FOX Tech Showcase - Trusted Family Platform - June 2023

0:03 foreign just give it another minute and then I will open up the weight room and oh nice right now depending the weight room so it's great Spotlight you

0:59 all right I'm gonna open up the weight room and then that you can get us started we'll stay start to come in right I think everybody is in so welcome everyone to day three of the Fox Tech showcase I I appreciate you attending this morning session and I hope everyone has had a great time last three days uh

1:29 visiting with you know all of our um very unique very special uh Partners within within the tech partnership program um again welcome today um very pleased and privileged to have a trusted family here as one of the uh our very unique uh Tech Resource Partners um you know the same format as you've been going through with all the other ones if you have any questions please feel free to put them in the chat

2:00 um I will share those at the end with trusted family you know we'll leave about five or ten minutes um and we'll yeah we'll take it from there so I'll let Edward um kind of introduce everybody a little bit about himself and then take it from there and then we'll get back together in the last 10 minutes or so for questions excellent thank you Matt for the intro hello everyone my name is Edward Deaton I'm from Belgium originally

2:26 um I'm actually calling in from London today where I've been living for the last five years and before London I was living in New York for the last five years um yeah so a quick background um I actually come from a family office and family business myself and trusted family which started as a project for my own family office over 15 years ago I learned coding when I was young and when I sort of joined or better understood

2:51 sort of what my family was doing I came up with this idea to build a governance system to manage the complexity or the decisions all the communications all the imported meetings and other important documents kind of right I did it with a friend from another Belgian family but very quickly other families in Belgium heard about it and then in France and then we're like hey well maybe if we had the problem you know other family offices may also have the problem so we

3:18 ended up raising 1 5 million euro I moved to New York and you know we really turned this idea and project in into a business and you know right now um you know we've been in the space for 15 years we work with 171 different family accesses uh over 55 of them or in North America 40 in Europe 10 in Latin America Middle East and Asia uh we're a team of 28 people uh spread around the world

3:49 um and yeah it's just been a really fun uh Journey so maybe I can ask my colleagues Katie and Rebecca on the line as well to to briefly introduce themselves perhaps Katie yes hi everyone thank you for joining our session today um I'm Katie Darnell I'm based in Knoxville Tennessee um and I've been with trusted family a little over two and a half years now um I do business development on the East Coast for the US and Canada and I'm also

4:17 from a family business my family's fifth generation now we're in uh frozen vegetables uh hi I am Rebecca zabel I have been with trusted family for just over a year now I think and I am based out of Sioux Falls South Dakota um I work with business development in the western half of the United States so kind of all over a little bit as well but um and before this I was involved with a regional Association for family

4:48 businesses all right so excellent help you both are on the line as well um yeah and so let me perhaps start before going to the fun part which is obviously the demo by sort of sharing with the story and it's actually very exciting for us to partner with Fox uh this year because we've secretly been rebuilding our entire platform from scratch over the last two years uh it started sort of as a workshop we run two

5:18 years ago where we after set the question if we're starting trusted family today what would it look like because obviously you know the way family offices operate today is quite different than 15 years ago but also the way technology has moved over the last 15 years and it is also quite um different um and so what I'm going to show you today is actually the result of sort of very hard work of the last two years to

5:44 try and reinvent and disrupt the entire company kind of right so it's been yeah really exciting we also feel that kovid really accelerated the digital transformation of a lot of families and because suddenly there was no other choice and so certain families that still had you know somewhat old-school uh ways of working you know for them now it's just normal to operate uh digitally and I think one of the biggest challenges that families face is that

6:16 they don't operate on the same I.T system kind of right so typically you'll have a family office you know with a certain number of Staff members they will be you know either Google or you know Microsoft you know typically and it's great if you work in the family office right but then you're gonna get external family members that are on Gmail or Hotmail then you're gonna get some you know Auditors trustees accountants lawyers investment professions Etc who are all on different

6:45 I.T environments and so I think that's always the problem is like how do you share information how do you make decisions how do you keep everyone informed if you are on different I.T systems and a lot of people still use email for a lot of really sensitive stuff but I think the problem of email is like if I send an email to 10 people with one document well that document is now copied in 10 different places I have

7:10 no clue if people have read it I have no clue if it's you know being forwarded left or right and so you know from a security and compliance perspective you know there's a whole bunch of issues with that kind of right so what we've tried to create is basically sort of a central place for family office and all their stakeholders to connect and access really critically in information kind of right um well so I think I already shared the

7:37 the story of the company um there's a lot of innovation in the space right now and and the governance space and the wealth Tech space are of booming but you know it's been a fun journey to like you know being in the business for for 15 years I you know we always joke you know once you've seen one family office you've seen one family office I think now we've seen 170 of them from a tech perspective and there's

8:01 not that many Tech providers that have 170 different single family of this sort of you know client relationships and so it's really been interesting to see you know some of the common threads that that we've identified across our clients kind of like um all right and so yeah really cool client base uh Global team and obviously you know quite a bit of usage on the platform a lot of meetings document management sessions and and users I

8:30 think we have over a million sessions um over over the last 12 months and this actually shows you the evolution of our platforms on the top left you will see the initial platform that we launched 15 years ago it was very old school it looked like a family tree or wood you know we had references to the concept of of trees um well and it worked but obviously we've been sort of evolving and disrupting ourselves over you know the

8:57 last 15 years and I think our new launch now is is the biggest that we have done because the first time that we really rebuilt everything from scratch were some of the other uh Innovations were more sort of graduate Innovations kind of right um but what I suggest let's go to the fun part um and share a little demo can you now see my screen and the Wayne family office wow so this is the demo platform

9:30 um let's imagine that you know we have a second or third generation family uh that's called the Wayne family they have a family office and then they have you know different entity setups and instructors right and so whenever a family comes to us the first thing that we've built is a system to be able to reproduce their governance structures their committees their different entities Etc kind of right and so you know most families you know they'll have

9:55 information for their shareholders or beneficiaries they have an internal team working for the family office they have a wider family including spouses and and you know next Generation members and and younger kids um more and more families now also have a family Council as a separate governance structure um certain of our families they still have one or sometimes multiple operating businesses and each of these businesses also have a board and on the board you have family members but you often also

10:25 have external independent advisors and directors and obviously a lot of family foundations as well investment committees and you know obviously a lot of trust and and sort of ownership structures entities or private trust companies kind of right and so when you think about it even if you're sort of a second third generation family with 5 10 50 members you're quite quickly going to be surrounded by you know 5 10 15 other advisors right everyone sits on

10:53 different I.T environments it's always complicated to like know where the information is where's access to what and where where the latest version of of something is kind of right so basically here you can set up all these new spaces very quickly adding a new space is honestly super easy um you add the space you can redirect them and then let's say your family still has operating business then you'll have you know likely a shareholder space um and so once you're in the shareholder

11:23 space you can manage your permissions right so you can say you know who are all the shareholders add new members Etc and then you can activate modules or apps within the shareholder space right so you probably want to be able to organize meetings probably you want to be able to share files you probably want a database of all your shareholders you probably want some you know news and announcements and obviously we're sort of building more and more apps as the

11:50 new platform that yours kind of like we have very granular permissions so in every space you can also Define actually who can create meetings can everyone start a meeting for the shareholders um is it only specific you know members that work in the family office or you know that have sort of a an important role etc etc again right um so once these permissions are set up basically I have a feed with all the sort of recent activity and

12:16 things that are being shared with the shareholders kind of right and so I can see here that's you know there was a shareholder meeting in May and that the votes uh you know of the shareholder meeting was organized to through the platform and there's a shareholder agreement here that's that's been made available on the platform Etc and then here I can create shortcuts for to important information kind of right so you know a lot of our clients they'll

12:40 have sort of a monthly corporate reporting on the performance of the business or quarterly they'll have some Financial overviews so that you know irrespective who the family is whether they're active or a bit more remote from the business they have access to the to all the information right and then there's a meeting management system um you know where you can organize your upcoming shareholder meetings have access to all the recent shareholder meetings and all the minutes of these

13:06 shareholder meetings and then a lot of our clients also create sort of a private shareholder relations website with analyst reports about The sector under reports on the business articles written in the Press Monty kpis meeting minutes these types of things kind of right and right so this is a quick example you can also build the database of all your shareholders and so here you could then track okay well this person owns 100 number of shares what type of

13:35 shareholding when did that person become a shareholder and then you can add uh you know other types of structured information on your members kind of right and very easily create different types of fields to be able to track and maintain data uh so this is just an example of how it would apply to sort of a shareholder space kind of right but you know in shareholders it's mostly sort of top down right like maybe one or

14:00 two people from the company be the chair or maybe the corporate secretary or the CFO they will be the ones with the information and they use the platform to share and inform all their stakeholders right um obviously one of our key features is sort of committee and board management you know most families you know they'll have shared decision making right they'll have a board they'll have an investment committee they'll have you know trustees and you know all these

14:28 groups of people come together they need they make decisions and you know to make these decisions they need to have access to all the latest information to be able to make good decisions when they make a decision the decision has to be sort of recorded and archived in a central place Etc kind of right um wow so let's say I go into a meeting and let's take the next upcoming board meeting basically every meeting on the

14:53 platform can get a page with a meeting pack so you can add an agenda you could add a deal room or a potential acquisition of a certain company or you know did room to review a certain proposed investment for your investment committee um there might be other types of readings then you can post minutes from previous board meetings you can also sign minutes through the platform and then here you know we have built sort of a mini Survey Monkey where you

15:20 can create forms so it could be a registration form it could be a voting form it could be an evaluation form uh where very quickly you can get feedback and so there we're also building templates so instead of having every time you know to come up with your own templates here you can basically access um you know uh sort of a a mini App Store with templates that we're building for all our clients you can also build

15:45 your own template so that you can reuse them on a regular basis and then we're also partnering with Professional Services firms and sort of experts from the family office and family business space that can then build templates on top of our platform kind of right and so here very easily you can just use a certain templates it's going to pre-fill all the questions and obviously you win a lot of time if you want to run a

16:09 certain project kind of right so this is a very new feature and so now obviously we're you know building the template it's on top of this system but yeah we think it's pretty exciting and could really scale and and make the lives of a lot of people a lot easier kind of right so I'm back to my meeting there's also sort of a online text editor where you can you know take your notes minutes and then we created a to-do manager so

16:36 instead of having PDFs and then you know you make decisions but then often like you meet one month later or three months later and the things you said you would do you know have not been done here we've built sort of this to-do manager where it's a lot easier to hold people accountable kind of right because again it's not people you see every day right the family members they're not in the office then you have external advisors

16:58 how do you make sure you keep track on deadlines keep track on certain action points and that sort of you know things actually get implemented again right and um then we also launched a chat system what we realized was you know like sometimes there's important information that you need to coordinate with other members and you know before people would create like a WhatsApp group or maybe a iMessage group but you know again it's

17:28 not really archives it's not super compliant and so now we have this simple system here and we also actually built a native mobile app that I'll show you later where you know very easily you know I can have a chat with my colleagues and you know interact um and then they get notified kind of right um you know do you have the latest performance reports closing uh in May and so very easily it's you know easy to

18:00 drive people back in and to have conversations with other members of a board or a community and yeah I think something that's also important is logging so we've built actually a full logging capability um I think now in a lot of countries around the world you need to be able to prove that a certain board meeting took place and or that a certain trustee meeting took place kind of right and so you know having a record of like who had

18:30 access to which information when uh is actually super important right and so the benefit of having a platform like this is that we know for every document for every meeting for every survey who connected when or who viewed what document Etc and so you know we built that sort of full log logging and audit Trail or over time kind of right so let's say I go into the family office more you know the type of things that are you know

18:57 managed there you can have different functions within the office kind of right estate planning you know real estate philanthropy Property Management again depending on sort of how your family office is structured but I think they are one of the most requested features was actually signatures right like often you need to get sort of approvals from principals or family members and the debate is always you know how do you get these approvals and signatures very quickly kind of here so

19:24 I mean this is just an example document but basically we've embedded um a sort of secure signing solution right into the product kind of right so you don't need to like use external systems and have pretty sensitive documents copied left and right you can just you know do it here and so you know basically any PDF document you can request signatures and then it's super easy you can just say hey who needs to sign this document in this case it's KT

19:54 and myself and then certain Fields get added so for now I'm just going to use the signatures field of KT here and my signature here but I could add initials text inputs signing dates I mean it's it's it's it's pretty powerful kind of right once I'm ready with my signature request I can sign hey you know Please assign this form ASAP and then now I'm getting a push notification on my phone and Katie is getting a push notification on your

20:24 phone um because you know family members they are often on the Move kind of right they're not always behind a computer behind the desk and so how do you get them to approve and sign things quickly kind of right and so here I can just open the app on my phone and get access to all the information and sign this right so I'm just gonna do it very quickly here I'll sign I'm I'll type my signature and basically uh go through

20:51 with it and then you know I I can use a certain certificate or create a new certificate depending on how you want sort of you know the the signature to be valid as well and electronically signed kind of right so that was a quick demo and then Katie can sign on her end as well um in other features um obviously a lot of our clients also use us for more like family topics you know as the family gets bigger and grows

21:21 you know a lot of families try and work on like family history projects or next-gen events and meetings or you know just archiving all the photos from family meetings weddings and I think finally education is also a Hot Topic where certain of our clients build sort of educational programs on top of our platform right where you know all the presentations all the video recordings of certain sessions are made available here so that over time you build that

21:47 repository of educational information kind of right and yeah a another feature that you know we've gotten good feedback in the US for is votes so every user wants to register into the system you get assigned one private form just for yourself and then here we can also create what we call a shared vote uh where I can basically add you know maybe siblings that are beneficiary of a certain account or a certain trust and then you know link

22:19 them together to be able to receive documents securely kind of right because you know in most family offices there's tax documents that need to be signed or that need to be sent there's you know monthly or quarterly wealth statements and other types of sensitive information kind of right so if you're sort of in the family office and you want to be able to push certain information you could say okay I'm gonna send you know the wealth statements

22:45 for each one for example and then I'm just you know record the date here um and so here um for example you know so we don't do reporting ourselves in a house but you know we have good contacts with a lot of other companies in the space um so Maestro for example who's another partner here uh of fox for for the tech showcase uh sent us a few examples report uh that I can then just very

23:12 quickly drag and drop that would be generated by whatever sort of reporting or consolidation software you're using and then here the reports get added and then Super quickly I can assign it to one specific member and say okay this document goes to Edward this documents goes to KT and I can also add security features where like if it's really sensitive stuff you can add watermarking also prevent the download of a specific document kind of right um well so this makes it really easy to

23:43 base basically send by security very very quickly to a large number of recipients kind of right also building automations so we've we've been building a feature um which we call Auto assign so you know now with certain sort of algorithms you can actually read some of these PDFs and recognize the name of someone or you know you can assign a unique ID to every user on the platform and so there you know basically we would import sometimes

24:13 hundreds of documents and then automatically put them into the correct plots kind of right to again win in time and in efficiency right and so here I can then just click on distribute um your wealth statements are online let me know if any questions can replied a black little table here so I'm now I'm Distributing this so again I'm getting a push notification it is getting a push notification and so if I go to my

24:44 private vote here I also have access to a few trust related votes but if I go to my private vote I see here that you know the distribution has arrived and if I want to be able to review that specific report I can open the report and I see you know the evolution of my portfolio and my net worth uh you can see the watermarking feature on top so again for security you know it it it it you know

25:09 it makes sure that the information stays into the system and that people don't really export it and then every user has sort of a private note system where when I look at the document you know things are probably happening in my head kind of right and so I'll take a few notes hey topics to discuss topics to discussed with my relationship manager and then I'll add you know uh you know why did Stock A

25:41 you know uh gain 50 I don't know kind of right uh etc etc right so every user can sort of review that information note their thoughts here and so these thoughts remain structured and available sort of in the platform but just for them can you right so next time they meet with their relationship manager they can take our iPad app open open up the system review the report together with the advisor and you know have access to all the relevant information

26:08 uh that you know they were thinking of kind of right um voila so here every user then gets a sort of an overview with all the meetings from all the different spaces that I belong to because again sort of the permissions are built into a way that you know if I'm not a board member I don't even see the board space here on my screen kind of right and so we needed to have sort of a simple overview for

26:35 people to have access to everything that's relevant for them kind of right same for to-do's if I want to see all the to-do's from all the meetings or all the spaces that have been assigned to me I can come here and see everything that's sort of you know allocated to me Kindle right and then I get a home page with basically a feed of everything that's happening between all the different spaces and then we also have a

26:59 notifications tab where basically I see you know every time I've been invited to a meeting every time you know my signature was requested and so you know we log all these things as well and finally a few other cool features um so if you're the administrator of the platform um you can manage the theming so if you want to change the colors the logo or customize the platform for the needs of sort of your own family and the culture

27:29 of your own family you can do that here very very quickly you don't need to go through a designer or anything we've provided a lot of different templates uh in in the system uh we have that Central logging and then some security settings and then every user themselves they will also have their personal settings kind of right um so um for security I can set up two-factor authentication so instead of just logging in with email or password

28:00 um we have sort of our authenticator app or you can also authentify with a text message and so here it's basically going to ask me for a unique code on my phone every time I connect to the platform from a new device it's a bit like what online banks do kind of right um the platform itself is also multilingual um again that it might be less relevant in in the US um but yeah we support the you know more

28:25 and more different languages and then because it's a completely new tech stack it was built with apis in mind kind of right so the first integration we built is a calendar integration so that you know events from our platform can be imported in sort of whatever calendar you're using uh but now we're also engaging with companies like Zoom to be able to for example hold the zoom meeting through a platform and then automatically store the recording

28:51 of a certain meeting on the platform to make it available to the people who could not attend that meeting kind of right that's one of the things we'll be looking at later this year um we're looking at Integrations with some of the reporting companies uh Etc I think one of the most requested features is actually also to be able to find the dates for meetings because when you work in the same company you know normally you can see each other's calendars right

29:18 so it's relatively easy to know when people are free and to schedule a meeting right when you're sort of on different I.T environments and you need to schedule a meeting between family members and external trustee and investment advisor it's always a pain to find dates games right and so we're building a system here within the platform to be able to also facilitate that process kind of right um wanna finally it's a multi-tenant platform and so some of our clients you

29:48 know they work with external advisors and trustees and so if you're now working with five or different families or 10 different families to One account you can switch between family office a and family office again right and so obviously this is a game changer for us because it will enable us to scale much faster right you know in the US there's a lot of military family offices that work with you know 10 20 30 50 families

30:14 sometimes and so here through one platform they can switch between client a and client B kind of right a lot of the large accounting firms now have dedicated family office practices um you know a lot of the rias I mean there's a lot of opportunity for us to really scale this product to to to to the next level and then if you're an advisor you can also build your templates on our system kind of right so

30:39 that you know if you work for a certain advisory firm you know every person with a corporate email address from that firm will be able to use uh templates from that firm kind of right and so I think I showed the templates for um for forms but you know we have the same for documents right so here you have the template directory where you know if you want the template for board meeting for family content meeting for a

31:04 risk meeting you can just use certain templates and then it's gonna like reload all the information kind of right and so this is a feature that we think has a lot of potential because you just you know I mean every family office is different but there's still a lot of processes and things that are actually quite repetitive so if we do a good job over time at sort of you know defining legal templates process templates Etc

31:28 and we think that will be a cool innovation and just watching time what I'm gonna try and do is see if I can connect my phone to zoom so that I can show you a quick demo of a mobile app one second and there we go on a airplane

32:05 you see my phone great the tech is working um but as I mentioned like we think mobile is really key in this space and Industry so it's also the reason why we built this new platform from scratch like you know 15 years ago you know iPhones and Android phones didn't really you know they weren't really there kind of right I think the way you know people now interact with technology and want to access information is very different

32:32 right so everything's been rebuilt from the ground up to be able to be optimized for mobile experiences kind of right so here wherever I am in the world I have access to everything I've just showed you on the web right so let's say I'm a board member or an investment Committee Member I can go to the board of space and here have access to the upcoming board meeting I can review minutes from a previous meeting I can review a board

32:58 pack or an important sort of presentation uh all of it you know directly from my phone kind of right I have also access to my private vote here so if I want to see you know that well statement that I just got earlier I can just open it here very very easily um see the document and the report and then again I'll have access to my private notes that I took earlier on my computer obviously they're synced here

33:25 with my phone kind of right um yeah we also have the chat feature um so again if I you know need to access a certain Channel or certain space here I can very easily get access to that channel and review it and then finally this is the home page with you know a feed of all the activity that's been happening on the platform and then I'll have my personal security settings favorites organization settings

33:56 Etc also available right um all right so this is pretty exciting um Let Me Maybe close off with a few uh closing slides and then we can one second um and then we can open up for questions um um yeah so obviously security is key and I think the big difference is versus email here we don't send documents and

34:26 sensitive information we send notifications out and then people connect security through their phone or to their you know browser and you know access the document online kind of right so we did a lot of work on the authentication system on the permissions to make sure that you can really control you know for each document each meeting who has access to that or not and then we have also a very strong encryption system so all the data is

34:52 encrypted and every client has a different sort of encryption key and the data is encrypted both at rest and in transit came through right we work with data centers that are sock 2 and subtree compliant uh we have virus and malware scanning technology we make daily backups we follow gdpr regulations and the niche framework and then you know we also get audited by sort of white hackers that make penetration and vulnerability tests basically they try

35:24 and get within our platform Scandal right and then finally obviously being discrete as a firm is is also important kind of right [Music] um wow and so outside of the technology I think what makes us as a firm really special is that I think since very early on you know we realized that technology is only one part of the problem like you need a cool product and I do think that you know we have a really cool product

35:51 but it's not only about having the right product it's how you roll it out how you launch it how you do the change management within the family office Etc um so we have an amazing team both in the US and in Europe um we call it the client success team and their only job is to work with all our existing clients to successfully launch our software and to implement it and to keep improving over time because

36:17 you know clients have been with us for you know 15 years now and so every time they come up with new ideas they have product feedback you know they they want new templates they want new content they want new projects that they can run on top of our platform and so it creates sort of a circuit and a community of clients that are leveraging our platform kind of right so with a very structured approach where we sort of configure the

36:40 platform before launch we do we import all your historical content we plan you know the content moving forward we plan your long strategy and then we do a virtual launch meeting or sometimes we actually fly in at a board meeting or investment community meeting or sort of a big family shareholder reunion and you know then we sort of roll out the platform get people excited and everyone can start using it kind of right and in addition to that you know we've done a

37:08 lot of work on these templates and content we you know we're connected to all the the top organizations around the world if you need to have access to education programs or additional resources um we do our own sort of user conference focused on text so our last one was in Palm Beach at the breakers I think it was in fed and it was just great to have you know see a lot of our clients in person again after covet and so I think

37:34 there you know we do sort of a user conference we get feedback on the product we talk about best practices um Etc um well and then obviously we have a lot of client testimonials over the years um that you know we can send you via email separately if you're interested to find out more but I'm just conscious of time um so yeah maybe the last thing is you know most of our clients if you want to

38:00 experience this we can set up a demo platform or or try an account so that you can also see how it works try the mobile app um together with our team yeah so let's maybe pause now and I'll you know pass it back on to Matt and see if there's questions in the room absolutely thank you Edward as always if you have any questions please feel free to put in the chat and then I'll relay them for

38:24 everyone to here um you know Edward you know it's funny when I watch you and I watch other Tech providers but certainly you do this I mean you fly all over this system right I mean you built it you know every Crook in every corner and and and you know you mentioned about you know the kind of the launch and the role can you talk a little bit about support you know I'm a family office member this sounds

38:47 wonderful I get a little intimidated by the technology and moving around how does ongoing training support look like yeah so we have different channels so our first point of contact is your relationship manager right um our ratio of clients per relationship manager is relatively low and so you know we think our relationship manager is actually quite accessible when questions are needed when they need advice support training Etc kind of right obviously we also have a backup

39:16 system in case our relationship manager is on holiday or engaged on you know another project and not available there's sort of a global support line and an email address that you can reach out to in case you know you need urgent support on anything then we've also built a online help center so it's kind of like a Search tool where you can search for certain problem that you may have oh I want to reset my password or I

39:41 want to be able to do this or that and then we've built sort of a library of resources and videos to to train you on how to do that yeah I'm kind of related Edward is as you know and I think we all know on this in the industry over the last five to ten years there's been an explosion of you know newly forming family offices right and you know they in terms of all the features within your program they

40:05 may get there in a decade where they need all the various complexities or governance and family meetings and philanthropy Etc um but they're fairly new and they want to start putting in those basic structures right putting in the building blocks didn't is that a place for them to go a trusted family or do they need to wait till they're bigger or or can they grow with you okay great question I think you know our mission is is more than just technology

40:33 I mean people come to us because they want to be successful as a family in in the long run right and I think you know there's a lot of Dynamics in families and as long as G1 is around most of the time you know it's clear who makes the decision it's clear how things are organized right but you know whenever there is a transition from G1 to G2 it becomes complex you know because the moment you have siblings you know you

40:59 have spouses you know the moment you have siblings and spouses you start to have joint decision making and so working informally generally is is not the right way right most you know when there's a family office most of the time the things at stake are quite important so I think the quality of the decisions from mistake is actually really important and so you know even if you're a small family you're gonna have a board you're gonna have an investment

41:23 committee you can have different advisors and making sure that these boards and investment committees work in sort of an organized and formalized way that's going to improve the quality of your decision making it's gonna like improve your feedback loop you know everyone makes good decisions everyone makes bad decisions but you know on the long run it's sort of you know the sum of all these decisions kind of right and we become the tool that helps you to

41:48 organize and track and and make sure that the decisions are implemented kind of right and so yeah that's one part of it the second part is documents every family you know the amount of documents they have to manage is crazy and again even if you're a small family you know if there's a certain net worth you're gonna have different entities and tax you know setups and trusts and you know where is all that information organized and

42:15 stored kind of right can it be on the personal email box of the patriarch and matriarch probably not right like you know the Next Generation needs to have access to certain things the advisors Etc kind of right and then finally it's the transparency you know now more and more you know you have two three generations of families living together at the same time kind of right like grandparents started the business they had two three kids they each have two

42:42 three kids kind of right so suddenly the family is like 10 15 20 people maybe one or two will be actively engaged or informed in the board or in the investment committee but all the others will be more like passive stakeholders and when things go well no one complains but when things of it more difficult suddenly need the sort of passive ones start asking questions kind of right and so the benefit of our platform is we

43:06 create this culture of transparency and Trust so that even passive family members you know if they want to have access to certain information they have access to it you know certain families they see us as like an insurance product where like a family member can never complain I didn't know about this so I didn't know about that kind of right if they were not checking the information it's because they were probably like on an exotic island uh you know enjoying

43:30 their time kind of right no I appreciate that what I appreciate the thoughtful response and you know we're kind of pushing up on the end of time like with a minute um you know I know how these things go as an attendees as I've been attending sometimes your questions uh come into the mind after the session so I know Katie put her contact information in the chat so I take a quick note of that um and I know I see you just did as well

43:55 Edward so certainly reach out to both of you um if not you can certainly reach out to Fox and then we will you know make sure that that Edward and the team receive it um you know as always I always wanted to thank the attendees you know for for being here for three days and being so you know uh thoughtful members of the community and you know visiting all the different uh uh Tech resources that we

44:20 have and of course I wanted to thank you know trusted family for being such a unique and and and um special partner within the community and and thrilled to have him here um so I thank you Edward and Katie and Rebecca for for being here and you know have hope everybody has a a terrific rest of the day on the last day of the tech showcase so I thank everyone