A critical resource for families managing significant wealth
Wealth of Wisdom offers essential guidance and tools to help high-net-worth families successfully manage significant wealth. By compiling the 50 most common questions surrounding protection and growth, this book provides a compendium of knowledge from experts around the globe and across disciplines. Deep insight and thoughtful answers put an end to uncertainty, and help lay to rest the issues you have been wrestling with for years; by divulging central lessons and explaining practical actions you can take today, this book gives you the critical information you need to make more informed decisions about your financial legacy. Vital charts, graphics, questionnaires, worksheets and other tools help you get organised, develop a strategy and take real control of your family’s wealth, while case studies show how other families have handled the very dilemmas you may be facing today.
Managing significant wealth is a complex affair, and navigating the financial world at that level involves making decisions that can have major ramifications — these are not decisions to make lightly. This book equips you to take positive action, be proactive and make the tough decisions to protect and grow your family’s wealth.
- Ensure your personal and financial success and legacy
- Access insight and data from leading experts
- Adopt the most useful tools and strategies for wealth management
- Learn how other families have successfully navigated common dilemmas
When your family’s wealth is at stake, knowledge is critical — and uncertainty can be dangerous. Drawn from interactions with hundreds ofwealthy individuals and families, Wealth of Wisdom provides a definitive resource of practical solutions from the world’s best financial minds.
Cuprins
Foreword xiii
Dirk Jungé
Acknowledgments xvii
Introduction xix
SECTION 1 THINKING THROUGH WHAT MATTERS MOST 1
Chapter 1 Are You Wealthy? 3
Patricia Angus
Chapter 2 What Are the Most Important Factors in Living Well? 9
Scotty Mc Lennan
Chapter 3 What Are the Key Considerations in Crafting Your Legacy? 15
Thayer Willis
Chapter 4 What Does Passing on Values to the Next Generation Really Look Like? 23
Ellen Miley Perry
Chapter 5 How to Think Through Using Resources That Exceed My Personal Needs? 31
Paul Schervish
Chapter 6 Does Family History Matter? 39
Heidi Druckemiller
SECTION 2 PLANNING THOUGHTFULLY 45
Chapter 7 Is It Worth Having a Financial Plan? 47
Scott Hayman
Chapter 8 What Is the Right Balance Between Saving and Spending in Retirement? 55
Meir Statman
Chapter 9 How Do You Start a Family Conversation About Prenuptial Arrangements? 63
Charles Collier
Chapter 10 How Can You Preserve a Beloved Family Vacation Home or Estate? 67
Jamie Forbes
Chapter 11 How Can You Prepare for Longevity and Mental Incapacity Among Family Members? 75
Patricia Annino
Chapter 12 How Do You Prepare for a Good Goodbye? 81
Kathy Wiseman
SECTION 3 INVESTING WISELY 85
Chapter 13 How Can You Make Sure Your Portfolio Lines Up with Your Actual Goals? 87
Ashvin Chhabra
Chapter 14 What Return Should You Expect from Your Investments? 93
Christopher Brightman
Chapter 15 What Should Your Asset Allocation Be? 101
Jean Brunel
Chapter 16 Does Investing Have to Be Complicated? 107
Robert Maynard
Chapter 17 How Should You Understand and Deal with Investment Risk? 115
Howard Marks
Chapter 18 What Is the Most Useful Definition of Risk for Family Investors? 119
James Garland
Chapter 19 Is Active Management Still Worthwhile? – I 125
Charles Ellis
Chapter 20 Is Active Management Still Worthwhile? – II 133
Randolph Cohen
SECTION 4 RAISING THE RISING GENERATION 141
Chapter 21 How Do You Raise Responsible, Independent, and Productive Children (versus Entitled Trust Fund Babies)? 143
Jill Shipley
Chapter 22 How Can You Help Children Thrive in a World Focused on Success? 149
Suniya Luthar and Nina Kumar
Chapter 23 How Much Money Should You Leave Your Children, and When? 157
Peter Evans
Chapter 24 How Do You Start a Family Conversation About Financial Inheritance? 161
Charles Collier
Chapter 25 How Can You Avoid the Negative Impacts of Giving Money to Family Members? 165
Lee Hausner
Chapter 26 How Can Your Family Encourage Financial Literacy in Every Member? 169
Coventry Edwards-Pitt
Chapter 27 How Can Families Support Both Individuality and a Shared Dream? 173
Kelin Gersick
SECTION 5 MAKING SHARED DECISIONS 181
Chapter 28 What Are the Best Ways for a Family to Make Decisions Together? 183
Barbara Hauser
Chapter 29 How Can You Improve Family Communication? 187
Jennifer East
Chapter 30 What Are Practical Tools for Building Healthy Families? 193
Christian Stewart
Chapter 31 What Is the Point of Family Enterprise Governance? 203
Katherine Grady and Ivan Lansberg
Chapter 32 Should You Have a Family Meeting? 211
Mary Duke
Chapter 33 How Can You Best Manage Conflict in Your Family? 219
Blair Trippe
Chapter 34 Should You Stay Together as a Family or Go Your Separate Ways? 225
Doug Baumoel
SECTION 6 COMBINING FAMILY AND BUSINESS 233
Chapter 35 How Can You Engage Your Children in the Management of Your Family Wealth or Business? 235
Dennis Jaffe
Chapter 36 How Can Your Family Develop Leaders Ready to Face the Many Challenges of Business and Family? 243
Greg Mc Cann
Chapter 37 How Can You Ensure the Success of Your Successors? 249
Dean Fowler
Chapter 38 Why Is Family Unity So Important and How Can You Achieve It? 257
Andrew Hier and John Davis
Chapter 39 What Are the Signs You’re Losing Control of Your Family Business? 263
Josh Baron and Rob Lachenauer
Chapter 40 Can a Family Stay Together After the Operating Business Is Sold? 269
Alex Scott
SECTION 7 GIVING WELL 275
Chapter 41 What Is the Difference Between Charity, Philanthropy, Strategic Philanthropy, and Impact Investing? 277
Ellen Remmer
Chapter 42 How Can You Encourage Generosity in Your Family? 285
Alasdair Halliday and Anne Mc Clintock
Chapter 43 How Do You Engage Children and Grandchildren in Philanthropy? 291
Lisa Parker
Chapter 44 How Can You Wisely Develop a Long-Term Strategy for Your Philanthropy? 297
Barnaby Marsh
SECTION 8 SEEKING SOUND ADVICE 303
Chapter 45 What Types of Advisors Should You Consider? 305
Susan Massenzio
Chapter 46 How Can You Find Trustworthy Advisors? 311
Philip Marcovici
Chapter 47 How Can You Avoid the Next Bernie Madoff? 317
Stephen Horan and Robert Dannhauser
Chapter 48 Should You Choose a Single-Family Office or a Multi-Family Office? 323
Kirby Rosplock
Chapter 49 How Do You Choose a Good Trustee? 331
Hartley Goldstone
SECTION 9 FACING THE FUTURE 339
Chapter 50 What Does the Future Hold for Families with Significant Wealth? 341
James Hughes
Chapter 51 How Can You Chart Your Own Path, No Matter What Everyone Else Says You Should Do? 345
Fernando del Pino
Chapter 52 How Do You Balance Family Stability with Resilience Over the Generations? 351
James Grubman
Chapter 53 How Can We “Lift the Small Boats” Too? 355
Christine Lagarde
Conclusion 363
About the Editors 365
Index 367
Despre autor
TOM Mc CULLOUGH is Chairman and CEO of Northwood Family Office, a multi-family office which serves the comprehensive financial needs of families of significant net worth. Northwood was founded in 2003 and has quickly risen to prominence as an international leader in its field. Tom has spent over 30 years in the field of family wealth management and is also an adjunct professor of Private Wealth Management at the University of Toronto’s Rotman School of Management, and co-author of Family Wealth Management (Wiley, 2013).
DR. KEITH WHITAKER is President of Wise Counsel Research, a think tank and consultancy focused on families with significant wealth. He served as Managing Director at Wells Fargo Family Wealth and currently serves on the board of directors of the National Association of Scholars. For many years, Keith has helped enterprising families develop their rising generation, organize their estates, and plan leadership transitions.
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