What “Risk Management” Means for Financial Families

FOX has examined the topic of risk management in our work with families for more than 15 years. One of the most difficult aspects of studying the threats that impact financial families is categorizing the various dimensions of risk that pertain to a multi-generational family situation. Adopting a holistic definition of risk management requires going beyond the topics of traditional investment diversification and insurance coverage to include a wider spectrum of risks, such as appointment of inappropriate trustees, high-profile media exposure, lack of clear decision-making processes within the family, or even geopolitical uncertainty and personal safety.