The Celebrity Multi-family Office

Photo tour: The charm of a Celebrity Cruises ship

Celebrity Cruises’ 71,545-ton Celebrity Century is by today’s standards a mid-sized classic but when introduced in 1995 as the Century, it was one of the world’s largest, most technically-advanced cruise ships.

Follow Comments Following Comments Unfollow Comments In order to address the needs and wants of certain unique wealthy populations, multi-family offices are continually developing new operational structures. One example of this is the celebrity multi-family office, which is designed to meet the needs and wants of highly successful entertainers and athletes. 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.

It is cleverly configured around an X-shaped passage that is another tribute to Celebritys Chandris family roots. X is the symbol for the Greek letter chi and is also the Celebrity Cruises logo. Peter Knego Fullscreen Celebrity Cruises is known for its spectacular main-dining venues and the Celebrity Centurys Grand Restaurant is no exception. Designed by Birch Coffey, it features a sweeping grand staircase, bronze-capped nickel pillars and a Deck 6 balcony lined with Art Deco-brass balustrades. Peter Knego A long gallery of seating with a view of the sea spans the starboard portion of the Deck 5 level of the Grand Foyer. Peter Knego From the reception desk at its base, there is an impressive view of the Grand Foyers staircase and fiber-optic skylight. Peter Knego Installed in 2006, the Murano specialty restaurant is located off the port side of the Deck 5 foyer. It seats 66 and features two alcoves as well as a long gallery with picture-window views of the sea. Peter Knego Fullscreen Murano table settings include fine china, linen napkins rolled in silver rings, Riedel stemware and silver-plate cutlery. The menu features French and Continental specialties and an optional four-course Gastronomic and Vineyard Tour pairing for $89 per person or a traditional menu with a cover charge of $40 per person. Peter Knego Fullscreen Meals in Murano begin with an amuse bouche, such as this beautifully-presented bite of ahi tuna. Appetizers include foie gras, sweetbread, escargots, scallops and a delicious goat-cheese souffle. Soups and salads include lobster bisque, phyllo with Anjou pear and Roquefort, heirloom tomatoes, wild mushroom cappuccino, mixed greens and spinach with frisee salad. Peter Knego Fullscreen Entrees include Dover sole, lobster tail, filet mignon, French turbot, shellfish and saffron risotto, a surf-and-turf lobster and steak duet, venison, lamb, duck breast and a seafood casserole. Desserts feature fresh sorbets and ice creams, a quartet of apple sweets, chocolate souffle, and (shown) a crepe ballon rouge that is prepared tableside. Peter Knego Fullscreen The lower level of the Grand Restaurant is located in the far aft portion of Deck 5. Open seating breakfast and lunch are served here along with two dinner seatings (6:00 and 8:30) in the lower level and Celebrity Select open-seating dining between 6:30 and 9:00 in the balcony (advance reservations recommended). Peter Knego Cuisine in the Grand Restaurant is beautifully presented and includes a menu of anytime favorites as well as an evolving selection of courses each night. This is a baked beet, goat cheese, endive and tomato salad. Peter Knego Mouth-watering appetizers include this delicious tart with basil-infused feta, greens and a balsamic reduction. Peter Knego The entrees consist of a wide selection of meats, poultry, fish and a vegetarian choice. Here is a delicious herb-crusted merluzza with a tomato rice timbale, roasted zucchini and ratatouille vinaigrette. Peter Knego The entrees consist of a wide selection of meats, poultry, fish and a vegetarian choice.