Podcast Summary
In this episode, the host is joined by Katja Mülheim and Tobias Prestel of Prestel & Partner, a company that has been running a conference dedicated to family offices for the past 12 years. The discussion provides insights into the operations of family offices and how to approach them, especially with Prestel & Partner’s upcoming New York event. Topics covered include the cultural differences between family offices around the world, their business model, and how they facilitate networking at their events.
Key Takeaways
Approaching Family Offices
- Importance of Etiquette: The hosts stress the importance of approaching family offices with respect and understanding, emphasizing the need to build relationships rather than focusing solely on deals.
- Educational Networking: The conference is positioned as an educational networking event, providing a safe space for families to connect, communicate, and learn from each other without being constantly sold to by service providers.
Conference Dynamics
- Cultural Differences: The hosts note that the cultural dynamics of their events vary depending on the city, with different participants and topics discussed at each event.
- Interactive Format: The conference format is interactive, offering attendees the choice to attend presentations or engage in networking activities over two days.
Business Model
- Neutrality and Independence: The hosts emphasize their neutrality and independence, stating that they do not sell anything and are solely focused on providing a valuable experience for attendees.
- Cost Coverage: The hosts explain that they balance covering costs and keeping the event free by not being money-driven and focusing on bringing people together.
Family Offices and Investments
- Investment Behavior: The hosts observe that family offices have become more professional and focused on predicting the future, mixing safe bets with higher-risk opportunities.
- ESG Investing: The hosts highlight the growing interest in ESG (environmental, social, and governance) investing among family offices.
Education and Wealth
- Importance of Education: The hosts emphasize the crucial role of education for both the next generation of existing families and new entrepreneurs to navigate the complexities of wealth.
- Old Money vs New Money: The podcast discusses the different behaviors of old money and new money, with old money tending to hide their wealth while new money likes to show off.
Sentiment Analysis
- Bullish: The hosts express a positive sentiment towards the potential of their conference to provide valuable networking and educational opportunities for family offices. They also show optimism about the growing interest in ESG investing among family offices.
- Neutral: The hosts maintain a neutral stance on the different behaviors of old money and new money, observing the trends without expressing a preference.
- Bearish: There is no bearish sentiment expressed in the podcast.
