Discover practical tools and strategies for helping wealthy families retain and grow wealth
In Top Practices Wealthy Families and Their Advisors, accomplished family wealth experts Tom McCullough and Keith Whitaker deliver a comprehensive collection of practical activities that members of wealthy families can undertake to ensure their continued success and development.
The book contains over 50 chapters, each highlighting a practical tool, exercise, or activity that can be applied by advisors or family members themselves. Each chapter is written by a recognized expert in the field who has used the highlighted tool, exercise, or activity over many years with great success.
The book shows readers how to:
- Identify the factors that matter the most when it comes to retaining and growing family wealth
- Plan thoughtfully, invest wisely, and raise the next generation
- Share their decision making prudently and carefully combine family and business
- Incorporate charitable giving into an overall wealth strategy and seek sound advice
Perfect for family wealth advisors, financial planners, and private bankers, Top Practices for Wealthy Families and Their Advisors is also an indispensable resource for managers of family trusts seeking to protect and advise their clients.
Table of Contents
Foreword xiii
James E. Hughes, Jr.
Acknowledgments xv
Introduction xvii
Assessing Your Family’s True Needs xxi
Section 1 Thinking Through What Matters Most 1
Chapter 1 Four Profound Questions for Families 3
Ellen Miley Perry
Chapter 2 Identifying Actionable Values for Family and Enterprise 7
Doug Baumoel and Blair Trippe
Chapter 3 Values That Matter 13
Sharna Goldseker and Danielle Oristian York
Chapter 4 A Framework for Family Wealth and Well-Being 19
Richard Franklin and Claudia Tordini
Chapter 5 Understanding Identity and Social Power 27
Kofi Hope and Zahra Ebrahim
Chapter 6 Tapping Character Strengths to Move Families Forward 33
Kristin Keffeler
Chapter 7 Using the Ikigai Model to Foster a Legacy of Meaningful Engagement 39
Don Opatrny and Keith Michaelson
Chapter 8 Stages of Wealth Integration 45
Courtney Pullen
Chapter 9 Learning from Your Money History and Writing a New Story 51
Jill Shipley
Chapter 10 Envisioning the Future 59
Jamie Traeger-Muney
Section 2 Becoming a Learning Family 67
Chapter 11 Benchmarking Your Family Against Successful Global Families 69
Dennis Jaffe
Chapter 12 Understanding the True Goals of Wealth Preparation 75
James Grubman
Chapter 13 Advancing Flourishing: A 10x10 Learning Roadmap 81
Stacy Allred, Joan DiFuria, and Stephen Goldbart
Chapter 14 Finding What’s Next for Your Family 97
Barton Parrott
Chapter 15 Creating Impactful Learning Programs for Families 103
Greg Burrows and Ruth Steverlynck
Chapter 16 Developing a Family Wealth Education Plan 111
Kirby Rosplock
Chapter 17 Practical Tools for Building Healthy Families 119
Christian Stewart
Section 3 Planning Thoughtfully 127
Chapter 18 Expressing Purpose in Your Trusts 129
John A. Warnick
Chapter 19 Managing a Shared Family Property 137
Jamie Forbes
Chapter 20 Creating a Family Bank 143
James E. Hughes, Jr.
Chapter 21 Undertaking a Family Risk Assessment 147
Linda Bourn
Chapter 22 Is Your Infrastructure Resilient? 155
Natasha Pearl
Chapter 23 Creating a Family Owner’s Manual 161
Josh Kanter
Chapter 24 Family Behavioral Health Wellness Assessment 167
Arden O’Connor
Chapter 25 Building a Smart Aging Plan 173
Susan Hyatt
Chapter 26 Managing the Risk of Diminished Capacity 179
Patricia Annino
Chapter 27 Creating an Ethical Will 189
Scotty McLennan
Section 4 Investing Wisely 197
Chapter 28 Monitoring Financial Capital with the “Four Horsemen” Graph 199
Scott Peppet
Chapter 29 Keeping Goals in the Spotlight with Capital Sufficiency Analysis 203
Joe Calabrese
Chapter 30 Constructing an Investment Portfolio to Support Family Goals 209
Jean Brunel and Voyt Krzychylkiewicz
Chapter 31 Investment Education for Family Members 219
Jim Garland
Section 5 Seeking Sound Advice 225
Chapter 32 Assessing Your Family’s Financial and Family Management Needs 227
Scott Hayman and Tom McCullough
Chapter 33 Finding an Advisor Who Will Help Your Family Thrive for Generations 235
Kathy Lintz and Ned Rollhaus
Chapter 34 Choosing Trustees with Care and Wisdom 241
Kim Kamin
Chapter 35 Assessing Your Readiness for a (Family Enterprise) Leadership Coach 251
Greg McCann
Chapter 36 Understanding Advisors’ Fees 255
Mark Pletts
Section 6 Raising the Rising Generation 261
Chapter 37 Balancing Entitlement and Responsibility in Children’s Birthdays 263
Joline Godfrey
Chapter 38 A Ritual to Send Children off to College 269
Andrew Doust
Chapter 39 Developmental Life Lessons for Grandchildren 277
William (Bo) and Suzanne Huhn
Chapter 40 Deciding If You Should Join the Family Business 281
Josh Baron and Rob Lachenauer
Chapter 41 How Can You Ensure the Success of Your Successors? 287
Dean Fowler
Chapter 42 The Intergenerational Dialogue 295
Susan Massenzio
Section 7 Navigating Family Dynamics 299
Chapter 43 A Three-Step Process for Enhanced Communication 301
Keith Whitaker
Chapter 44 Strengthening Your “Family Factor” to Deconstruct Conflict 305
Blair Trippe and Doug Baumoel
Chapter 45 Using Genograms to Understand Family Patterns 311
Guillermo Salazar
Chapter 46 Achieving New Insights and Possibilities through Generative Dialogue 317
Michelle Osry
Chapter 47 How Powerful Are Your Questions? 323
Ian McDermott
Chapter 48 Expectations versus Agreements 329
Mimi Ramsey and Stephanie Hardwick
Chapter 49 Enhancing Sibling Relationships 335
Christian Stewart
Chapter 50 Gamechanging 343
Matt Wesley
Section 8 Making Shared Decisions 349
Chapter 51 Hats Off to You! 351
Lee Hausner
Chapter 52 How to Balance Family Stability with Resilience over Generations 355
James Grubman
Chapter 53 Making Better Decisions by Telling Stories That Have “Already Happened” 359
Stacy Allred
Chapter 54 Democratizing Family Decision-Making 365
Barbara Hauser
Chapter 55 Using RACI to Determine Roles and Responsibilities in a Complex Multigenerational Family Enterprise 369
Kathryn McCarthy
Chapter 56 Creating Internal Controls and Policy and Procedures for a Family Office 377
Eugene Lipitz
Chapter 57 Leading Successful Family Meetings 381
Katherine Grady and Wendy Ulaszek
Chapter 58 Establishing Ground Rules for Family Meetings 387
Keith Whitaker
Section 9 Giving Together 391
Chapter 59 Finding a Philanthropic Focus and Integrating the Rising Generation Perspective 393
Etienne Eichenberger, Małgorzata Smulowitz, and Peter Vogel
Chapter 60 Facilitating Grandchild-Grandparent Philanthropy 401
James E. Hughes, Jr.
Chapter 61 Helping Families Move Up the Philanthropic Curve 405
Leslie Pine
Chapter 62 A Roadmap to Successful Philanthropy 411
Susan Winer
Conclusion 415
Bios 417
Index 419
