Last week, I attended the Family Office Investment Forum, organised by The Global Investment Institute. It was a brilliantly executed and engaging event, which is saying something, as I attend quite a few of these! There was a good balance of presentations and interactive table discussions, and I really appreciated the openness of the attendees to share their insights. The conference left me with plenty to reflect on, but here are some of my key takeaways:

• Sentiment and investment outlook:
  The audience was polled regularly using Slido, across a variety of topics. Interestingly when asked about the outlook compared to last year the majority of the room believed that investment conditions would be more challenging, returns lower and volatility higher.
• Decision-making speed: Institutions vs Family Offices
  It was observed that families often make decisions too quickly, relying on gut instinct without fully considering all the details. While this may work in business, it can be risky in the world of investment, where attention to detail is critical. Conversely, institutions tend to be too slow in their decision-making. It was suggested that the optimal approach lies somewhere in the middle. I agree—families can sometimes rush into decisions without a proper understanding of the finer points, but in investment, the small details are what truly count.
• The value of a quick “No”
  Families understand the importance of a prompt decision, especially in high-net-worth (HNW) investing. It’s critical to be clear about what opportunities align with your goals and to quickly communicate when something is not a fit.
• Understanding your ‘Why’
  As a HNW investor, knowing your ‘why’ is essential, as it shapes everything. What do you actually want? How much time are you willing to dedicate to managing your portfolio? What lifestyle do you envision? Do you want to buy a football club in Wales, or do you prefer relaxing on a beach? Defining your aim is crucial because, without it, there’s no clear direction for building your portfolio—whether simple or complex. I spend a lot of time with my clients defining their why because it is truly the foundation of managing significant wealth.
• The importance of tax
  Things can quickly go awry without the right tax partner involved in your investment process, especially when investing directly overseas. While you shouldn’t invest solely for tax purposes, it’s vital to understand the tax implications of every decision you make.
• Crowded trades
  Interestingly, AI was considered by the audience to be the most crowded trade at the moment, but everyone agreed it represents the future. The second most crowded trade was seen to be private credit.
• The freedom to do (almost) nothing
  Sometimes, waiting, being patient, and doing nothing is the smartest strategy. This is a powerful option available to family wealth, though it is often underutilised. Fear of missing out (FOMO) and making hasty decisions almost always result in poor outcomes. I couldn’t agree more.
• Past behaviour of managers matters
  This is particularly true with private assets, where you could have a ten-year relationship with a manager. Be careful who you choose to invest with – understanding the people who you entrust to manage your money is crucial.
• The importance of knowledge and education
  Families are placing increasing value on this. Knowing the right questions to ask is critical, which is why I run investment education sessions for my clients and their children.
• “When you lose, you learn”
  This was my favourite quote of the day. Several Family Offices shared their experiences of mistakes made while climbing the investment learning curve. Many acknowledged that investing is quite different from the primary businesses where they had originally built their wealth. They also spoke about the importance of having an adviser whose values align with theirs. My aim is to help clients avoid major pitfalls and guide them towards making sound, informed investment decisions tailored to their individual needs. The world of investing is unique and nuanced, and I truly enjoy helping people navigate it.

The conference was an excellent opportunity to hear diverse investment ideas and learn how other Family Offices approach their own wealth management. Kudos to the team at The Global Investment Institute for organising such a well-run and thought-provoking event. I’m already looking forward to attending next year!

Kind regards,

Shelley Marsh
Outsourced Chief Investment Officer (OCIO) & Founder
Wealth Differently

General Advice Warning: This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. It does not represent and is not intended to be personal advice.  Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.  We strongly suggest that you seek professional financial advice before acting.

Wealth Differently Pty Ltd AFSL 547820.