Big East Media Day Lacks Celebrity Coaches But Not Ambition
What Is A Celebrity Multi-Family Office?
I stole a pack of gum when I was younger and literally turned right around and gave it back. Emma Roberts What movie could you watch over and over? “Clueless.” I know all the words! I love that movie. Kevin Bacon What’s one thing you do when you’re alone that you wouldn’t do in front of someone else? Moisturize. Melissa Joan Hart What’s the dumbest thing you’ve read about yourself? There is something out there about my ability to recite pi up to like, 40 numbers. I’m positive they are confusing me with someone else. Alicia Keys When do you lose your temper? When people try to hold me back. Kristen Bell What’s the silliest thing you’ve ever lied about? My great aunt congratulated me for being in the Batman movie. I said “Thank you.” It wasn’t until later that I realized she had confused “Christian Bale” with “Kirsten Bell” on the radio. David Hasslehoff If you could ask Kim Kardashian any question, what would it be? Why?! Christina Applegate What shows are always on your DVR? “Homeland” is a big one. “Castle,” “The Daily Show” with Jon Stewart. Lisa Ling If you were on a reality TV show, what would it be called? “The Boring People Club” — no wait, “The Travelers. Tatyana Ali When is the last time you cried? Tatyana Ali: Im crying right now. I cry three times a day as part of my workout routine. It really targets the core. Great way to reduce bloating. Whitney Cummings and Chris D’Elia Who’s your ideal drinking buddy, living or dead? Chris D’Elia: Tupac Whitney Cummings: Chelsea Handler Lenny Kravitz If you were undead, would you be a vampire, zombie or ghost? A ghost. Janel Parrish If you were on death row, what would your last meal be? In-N-Out Burger! Giuliana Rancic What’s your guiltiest pleasure? Beauty pageants. I used to pray every night that I would become Miss USA. Julia Stiles If failure weren’t an option, what’s one thing you would do? Be in a rock band. Kaitlin Olson What’s your guiltiest pleasure?
Celebrities can especially benefit from the coordinated approach, characteristic of a multi-family office, explains Richard Flynn, principal with the Rothstein Kass family office group . Of course, the staff must be expert at overseeing the integration of investment management, advanced planning, private investment banking, business strategy, and related support services. While most high-profile successes appear to have a charmed life, there is usually an intense back-story filled with frustrations and anxieties that cannot be overlooked. Even when they have achieved levels of fame and fortune long sought in our culture, most celebrities find their status has its drawbacks. Were all familiar with the stories about bankruptcy and overspending in show business, says Hannah Shaw Grove, executive editor of Private Wealth magazine and principal of the boutique consultancy HSGrove . Most entertainers and celebrities have a limited window in which they can earn consistently high incomes, so they need a strong team of professionals around them to help protect and leverage their assets into something greater. Athletes dont fare much better. Every move an athlete makes is observed, analyzed, and frequently second-guessed by coaches, managers, teammates, fans, and members of the press. Since a great number of people and organizations, such as sports federations and commercial sponsors, rely on winning athletes to generate revenue, its understandable that most athletes feel the pressure and are afraid of failure. Celebrities seeking a financial advisory relationship are increasingly attracted to the multi-family office model, which integrates select core aspects of a business managers job with a broad array of financial and legal expertise. According to Miguel Forbes , vice chairman of the Forbes Family Trust, Successful entertainers and athletes are turning to multi-family offices, who can help them navigate their financial worlds and are nimble enough to offer business strategy and support services specific to them. Celebrity multi-family offices offer a broad array of expertise, including advanced planning, which is a suite of cutting-edge services that help wealthy individuals and families structure their assets to be as tax-effective and secure as possible. According to Frank Seneco, president of Seneco & Associates , The ability of entertainers, for example, to leverage their loan-out corporations can prove extremely profitable. Advisors in multi-family offices can also offer business strategy and support, handling licensing agreements or business ventures with the celebrities names attached and helping them capitalize on their success to generate significant monies. All too often, less knowledgeable advisors will let celebrities not well versed in these areas dive into business deals with a very limited chance of success. When celebrities call on advisors to develop a business model, it means the advisors must go beyond the role of a traditional multi-family office, business manager, or management consultant, because theyre tackling the clients financial and tax issues all along the way, explains Flynn. The celebrity multi-family office offers two critical advantages to successful entertainers and athletes. One is an in-depth understanding of the celebrity world. More important, however, is the ability of the multi-family office to address the needs and wants of the successful entertainers and athletes in a holistic manner. While a top-notch multi-family office will provide solutions to specific issues, problems and needs, its services should also be all encompassing and comprehensive.
As a result, the star wattage was decidedly down at Big East media day Wednesday. But the enthusiasm was high, with Commissioner Val Ackerman and Georgetown Coach John Thompson III , among others, extolling the muscle and must-watch games in store in the reconstituted league that consists of seven former Big East members and newcomers Butler , Creighton and Xavier . If you look around the room, the quality of coaching is outstanding, said Thompson, whose Hoyas finished 25-7 last season and were co-champions of the Big East regular season. Yes, we lost some Hall of Fame coaches, but I dont think too many teams want to go up against the guys in this room. Every game is going to be a battle. That was true last year; thats going to be true this year. Marquette Coach Buzz Williams , whose Golden Eagles were picked by the leagues coaches to win the 2013-14 regular season title, proclaimed the Big East one of the best two or three conferences in the country. Georgetown was picked second, garnering two of the 10 first-place votes. And Creighton , which boasts the leagues unanimous preseason player of the year, senior forward Doug McDermott, was picked third. Every coach is going to say they play in the best league, said Marquettes Williams, whose team reached the NCAA tournaments region finals, but if you objectively study the numbers, I think what this league has done the last five years speaks for itself. I think this year that will hold firm, too. Mere proclamations dont land leagues a place among college basketballs elite, however. Nor can they conjure passionate rivalries to replace those that stoked the Big East of old, such as Georgetown-Syracuse . Those things are earned on court, over time. Ackerman, the former WNBA commissioner who took the reins of the Big East on July 1, insisted the new league was up to the task, committed to proving that a league that makes basketball rather than big-money football its calling card can be financially viable and nationally respected. Theres no doubt: The eyes of the basketball world and the eyes of others in college sports are definitely on the league, said Ackerman, a former standout at Virginia. But I think everybody in our league uses that as a source of motivation. When Georgetown opens its season Nov.