We’ve likely heard the phrase “prospect management” before in meetings and conferences. But what exactly is it? And what is it not? It can go by several names including relationship management, or donor cultivation.
When I first heard of a family office, I thought it was a fancy way of saying a family business. Boy, was I wrong! Family offices are a way for families to manage their wealth – as if that wealth was a business. This can include managing family investments and companies, estate planning, education planning, vacations, and philanthropy.