发布时间：2020-01-13
传承宝典33 一种适应更广泛家族目标的投资策略（下）
家族参与
智力资本
对大多数家族来说，家族成员，尤其是家族领导人，必须要培养其全面负责所继承的家族遗产的能力，以确保其得到了谨慎管理，并能够被有效地用于支持家族目标，这一点非常重要。这包括对投资顾问进行积极、知情、事必躬亲的管理，以确保健康的双向关系。对任何家族来说，为未来选择和培养有能力的领导人可能是最重要的风险管理优先事项。这跟该家族对于这一主题理解的差异的认知情况一样，直接关系到对投资的管理。此外，许多家族，尤其是那些通过经商致富的家族，认为他们有重要的“智力资本”，即知识、技能和经验，而他们希望将其传给自己的后代和更广泛的社区。他们的智力资本经常和经济财富一起被用来支持家族目标。
智力资本需要培养和发展。这显然是通过继续参与直接持有的商业利益来实现的，但也越来越多地，是通过将资金用于支持下一代的商业和投资技能的发展来实现的。资本被分配出来帮助他们进行各种形式的投资，通常包括私人股本，他们从中获得经验，成为家族财富的有效管家。这样一种安排的具体工作需要仔细考虑。那些在某些领域拥有专业知识的人，往往希望通过积极参与投资组合中某些元素的管理，来利用和培养这些专业知识。这种方法通常仅限于投资组合中商定的比例，这部分业绩和回报会单独计算。家族参与的愿望源于以上提到的所有因素，也许最重要的因素是这样一个观点：要成功地保存财富，最主要取决于能否把资产传给有能力和积极性的继承人。此外，没有目的或没有职能的财富可能是极具破坏性的，会消磨个人靠自身实力获得成功的雄心。当然，可以理解并非所有家族成员都希望一辈子从事商业和金融，有些人可能还希望实现其他的职业抱负，但这不应妨碍他们积极参与决策和领导。
全面风险管理
投资经理将波动性作为衡量风险的主要指标，但对于富裕家族来说，这只是他们的风险管理工具之一。风险不仅需要根据财务价值来评估和衡量，还需要参照上述更广泛的目的和目标。投资组合的风险管理，应考虑到家族及其更广泛的资产所固有的其他风险，并予以补偿。一些家族积极利用部分财富来帮助管理这些更广泛的风险，尤其是在培养下一代领导人方面。还必须认识到，根据不同的视角，风险有许多不同的定义，企业家的风险管理方法往往与传统的投资经理截然相反。企业家倾向于通过将投资集中在他们知道和了解的行业来管理风险，而投资经理则通过分散投资于广泛的行业来减轻风险，虽然他们对这些行业的直接知识甚为有限。
管理接班人过渡
在某个阶段，家族可能会发现自己处于企业家模式和投资经理模式之间的过渡阶段。在集中投资组合中积累了大量财富后，家族希望实现多样化，部分原因是为了分散风险，但也因为家族领导层的变化意味着，他们不再具备高度集中投资的专业技能，因此更加依赖专业建议。在这种情况下，如果财富管理公司或家族办公室能够通过理解和平衡企业家、下一代家族以及专业投资经理的传统方法各自不同的风险视角，从而促成顺利的交接，那么他们就能提供真正的增值。这种做法往往涉及逐步实现直接持有的商业利益，必须以综合方式管理这一过程，同时再投资更多样化的投资组合。必须认识到，这种转变将挑战根深蒂固的观点，促进一种方法和另一种方法之间的思想转变需要大量的人际交往技能，以及在两者之间架起桥梁的知识和经验。
结论
战略投资决策必须与更广泛的家族目标和战略相一致。1. 这可能会在以下几个方面影响投资组合的构建:投资组合必须反映家族的更广泛的目的和目标，包括家族价值观。2. 投资组合的整体风险管理必须建立在一个更广泛的风险管理框架的背景下，该框架涵盖了家族内部和外部的所有风险。3. 财富可能大量集中在个别公司或特定行业。4. 投资组合的其余部分，以及风险管理，必须充分考虑这种集中度，并不断适应不断变化的环境。5.与更传统的投资组合相比，直接私人股本、影响力投资和ESG的配置可能会更高。6. 一些家族希望向成长型公司和新企业分配超高比例的资金。
应该鼓励家族成员积极参与许多领域的活动，并以积极的眼光看待这些活动，即使这些活动与投资经理的标准或“模型”投资组合大相径庭。所有相关人员都必须理解参与这些活动对长期风险管理的贡献。对于财富管理公司或家族办公室来说，在“合伙”或“共同执掌”的基础上管理投资组合，显然比基于一系列模型投资组合、个人偏好偏差相对较小的方法更具挑战性。这意味着他们必须与家族建立牢固的关系，使双方能够在坦率交换意见，并在责任界定明确的决策框架的基础上，做出共同决定。全面财富管理方法要求业务和投资知识的广度，这对任何财富管理公司都是一个挑战。它也需要很强的人际关系技巧，以便与可能固执己见的家族成员做问题辩论。然而，财富管理公司的接受程度必须有极限，正如一位客户所说：“我希望你能让我的孩子们有自己的头脑，但我不希望你让他们输得精光。”
English Version
An investment strategy to fit wider family objectives
FAMILY INVOLVEMENT——Intellectual Capital
For most families, it is crucial that family members, in particular the family leaders, develop the competence to take full charge of all aspects of their inheritance, both to see that it is prudently managed and effectively used to support family objectives. This includes the active, informed, hands-on management of their investment advisers to ensure a healthy two-way relationship.Selecting and developing competent leaders for the future is probably the most important risk management priority for any family and has a direct bearing on the management of investments, as does the family’s awareness of any gaps in its understanding of this subject.
Furthermore many families, particularly those who have made their wealth in business, believe they have significant' intellectual capital' in the form of knowledge, skills and experience which they wish to pass on, both to subsequent generations of their own family and to the wider community.Their intellectual capital is often deployed alongside their financial wealth in support of family objectives.Intellectual capital has to be nurtured and developed. This is most obviously done through continued involvement in directly held business interests, but increasingly through tranches of capital being used to support the development of business and investment skills in the next generation. Capital is allocated to help introduce them to various forms of investment, often including private equity, from which they gain the experience to become effective stewards of family wealth. The precise workings of such an arrangement need to be carefully thought through.
Those with specialist knowledge in certain sectors, will often want to utilise and nurture that expertise by being actively involved in the management of certain elements of their investment portfolio. Such an approach would normally be limited to an agreed proportion of the portfolio, with performance and returns calculated separately.The wish for family involvement stems from all the factors mentioned above, perhaps most importantly the view that the successful preservation of wealth depends, more than anything, on being able to pass on the assets to successors who are competent and motivated. Furthermore, wealth without purpose or without a role can be very destructive, leaving individuals with diminished ambition to achieve in their own right.
Of course it is understood that not all family members wish to spend their lives in business and finance and that some may have other career aspirations which they wish to fulfil, but this should not preclude them from active participation in decision-making and leadership.
HOLISTIC RISK MANAGEMENT
Investment managers use volatility as the prime measure of risk, but for wealthy families this is just one of their risk management tools. Risks need to be assessed and measured not just in terms of financial values, but with reference to the broader purpose and objectives described above.The risk management of investment portfolios should take account of and compensate for other risks inherent in the family and its wider assets. Some families actively use a portion of their wealth to help manage these broader risks, particularly in preparing the next generation of leaders.It must also be understood that there are many different definitions of risk, according to your perspective, and the risk management approach of entrepreneurs is often diametrically opposed to that of traditional investment managers. Entrepreneurs tend to manage risk by concentrating investment in sectors they know and understand, whereas investment managers mitigate risk by diversifying across a wide range of sectors, of which they can only have limited direct knowledge.
MANAGING TRANSITION
At some stage, families may find themselves in transition between the entrepreneur’s approach and the investment manager’s. After accumulating substantial value in a concentrated portfolio, the family wishes to diversify, partly to spread their risks, but also because changes in family leadership mean they no longer have the expertise for highly focused investment and thus become more dependent on professional advice.
In these circumstances, a wealth manager or family office will be adding true value if they are able to facilitate the transition, by understanding and balancing the different risk perspectives of the entrepreneur, the next generation of the family and the conventional approach of professional investment managers. The exercise will often involve the gradual realisation of directly held business interests and this process must be managed in an integrated way alongside reinvestment in a more diversified portfolio.
It must be appreciated that the transition will challenge deeply embedded views and that facilitating changes of mind set between one approach and another requires substantial interpersonal skills, as well as the knowledge and experience to bridge the gulf between the two.
CONCLUSION
Strategic investment decisions must be aligned with the wider family purpose and strategy. This may influence the construction of an investment portfolio in a number of ways:
The portfolio must reflect the broader purpose and objectives of the family, including family values
The overall risk management of the portfolio must be set in the context of a wider risk management framework covering all the family’s risks, internal and external
There may be significant concentrations of wealth in individual companies or particular sectors
The rest of the portfolio, and the risk management, must take full account of such concentrations and adapt continuously to changing circumstances
There may be higher allocations to direct private equity, impact investment and ESG, than in a more conventional portfolio
Some families will wish to have disproportionately high allocations to growth companies and new ventures
The active involvement of family members in a number of areas should be encouraged and seen in a positive light, even when it entails a significant departure from the investment manager’s standard or ‘model’ portfolio. The contribution this involvement makes to long-term risk management must be understood by all concerned.
For a wealth manager or family office, running a portfolio on a ‘partnership’ or ‘co-pilot’ basis, as described above, is obviously far more challenging than an approach based on a series of model portfolios with relatively minor deviations for individual preferences. It means building strong relationships with the family, which enable joint decisions based on frank exchanges of views and a decision-making framework which clearly defines ongoing responsibilities.The total wealth approach demands a breadth of business and investment knowledge which is challenging for any wealth manager to provide. It also requires strong interpersonal skills to debate issues with family members who may have strong views of their own.There must, however, be limits as to what the wealth manager will accept and as one client put it, ‘I want you to let my kids have their heads, but I don’t want you to let them lose their shirts’.
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