wealth management in multigenerational families an interview by dr. kirby rosplock
TRANSCRIPT
Dr. Kirby Rosplock,
author of The Complete Family Office Handbook
interviews:
Declan Winston Ramsaran, Managing Director PANGEA Private Family OfficesTM
WEALTH MANAGEMENTfor Multigenerational Families
WEALTH MANAGEMENT for Multigenerational Families
Dr. Kirby Rosplock
interviews
Declan Winston Ramsaran of PANGEA Private Family OfficesTM
May 11th, 2015The contents of this interview are protected by copyright © 2015 PANGEA Private Family OfficesTM
Pronounced pan-jee-aah, the word pangea is a neologism created from two ancient Greek words, pan meaning all, entire or whole and gaea meaning earth or land. The words taken together mean whole earth, all lands or entire earth. We chose the name because we believe it epitomizes our thinking.
We recognize that while political boundaries create international separation, technology has unified the whole earth in a manner that makes the continents appear to fit harmoniously together as one.
We care for multiple family generations, and so we recognize that economic and geopolitical shifts that occur half-way around the world will have some impact on the lives of the different family members who may be attending school, attending to business or on hiatus abroad.
We also recognize that opportunities to help families achieve their wealth strategy objectives sometimes exist outside their primary country of residence.
We don’t claim to know everything that is happening at all times around the world, however we are diligent to keep watch and ask questions of our international network of professional associates.
At PANGEA Private Family Offices we help global families flourish for generations.
For more information please visit us at www.pangeafamilyoffices.com
Welcome to PANGEA Private Family OfficesTM.
Our purpose is to help global families flourish for generations.
CONTENTS
Dr. Kirby Rosplock
interviews
Declan Winston Ramsaran, Managing DirectorPANGEA Private Family OfficesTM
Q 1. Tell us about your background.
Q 2. How does PANGEA serve enterprising families and
provide family support to their wealth management
needs?
Q 3. What do you see as the most pressing
issues facing multigenerational wealthy
families?
Q 4. In your experience, where do you see families
fall prey to conflict or certain pitfalls that could
have been mitigated?
Q 5. If you were able to have dinner with anyone alive or
dead who would it be and why?
Q 6. What are one or two best practices learned from
your experiences over the years working with
families that could help other families in similar
situations?
Q1. Tell us about your background.
I am a 15-year veteran of the Canadian wealth management sector. I dedicated 12 of those 15 years to BMO Financial Group – one of the big 5 banks in Canada. My most recent role at BMO was Director, Private Wealth Planning where I led national-scope wealth planning strategy for BMO Private Banking.
Over my BMO career I saw some of the inner workings of several banking operations including: personal & commercial banking, full-service & self-directed brokerage, capital markets and the private client group. Currently, in my role as Managing Director, I am leading the international growth strategy for PANGEA Private Family Offices.
In addition to the accomplish-ments in my professional life, I am a proud father, husband, brother and son, and I believe strongly in serving one’s community through volunteer efforts and contribu-tions to non-profits. My areas of interest are education, science and healthcare, the arts and protecting our environment.
Organizations I am involved with are Junior Achievement of Can-ada, the FPSC Foundation and SickKids Foundation. I serve as vice-chair on the board of directors for Summers at Sea, a Canadian non-profit dedicated to providing at-risk youth with accredited, marine based educational programs and environmental impact opportuni-ties.
I serve on the endowment foundation board of a private Canadian university and I am also member of the Toronto Film Society, the Art Gallery of Ontario and Young Patrons Circle of the Royal Ontario Museum.
I am a 15-year veteran of the Canadian wealth management sector...I led national-scope wealth planning strategy for BMO Private Banking.”
Declan Winston Ramsaran, Managing Director of PANGEA Private Family OfficesTM
“
Wisdom, passion, creativity and integrity form the ethos of PANGEA Private Family Offices. We are a family wealth strategy firm serving first and second-generation creators of significant wealth and their children.
We specialize in resolving complex family wealth issues for enterprising global families with thoughtful guidance and insider perspective. Our purpose is to help global families flourish for generations.
We believe that wealth transcends dollars and decimals to also include personal well-being, family intellectual capital and family & community legacy.
We believe a family’s wealth strategy should consider both the qualitative and quantitative elements of family life supported by a team of professionals commanding mastery in their disciplines.
Examples of qualitative elements include: family communication skills development, family governance, making use of concierge services to create time and retaining the services of a health coach to increase energy and longevity. While not an exhaustive list, the aforemen-tioned qualitative services are vital to helping the family thrive.
The families with whom we partner with are usually intensely private and so discussions about internal family conflict and personal insecurities are approached respectfully and meaningfully, with professional guidance. continued on next page...
“We believe that wealth transcends dollars and decimals to also include personal well-being, family intellectual capital and family & community legacy.”
Declan Winston Ramsaran, Managing Director of PANGEA Private Family OfficesTM
Q2. How does PANGEA serve enterprising families and provide family support to their wealth management needs?
continued from previous page...
Our approach to capital deployment is systematic. First, we evaluate investment opportunities with a high degree of direct family control, and then we consider investment opportunities with lower direct family control.
Systematically investing family capital with this approach means we consider the best interest of the family first with an eye on appropriate investments for the family’s wealth strategy. Deployment into investment opportunities that are conducive to a high degree of family control over a majority of deployed capital is our aim.
PANGEA is a privately held firm, meaning we have unrestricted liberty to provide unbiased advice guided by decades of experience and insider perspective.
Our clients highly value our independent position because of the candor that it affords in communication and the allegiance it fortifies to the family’s best interest.
We’ve eliminated conflicts of interest by centralizing decision-making authority within the family’s thought leadership council/Board of Advisors who are loyal to the family.
Furthermore, we’ve separated the strategy from the sale thereby putting the decision making control back into the hands of the family. While we may not be the first to provide breaking news or may not always arrange investments with the highest return rates in the investment universe, our purpose in the relationship is to deliver the most appropriate advice to the family after careful consideration of the available facts about their specific circumstances.
“Our approach to capital deployment is systematic. First, we evaluate investment opportunities witha high degree of direct family control, and then we consider investment opportunities with lower direct family control.”
Declan Winston Ramsaran, Managing Director of PANGEA Private Family OfficesTM
The most pressing issues for first and second-generation creators of significant wealth are different than the most pressing issues for fourth and fifth generation stewards of family wealth.
Generally, first and second-generation family members eventually struggle with inappropriate inter-familial communication.
Proper education on effective family communication and governance to maintain uninterrupted, long-term cohesion is critical to thrive long-term.
Q3. What do you see as the most pressing issues facing multigenerational wealthy families?
At times, first and second-generation creators of significant wealth succumb to complacency and apathy borne from an insular existence and the privilege of access.
To help the family develop through this process, families need to articulate a clearly defined purpose and live with a vision to move humanity forward in meaningful ways.
...families need to articulate a clearly defined purpose and live with a vision to move humanity forward in meaningful ways.”
“Declan Winston Ramsaran, Managing Director of PANGEA Private Family OfficesTM
Being wealthy doesn’t automatically make us the best decisions makers.
Unsubstantiated self-confidence fueled by pride and the illusion of power drawn from one’s bank account balance can sometimes get in the way of good decision making.
After 30 years of successful operation and explosive growth of a family enterprise that serviced local markets as well as export markets in neighboring countries, the second generation began to experience the effects of selfish-pride as the hierarchical family structure began to disintegrate.
Q4. In your experience, where do you see families fall prey to conflict or certain pitfalls that could have been mitigated? Describe a specific case anonymously.
The erosion of respect and courtesy within the family created a land-slide into corporate litigation over shareholder agreements, and the contesting of estate intentions that eventually generated public court documents revealing private family information, which was broadcasted over local media news outlets.
Learning to deal with publicized family affairs is difficult - especially when personal friendships and relationships become strained because of the “family scandal.”
Retaining a spokesperson for the family to communicate with media was a crucial step.
The family also needed a counselor to help family members talk through the challenges of the circumstances.
Had an effective multigenerational governance strategy and clearly defined family purpose been established from the first generation, coupled with educating the second generation from childhood about wealth and the family history, conflicts like these can be mitigated.
“Being wealthy doesn’t automatically make us the best decisions makers.”
Declan Winston Ramsaran, Managing Director of PANGEA Private Family OfficesTM
Q5. If you were able to have dinner with anyone alive or dead who would it be and why?
PERSON/CHARACTER(S)
I WOULD LIKE TO MEET
PURPOSE OF
THE MEETING
MY ROLE
IN THE INTERACTION
DURATION OF
THE INTERACTION
1. Adam of the pentateuch: pre-fall Understand humanity’s purpose in this age, from his perspective and learn what he knew of ages past.
Side- by- side, as friends 1 year
2. King Gilgamesh of the Epic of Gligamesh
See his vision and learn how he made it reality. Observe the events of the fall and where people from the kingdom migrated to on the earth.
Confidante to the king, serving on inner circle of regal advisors
1 year
3. First named ruler of Palenque, GI, the First Father
Learn how he became aware of the cosmic criteria to create the calendar, and understand what it meant to their people & their god(s).
As a first born son to GI 1 year
4. Imhotep vizier to Pharaoh Observe his stragetic ability to orchestrate kin-dom- ‐wide achievements through copious layers of intersecting complexity all the while keeping the nation productive.
As Pharaoh’s royal treasurer 1 year
5. Shlomo HaMelech Observe first- ‐hand who he was and what he did to earn him the title: Wisest of all Kings. Be present at the meeting to observe the interaction between Shlomo HaMelech and the Queen of Sheba.
As Shlomo HaMelech’s private political advisor and diplomat to nations with commercial interests
1 year
10 People/Characters alive or dead that I would like to meet by: Declan Winston Ramsaran, Managing Director PANGEA Private Family OfficesTM
continued on the next page...
PERSON/CHARACTER(S)
I WOULD LIKE TO MEET
PURPOSE OF
THE MEETING
MY ROLE
IN THE INTERACTION
DURATION OF
THE INTERACTION
6. Vyasa author of the Rig Vedas Absorb the wisdom of the Upanishads,
Mahabharata, Baghavad Gita and the other
holy books of India. Learn of their origin.
As a king from a foreign land seeking wisdom from an oracle
1 year
7. Fu Xi author of the I Ching Understand the source of inspiration for his vision and writings.
As a just and wise Emperor seeking his service
1 year
8. Hopi Native Elders Learn of their culture of peace and ancient prophetic sources.
In the position of an appointed leader being groomed for eventual leadership of the people
1 year
9. Plato Learn about what he knew of Atlantis and see how that knowledge influenced his thought
As Soctrates 1 week
10. Future rulers of this planet and
rulers of those planets we may
colonize 500 years from now
Learn what human actions led to shaping
our future. Review one century at a time
from multiple perspectives.
As an inter- planetary diplomat 3 years
continued from previous page...
10 People/Characters alive or dead that I would like to meet by: Declan Winston Ramsaran, Managing Director PANGEA Private Family OfficesTM
Q6. What are one or two best practices learned from your experiences over the years working with families that could help other families in similar situations?
I believe a family should privately define their own purpose and vision.
This vital process equips the family to be at the helm of their wealth strategy with strong leadership and proactive decision making rather than being subject to reactive decision-making based on random suggestions from multiple advisors-each advisor with their own competing agenda.
Trust but verify. A genuine private family office provides special access to tenured professionals who, in most cases, are no longer bridled by a corporate muzzle.
The right relationship with these types of professionals can make all the difference in magnitude and longevity of success of a family’s overall wealth strategy.
Trust but verify. A genuine private family office provides special access to tenured professionals who, in most cases, are no longer bridled by a corporate muzzle.”
“Declan Winston Ramsaran, Managing Director of PANGEA Private Family OfficesTM
1. 2.
Declan Winston Ramsaran with Dr. Kirby Rosplock and members of the Veritage Family Office team at the 2015 Family Wealth Report Awards in New York City
PANGEA Private Family OfficesTM is part of the PANGEA Global Wealth Group
corporation. PANGEA Global Wealth Group is a Canadian controlled private corporation.
Our clients highly value our independent position because of the candor that it affords in
communication and the allegiance it fortifies to the family’s best interest. We’ve eliminated conflicts of interest
by centralizing decision making authority within the family’s thought leadership council/Board of Advisors who
are loyal to the family. Furthermore, we’ve separated the strategy from the sale thereby putting the decision
making control back into the hands of the family.
Confidentiality, trust and independence are the primary reasons clients choose PANGEA Private Family
Offices. Our clients find us mainly from within our own private circle and therefore share similar family values,
strong community involvement and a yearning for personal growth. PANGEA Private Family Offices has
published many other reports, articles and interviews. Our thought leadership reports, articles and interviews
are regularly sought after by enterprising global families and their private advisors.
Learn more at www.pangeafamilyoffices.com
An invitation to talk.Perhaps you are contemplating the sale
of your family business or you are
concerned about how to provide
fairly to the members of your blended
family.
Whether your wealth affairs have
grown too complex for your current
financial advisor or you are
interested in learning if a private
family office is right for you and
members of your family.
Our client care team is available
to arrange a private conversation
to discuss the options available to you.
E-mail us for a private meeting at:
Call our client care team at:
1-855-415-4075
Global head office:
1 First Canadian Place, Suite 5700
Toronto, Ontario
M5X 1C7
www.pangeafamilyoffices.com
@pangeaprivatefo | @wealthredefined
PANGEA Private Family Offices
PANGEA Private Family Offices