| 1. | Should We Have a Family Meeting?
Abbot Downing
At some point, most families ask if they should have a family meeting, recognizing the importance of providing a forum for sharing news, concerns, opportunities, and challenges in an open and direct way. Family meetings are often seen as a great place to learn, whether the topic is investments, business, legal matters, or the family itself. Furthermore, the interplay of generations is a great way to model and develop family leadership and help nurture the family legacy. As time passes and families grow, family leaders need to employ meetings if they are to overcome the natural tendency toward familial and financial dissolution. |
2. | Seven Steps to Protect Yourself from Fraud
Wilmington Trust
Business impersonation scams are a large and growing risk for high-net-worth individuals, closely held business owners, and institutions. Scams have claimed victims in all 50 states and more than 100 countries and there is every reason to believe the threat is growing. Learn seven steps that can help you protect yourself and your business from impersonation and other types of fraud. |
3. | 50 Technology Questions for Executives
Archway Technology Partners
Purchasing a wealth management technology solution is a significant business decision for your firm. You have likely been tasked with sourcing a platform that meets the needs of your principals, your team and your stakeholders. The solution should support your internal accounting, investment management and reporting functions while streamlining your firm’s day-to-day operations. As an executive, where should you begin? To assist you in the research, there are more than 50 questions to help guide through the process of finding the right solution for your firm. |
4. | Guide to Tax and Wealth Management 2017
PwC Private Company Services
Individuals and families that manage their wealth wisely tend to take an active role in doing so. Rather than leave everything in the hands of an advisory team, they make sure they’re knowledgeable about the key factors affecting their wealth. This entails understanding various legal, financial, and regulatory issues, as well as the economic and political landscape, both home and abroad. This can be a tall order—one that this 2017 guide to tax and wealth management aims to help you meet. The guide provides a detailed summary of the key concepts and approaches pertaining to tax planning, investing, charitable giving, estate and gift planning, business succession, risk management, and family offices. |
5. | Three Keys to Sustaining Family Wealth BNY Mellon Wealth Management
Parents often find it difficult to discuss their wealth—and what will happen to it when they die—with their children. For many families, discussing death is considered to be a bad omen. For others, there may be a concern that being too transparent about family finances could lead to conflict and result in strained family relationships. Whatever the reason, the end result of failing to openly communicate about family wealth can be costly. By not clearly detailing their intentions or preparing their children to receive the family’s wealth, parents risk outcomes that will meaningfully erode the value of their estate. So what can be done to avoid these unfortunate outcomes? |
6. | Securing Family Offices With a 360° Risk Profile
The Chertoff Group
High net worth families and their respective offices, as well as family-owned and operated businesses, are facing increasingly complex security risks in both the physical and cyber domains. Rising geopolitical tension, rapid changes in technology and the increasing ease with which adversaries can access cyber intrusion tools are combining to raise both the likelihood and severity of potential family impacts. Family offices are particularly attractive cyber targets because they manage significant financial assets, and in many cases, they have an extensive, interconnected network with the underlying family-owned business. Risk elimination is impossible, but a family office can greatly reduce its risk profile by proactively implementing a 360° family security risk management program. |
7. | The Complete Guide: Private Staffing for Households, Families, Businesses, Personal & Estate
Angela Mortimer
While many individuals may have the skills and experience for a private staffing position, it is the chemistry and having a system in place that makes it work for all parties. Making it work begins with a thoughtful hiring process that includes creating a job description, a compensation plan, an employee manual, hiring and firing procedure, and consideration of benefits. Happy and reliable employees are those who understand the guidelines, expectations, and rewards. More than ever, the right hire can reap dividends across the board for your business, personal, family, and social interests. |
8. | Managing Risks for the Family Office
Chubb Personal Risk Services
Imagine trying to protect a multi-generational family with 15 households and 25 properties in multiple states—not to mention all their vehicles, collections and personal property. Then there’s liability exposure for dozens of individuals, each with their own unique set of risks. Providing insurance protection for this level of exposure is challenging and requires specialized expertise on many levels. This paper highlights the complex risks faced by multi-generational families and how proper risk management can successfully protect their wealth for future generations. |
9. | Billionaire Report 2016
PwC Private Company Services
The past 20 years’ exceptional wealth creation will soon be followed by the biggest-ever wealth transfer. It is estimated that fewer than 500 people will hand over USD 2.1 trillion to their heirs over the next 20 years. For most Asian economies, where over 85 percent of billionaires are first generation, this will be the first-ever handover of billionaire wealth. Billionaires matter. They create and hold immense wealth. Shifts in the structure of that wealth matters to the wealthy and their families. But they also impact the global economy and society as a whole. This report shines a light on tomorrow’s wealth landscape. |
10. | Seven Insights on Sustaining Your Wealth
TFO Phoenix
The proverb “Shirtsleeves to shirtsleeves in three generations” is pervasive across many cultures. Why is this the case and how can your family be exceptional in your quest to sustain your wealth? Observations from decades of working with families on this challenge provide seven insights on how families fail to sustain their wealth from generation to generation, and how you can learn from them. |
11. | Strategic Private Equity Investing in Healthcare
NEPC
A growing trend among healthcare organizations is to evaluate and/or invest in private equity funds or directly in companies focusing on opportunities in the healthcare industry. This trend stems from the necessity of healthcare organizations to adapt to the changes within their industry in order to maintain key advantages and stay relevant. Each organization’s approach, objective, and expectation for success will differ when considering a strategic investment. To this end, when thinking about making strategic investments in healthcare, there are a few important considerations to keep in mind. |
12. | Understanding Alzheimer’s Disease: From Science to Wealth Planning
Glenmede
Physical and cognitive changes are a natural part of the aging process, and in the case of Alzheimer’s disease—the sixth-leading cause of death in America—individuals and families face complex emotions and planning issues. Excerpted from a longer panel discussion, this Q&A format article provides insights on Alzheimer’s disease, its effect on diagnosed individuals and their families, and the important legal, medical and financial planning issues it raises. It also stresses the importance of proactive communication and planning ahead to help affected family members manage and realize their short- and long-term goals. |
13. | Managing the Impact of Wealth
Abbot Downing
It can be surprising to hear that just 30 percent of families successfully sustain their wealth beyond three generations. The reasons for wealth transition failures are generally personal rather than technical—resulting from a breakdown of communication within the family, inadequate preparation of heirs, and lack of a shared family vision. Successful families consider the impact of wealth on their family and look beyond financial capital to consider human, intellectual, and social elements of unique wealth. |