The successful management of family wealth has always been a challenge, even in the best of times. Requiring a careful balance of both family and financial considerations, the investment of family wealth for both lifetime and legacy purposes has become even more difficult in an increasingly complex world.
Family Wealth Management addresses a family’s philosophy of wealth, the development and prioritization of goals, and the understanding, structuring and allocation financial assets. In addition, the authors provide clear insights on the specifics of investment management and engaging and educating the family and its members in wealth management.
The seven imperatives, which make up the core of the book, serve as both a guide to the critical insights necessary for successful family wealth management, and also serve as a step-by-step process to help families develop and implement their own unique investment strategies, and achieve the full set of their family’s related objectives.
Comprehensive, practical, and easy to apply, this work can serve as an important reference guide for family members and their wealth managers around the world for this immediate period — and for many years to come.
Contents:
- Foreword
- Preface
- Acknowledgments
- Introduction and Overview: A Critical Time for Family Investors:
- Setting Out a New Approach to Family Wealth Management
- A History of Family Wealth
- Addressing the Differences between Private and Institutional Investing
- Reinforcing the Importance of a Disciplined Investment Process
- The Seven Imperatives:
- Imperative 1: Establish Family Vision, Values, and Goals:
- Documenting Family Philosophy, Vision, and Values
- Determining the Purpose of Wealth and Setting High-Level Financial Goals
- Structuring Assets and Aligning Investments to Serve Multiple Purposes
- Integrating the Family Business into Wealth Management Strategy
- Imperative 2: Set a Practical Framework for Family Investment:
- Rethinking Modern Portfolio Theory, Considering Goals-Based Wealth Management
- Reviewing Different Approaches to Asset Allocation
- Comprehensive Risk Management
- Imperative 3: Set a Long-Term Family Wealth Strategy and Define the Asset Allocation Model:
- The Elements of Long-Term Strategy
- Investing for the Future: Mega-Themes and Principled Investment Management
- Long-Term Strategy Document (Example)
- Imperative 4: Draft the Annual Investment Policy Statement and Refine Investment Tactics:
- Drafting the Annual Investment Policy Statement and Refining Investment Tactics
- Rethinking the Role of Traditional Investment Assets in the Family Portfolio
- Assessing Alternative Assets and the Search for Recurring Alpha
- Selecting Individual Investments and Investment Managers
- Investment Policy Statement (Example)
- Imperative 5: Monitor Performance and Respond to the Need for Change:
- Monitoring Performance against Internal Goals and External Benchmarks
- ‘White Water Investing’ and the Management of Wealth in Turbulent Times
- Imperative 6: Select and Manage an Ecosystem of Trusted Financial Advisors:
- Designing the Ecosystem and Selecting Advisors
- The Role of the Family Office
- Imperative 7: Engage and Educate the Family:
- Determining the Right Wealth Distribution Strategy
- Preparing the Family for the Successful Transfer of Wealth
- Imperative 1: Establish Family Vision, Values, and Goals:
- Conclusion:
- Pulling It All Together: The Successful Management and Transfer of Wealth Across Generations
- About the Authors
- About Northwood Family Office
- About Raffles Family Wealth Trust and www.raffleslegacylearning.com
Readership: Wealthy families, their staff and their advisors on a global basis, Students, smaller scale investors, commercial education courses, university wealth management programs. Secondary: Students, smaller scale investors, commercial education courses, university wealth management programs.
Mark Haynes Daniell is Chairman of the Raffles Family Wealth Trust Pte Ltd. He has more than thirty-five years of experience addressing the core issues of family business and legacy strategy. He has formerly held positions as a partner at Bain & Company, director of Wasserstein Perella, president of a publicly listed strategic investment firm and director of several public and private companies.Mark has written and co-authored seven books for legacy families, including Family Legacy and Leadership, Family Wealth Management, Wealth Wisdom for Everyone, Strategy, The Elements of Strategy and World of Risk.Mark holds a Juris Doctor degree from the Harvard Law School, BA and MA degrees in jurisprudence from Oxford University (University College) and a BA from Amherst College. He is a High Honors graduate of the Phillips Exeter Academy and earned diplomas from the Université de Paris IV-Sorbonne and the Institut d’Etudes Politiques de Paris. He was recently granted a Doctoral Degree Honoris Causa (DHC) by the National University of Georgia.Tom Mc Cullough is the chairman, chief executive office, and co-founder of Northwood Family Office. Northwood was established in 2003 to provide integrated and holistic family office services to Canadian families of wealth. Northwood is consistently ranked as Canada’s leading Multi-Family Office (Euromoney Global Private Banking Survey). Tom the co-author of Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask (Wiley, 2018) and Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors (Wiley, 2022). He is an adjunct professor and executive-in-residence at the University of Toronto where he teaches ‘The Management of Private Wealth’ in the Rotman School of Management MBA program, and is a faculty member in Rotman’s Family Wealth Management program for families. Tom also serves on the board of directors for the Ultra High Net Worth Institute, is co-chair emeritus of the Canadian Family Office Forum, and was awarded Best Individual Contribution to Thought Leadership in the Wealth Management Industry (North America) by the 2020 Family Wealth Report Awards.
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