Avoiding Nonessential Family Office Complexity with Amjed Saffarini

Today, I'm excited to welcome Amjed Saffarini, co-founder and CEO of Trove, a fast-growing, innovative firm which provides a broad array of family office services, including operations outsourcing, lifestyle management, business and tax advisory. Prior to Trove, Amjed was President at Kaplan, the leading global educational services company, and co-founder and CEO of CyberVista, a cybersecurity education company that was spun out of Kaplan and was acquired by N2K Networks. Amjed is also a Board Leadership Fellow at the National Association of Corporate Directors. There is a popular (and controversial) adage in our industry that goes: "If you've seen one family office, you've seen one family office." Amjed is in the camp of people who believe this adage is an unhelpful fallacy. He explains why and shares his views on the "common DNA" that family offices share. But even with 95%+ shared DNA, all families are unique, which means they face the conundrum to either allow complexity to grow exponentially as they try to customize their family office to their needs or settle for standardized, off-the-shelf, or outsourced solutions that might not be perfectly tailored to the family but are good enough to get the job done. Amjed advises how families should think about this conundrum and how they can decide on the design to build and resource their family office. Amjed then delves into the practical suggestions he has for families, starting with the areas of the family enterprise and the family office where he believes families should not "reinvent the wheel" but rather would be advised to explore standardized or outsourced services. Conversely, he talks about when it is appropriate to invest in internalizing the complexity and to bring a family office service or functional department in house. This is an illuminating and thought-provoking conversation with one of the most innovative thinkers and entrepreneurs reshaping the family office space.

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