The Lady Musgrave Trust’s High Tea – May 6th

Join some of the Keystone girls in supporting the Lady Musgrave Trust’s High Tea on May 6th.  The Lady Musgrave Trust is Queensland’s oldest charity & provides accommodation and services to homeless women and their children.  The Lady Musgrave Trust’s High Tea

Keystone Private proudly supporting The Lady Musgrave Trust

The Keystone Private family is a close knit team and our people and the relationships we build are the foundation of our business. Equally important to us and an integral part of our DNA is giving back to the community and supporting worthy charities.

To this end, Keystone Private is proud to announce our recent major sponsorship with The Lady Musgrave Trust, through which we provide the Trust with bookkeeping, financial management services, use of our office facilities and other business support. read more

How to really make the most of your time

The Concierge Collective Article

If somebody asked you what you would do if you had a day off in the middle of the week to do absolutely anything …

… the only condition being that it had to be something for YOU, what would it be?

Most of us, before hearing the only condition, would probably say something like “well I need to get my car detailed, I definitely need to go grocery shopping, oh and I should also get started on that massive to-do list that sits at the back of my mind, and has done for over 12 months.”

Sound familiar? read more

10 FAQ: Family Continuity

In this honest and detailed interview, Keystone Private’s CEO Managing Director, David Jackson discusses ten most commonly asked questions about family continuity. read more

Are investment biases holding you back?

Do we as a society have an inflated opinion of our own investor ability? Do you personally have what it takes to run an investment portfolio or should you seek assistance? The answer is generally a profound – yes. read more

Keeping it in the Family

Press Release - May 2015

Keystone Private Locks in Leading Position in QLD Family Office Market

The family office, which manages the affairs of wealthy families, is the foundation stone of generational wealth and is the world’s oldest continuous corporate structure dating back to the earliest civilisations.

While many business trends come and go, the family office has stayed the course of history by successfully transferring and building family dynasties throughout the centuries. read more

A smarter way to manage your family’s wealth

FBM - Wealth Protection

As family business owners strive to grow their businesses and future proof them for generations to come, they often find it difficult to manage the competing demands of running a business and managing their private wealth. A Family Office offers the perfect solution to this dilemma.

read more

Feature Article

Keystone Private Family Office -The tenth man principle.

Having recently spent a week in hospital and a further week at home recovering from surgery (not a great start to the year), I have spent a lot of time watching movies, most of which I had already seen.

One such movie is World War Z, starring Brad Pitt. The basic premise of World War Z for those that haven’t seen it is that an infection has spread throughout the world which turns those exposed into Zombies and Brad Pitt’s character is charged with investigating the outbreak to find a cure.

Now, before you bemoan yet another article trying to use a COVID-esque segway to provide relevant, urgency or a call to action and move on to the next article, hear me out.

This missive is not about the problem (being the Zombie apocalypse), rather it is about being aware of the alternative viewpoint.

During his investigations, Pitt’s character has cause to fly to Israel where he finds the city protected by a very large wall which (until later in the movie) is keeping the Zombies at bay and the people safe. Observing the time, cost and effort involved in building the wall, Pitt queries how did Israel ‘predict’ the unfolding Zombie apocalypse?

This brings me to the point of this article.

Pitt’s host points out that they didn’t predict the event, they prepared for it. Such preparation was based on the ‘tenth man principle’. In simple terms, if 9 people in the group (of ten) all agreed on any topic, it was the job of the tenth man to take the opposing view and investigate such.

I am a firm believer that where there is consensus, especially overwhelming consensus, it is foolhardy not to challenge the assumptions behind such consensus and consider alternatives. This process is relevant across the entire spectrum of the family office environment, whether it be:

  • Financial
    • State of the markets
    • Investment proposals
    • Good and bad investments
    • Return expectations
    • Accepted practices
  • Estate Planning
    • Use of testamentary trusts
    • Bloodlines or blended lines
    • Structuring of philanthropic activity
    • Managing expectations
  • Family dynamics
    • Who is the black sheep?
    • Who is or is not going to get divorced?
    • Timing and method of generational transition
    • Next-gen in the business or not

Within the broader family, the advisor framework, industry experts and even the community at large there will always be opinions on the above (and many more topics), often these opinions can lead to an apparent consensus and considered alternatives are lost in the noise.

Please note that I am not suggesting that consensus, whether it be based on professional advice, expert opinion or even just the simple majority is not correct or an appropriate course of action, simply that it is important to take a step back, consider the alternatives and make informed decisions.

Hope for the best, plan for the worst.

By David Jackson