Interviews with the Next Generation of Experts, Commentators, Entrepreneurs and Creatives in and around wealth and the wealth management industry. From Frazer Rice, noted fiduciary expert, operator of frazerrice.com and author of "Wealth Actually".
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Interviews with the Next Generation of Experts, Commentators, Entrepreneurs and Creatives in and around wealth and the wealth management industry. From Frazer Rice, noted fiduciary expert, operator of frazerrice.com and author of "Wealth Actually".
IS THE CIO DRAGGING DOWN THE FAMILY OFFICE’S PERFORMANCE?
Wealth Actually
31 minutes 47 seconds
4 months ago
IS THE CIO DRAGGING DOWN THE FAMILY OFFICE’S PERFORMANCE?
https://youtu.be/p3VtFCVpp8o
IS THE CIO DRAGGING DOWN THE FAMILY OFFICE'S PERFORMANCE? The Family Office CIO job involves a delicate high wire act. The position can be a fraught intersection of:
Asset Allocation (& collision of "endowment" vs "family adjacent" strategy)
Cash Management
Deal Sourcer/Vetter
Club Deal Gatekeeper
Risk & FOMO mitigater
Overall One-Man Band
ADAM SMITH advises families around deal and investment structure via RAS CAPITAL PARTNERS. We discuss the evolving CIO in family offices, We go over the importance of expectation-setting on both sides. We get into what the families can do to understand their own needs (and why they might be the problem!). The goal is to help both sides unlock potential and get out of the way of performance.
Adam Smith's Background (2–3 min)
Adam gives a brief personal background and current work with family offices
Set up the problem: Many family offices operate with misaligned or underperforming CIO structures
Mention growing tension between opportunistic deal flow vs. structured allocation frameworks
Describe what a non-functioning or misaligned CIO looks like in a family office
Common traits: reactive, relationship-driven over process-driven, lacking risk discipline
The consequences: inconsistent returns, governance confusion, lack of accountability
Deal-Driven vs. Allocation-Based Models (4–5 min)
Explain the difference between a deal-centric CIO vs. one focused on institutional-style allocation
Why the dealmaker mindset often prevails in emerging family offices
Tradeoffs: speed and access vs. diversification, scalability, and defensibility
Challenges when there’s no clear investment policy statement (IPS)
Why Do Families Tolerate This? (2–3 min)
Emotional and trust-based dynamics—families often default to familiarity over structure
Over-indexing on "access" as value
Underestimating the long-term risks of ad hoc strategies
What CIO Institutionalization Looks Like (3–4 min)
What a functional, institutional CIO framework looks like (clear mandate, reporting, delegation, rebalancing discipline)
Role of governance in supporting this structure
When and how to make the transition—triggers and best practices
Cultural and Generational Resistance (2–3 min)
Why some families resist institutionalization
How generational shifts are challenging legacy CIO models
Importance of aligning values and objectives—not just tactics
Closing Thoughts THE CIO DRAGGING ON THE FAMILY OFFICE PERFORMANCE (2 min)
Tie back to broader themes of sustainability, legacy, and governance in family offices
Call to action: revisit your CIO model—does it reflect your goals or just your past?
Emphasize the importance of aligning investment leadership with broader family vision
Other CIO Dragging Considerations-
Wealth Actually
Interviews with the Next Generation of Experts, Commentators, Entrepreneurs and Creatives in and around wealth and the wealth management industry. From Frazer Rice, noted fiduciary expert, operator of frazerrice.com and author of "Wealth Actually".
