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Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask



Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask

Tom McCullough, Keith Whitaker

ISBN: 978-1-119-33152-0 December 2018 400 Pages

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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.

Foreword xiii
Dirk Jungé

Acknowledgments xvii

Introduction xix


Chapter 1 Are You Wealthy? 3
Patricia Angus

Chapter 2 What Are the Most Important Factors in Living Well? 9
Scotty McLennan

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


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


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


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


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


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 McCann

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


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 McClintock

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


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


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