Chief Investment Officer brings a level of sophistication, focus, deal flow, and due diligence value.
There is a growing trend in the family office space to outsource the function of a Chief Investment Officer (CIO) to third-party firms. This helps lower the overhead cost for the family. Many of these firms use sophisticated software and risk management tools.
Families who do use an outsourced CIO service keep their real estate investments and direct investment decisions in-house. Under this arrangement, the family still makes the direct investment and hard asset decisions internally while keeping the consulting firm updated on major changes in their holdings in case it affects their overall portfolio risk.
Lower Cost For Your Family Office
To run a successful family office, you need a diverse team to handle many types of investments.
Most family offices employ 5-8 full-time employees. Here are the typical professionals:
- Tax, Trust & Estate Lawyer
- Chief Investment Officer (CIO)
- Direct Investments
- Risk Management / Insurance
Whether you’re going for a week or two on vacation, or on a business trip, make sure to travel prepared. My travel kit always includes tons of medicine. I don’t want to catch something while out on the road, so I’m prepared for anything!
It’s also a good idea to include emergency contact information into your travel kit.
2. Keep your passport handy at all times – don’t put it in a safe or locker
Don’t leave your passport in a safe.
I don’t want to sound like your mother, but you should keep it with you at all times because if it’s stolen then that could cause problems when going through security or leaving the country.
Always keep your passport in a place you can easily access it in case you need to make an emergency exit.
3. Update apps to your destination’s currency to track your spending
You can track your spending more easily if you update the apps on your phone to the destination’s currency. That way, it will be easier for you to check how much money you have left so that there are no surprises when it comes time to pay.
If you’re traveling, it’s a good idea to set your phone to the local currency so that all of your transactions are automatically labeled with their correct prices.
Fiddling around with exchange rates all the time is not worth it!
4. Book flights on Tuesdays and Wednesdays to get the cheapest fares
The best time to book a flight is on Tuesday or Wednesday. That’s because most people are looking for flights over the weekend, so you can find some great deals if you have patience!
I first learned this trick from my flight attendant friends – and I can now confirm it works amazingly well! I’ve saved thousands of dollars by simply following this one travel hack.
5. Use Google Maps offline so you can still navigate even without a connection
If you’re driving or walking between places and don’t have a data connection, use Google Maps’ offline mode. It’ll still give you directions and useful information like the distance to your destination, what streets to take, and how long it’ll take to get there.
You can also download a map of your places of interest ahead of time, and then you get to use it anywhere – even on things like subways!
6. Carry a credit card from home country as well as one from destination country
If you are traveling to another country, it’s always a good idea to bring your credit card from your home country with you. You don’t want to rely on just one or two cards when travelling because that could be risky if one of them gets lost or stolen.
I always bring my credit card from home, as well as one from the place I’m going or alternatively an international card such as Revolut. In case anything happens, I always have a way to get money and communicate with people at home.
What are your own best travel hacks?
Traveling can be a stressful and terrifying experience, but it doesn’t have to be.
By following these simple tips, you will always know what to expect, where your passport is at all times, how much money you’re spending on flights and accommodations (and when), and most importantly, that you are ready in case of emergency.
What are some of your own best traveling hacks? Share them with us below!