Redefining Success: Placing Flourishing First in the Family Wealth Industry

In moving past the “shirtsleeves to shirtsleeves in three generations” adage, advisors in the family wealth space are emphasizing the importance of the family’s qualitative capitals that go beyond serving only the financial capital goals. This shift has elevated the family client experience and expectations. It’s part of the Wealth 3.0 movement that brings with it a refocus on the different goals of various family types, the importance of qualitative capitals, the evolution of family governance, and the human capital of legacy families and the rising generation. It also calls for advisors to adapt their roles to help their client families discover what they can do to succeed and flourish as a family and as individuals.