provides 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. Tom is Adjunct Professor of finance in the MBA program at the Rotman School of Management, a member of the editorial board of the Journal of Wealth Management, and is co-author of two books, Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask (Wiley, 2018), and Family Wealth Management: 7 Imperatives for Successful Investing in the New World Order (Wiley, 2013). Northwood is a founding member of the Wigmore Association, an international alliance of independent family offices.

On BIV Today... How do families build and maintain wealth? Tom McCullough brings 35 years of experience to family wealth management and is the co-author of Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask. He has much to say about developing the family culture to succeed with money. He is in conversation with Kirk LaPointe, BIV's editor-in-chief. See more at https://biv.com/.

Flourishing Families: The Challenges and Opportunities of Family Wealth With Alasdair Halliday Research confirms the challenges that affluent families face in preserving family unity and wealth down through the generations. In this discussion, participants will explore the important decisions individuals and families must make about wealth, family, and philanthropy, and the principles that support family flourishing. Mr. Halliday will share insights from the science and literature on family systems and from his discussions with individuals and couples in the Harvard community and beyond, and will encourage attendees to share their own experience and insights with the group. As Harvard’s philanthropic advisor, Alasdair Halliday assists individuals and families with issues at the intersection of family and wealth. A frequent speaker on these issues, he has trained extensively in family systems theory and worked closely with Charles Collier, a pioneer in the field. Together with Anne McClintock, Mr. Halliday cowrote a chapter entitled “How Can You Encourage Generosity in Your Family?” for the book Wealth of Wisdom: The Top 50 Questions Families Ask, published in 2018. Mr. Halliday is also a charitable tax planning specialist. Before joining the Harvard staff in 2004, Mr. Halliday was at Monitor Company, consulting to Fortune 500 clients on strategy and finance and working in Monitor’s Asset Management Group. He holds a degree in economics from Harvard College.

Tom McCullough is Chairman and CEO of Northwood Family Office. He has spent over 35 years in the wealth management/family office field, initially in senior executive roles with RBC Wealth Management. The combination of this background, along with his own family’s desire for a truly ‘comprehensive, customized and confidential’ service, led him on a search for a multi-family office. While multi-family offices are well-developed in the U.S. and growing rapidly as wealthy families seek out objective advice and boutique-style service, they were virtually non-existent in Canada. In 2003, this led Tom to start Northwood Family Office with partner Scott Hayman. Northwood Family Office has quickly become one of the leaders in its field and has consistently been recognized as the ‘#1 independent family office in Canada’ by Euromoney in its global private banking survey. Tom is a frequent speaker on issues relevant to families of wealth and is the co-author of Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask and Family Wealth Management: 7 Imperatives for Successful Investing in the New World Order. He is an Adjunct Professor and Executive-in-Residence at the University of Toronto’s Rotman School of Management MBA program where he teaches ‘The Management of Private Wealth’, and is a faculty member in Rotman’s Family Wealth Management program for families of wealth. He is an Entrepreneur-in-Residence at Western University’s Ivey School of Business and a member of the Editorial Board of the Journal of Wealth Management. He is also a Fellow of the Family Firm Institute (FFI) and holds an Advanced Certificate in Family Business Advising from FFI. Tom holds an MBA from the Schulich School of Business at York University, as well as the CIM (Chartered Investment Manager) and CIWM (Certified International Wealth Manager) designations, and is a registered Portfolio Manager. He is married, has two adult children and is actively involved in a wide range of philanthropic and community activities, most notably education and poverty alleviation in the developing world. Tom also serves on the board of The Bentway Conservancy, a new 1.75 km urban public park and performance space underneath Toronto’s Gardiner Expressway.

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family enterprise Advisors in strengthening their clients.   This episode explores the book Wealth of Wisdom: The TOP 50 Questions That Wealthy Families Ask. Your host Ruth Steverlynck is joined by Tom McCullough, Principal and co-Founder of Northwood Family Office as well as co-author of Wealth of Wisdom.   Key Takeaways [:16] Ruth introduces Tom McCullough and asks him to share a bit about himself. [1:58] Tom talks about where the idea for the book come from. [3:42] Of all the questions that could be asked, how did Tom whittle it down to 50? [5:15] Tom shares the questions he found most interesting through this process. [6:20] wealthofwisdombook.com [6:52] What are the best practices that came from the experts Tom consulted for the book? Two things stood out for him: on values and parenting. [11:54] This book can be used by advisors as a resource to get more knowledgeable on technical aspects they may not already have in their background, legal, practical or otherwise, as well as a starting point to dig deeper into some aspects. [13:57] On the Prince Charles syndrome, the fact that you can contact the book’s experts, and Tom’s favorite part: the end-of-chapter questions. [16:58] Even after 35 years of work, Tom was surprised at the amount of cooperation he got from the world experts he reached out to. [18:58] Tom on the many communication styles he got to see while preparing the book from very discreet to very blunt and the way it complements the many learning styles. [20:51] The surprising way the first and last chapter bookended. [23:07] Tom’s advice for advisors: ask questions, what are the five whys. [27:02] Ruth asks if there are any ideas for another book by Tom as well as any reading suggestion he may have for our listeners. [30:22] Ruth thanks Tom for his time and experience and invites listeners to subscribe and tune in for the next episodes.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange Book: Wealth of Wisdom: The TOP 50 Questions Wealthy Families Ask co-authored by Tom McCullough Northwood Family Office Book: The Investment Think Tank: Theory, Strategy, and Practice for Advisors by Harold Evensky Keith Whitaker Wigmore Association Charles Collier Christine Lagarde Book: Complete Family Wealth, by James E. Hughes, Susan E. Massenzio, and Keith Whitaker Book: Made to Stick: Why Some Ideas Survive and Others Die, by Chip Heath and Dan Heath   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube FEX on Instagram   More about our guest Tom McCullough’s bio on Northwood Family Office tm@northwoodfamilyoffice.com Tom McCullough at the Rotman School of Management, University of Toronto

On BIV Today... How do families build and maintain wealth? Tom McCullough brings 35 years of experience to family wealth management and is the co-author of Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask. He has much to say about developing the family culture to succeed with money. He is in conversation with Kirk LaPointe, BIV's editor-in-chief. See more at https://biv.com/.