The obvious reason to encourage wealth in a free society is that the lure of becoming rich is what motivates many talented people to put those talents to use in the service of human betterment. The world has been infinitely enriched by people who started out poor or middle class but who became rich by building something extraordinary.
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Because wealth often creates shared assets, joint decisions are required. And not infrequently, the children of wealth may not be as financially motivated as were earlier generations. In this white paper, the authors discuss strategies to establish governance practices to help families preserve both wealth and family harmony – and create a meaningful legacy.
This article provides pointers to younger generation family members about how to build the confidence necessary to make decisions involving being more independent from the family such as deciding whether it's time to move out of the family home, to go to college, or to move into a residence of their own.
According to Pew Research, in February 2005, just 8% of internet users, or 5% of all adults, said they used social networking sites, compared to 67% of online adults who were using social networking sites as of June 2013. Elmore DeMott knows firsthand the benefits and challenges of social media for professional and personal use.
With some care and effort, your family’s story can live on and grow with each new generation. This article describes the process of creating a family archive: a treasure trove of historical information about family decendants, business accomplishements and important events. Helpful tips such as archival vendors and types of materials to use are included.
Entrepreneurial stewardship is the key to perpetuating family wealth through multiple generations. Stuart Lucas and David Lansky discuss some of the paradoxes of maintaining a healthy, wealthy multigenerational family and how to address effectively these paradoxes.
Why is an American who has spent over a quarter century managing financial assets for his family cautioning you against selling your family business? The author urges you to think twice before selling your business.
Purposeful travel is using travel as a shared family experience designed to strengthen the family's common purpose. There are endless opportunities for a family to engage in purposeful travel without at the same time holding a family meeting.
Many wealthy families envision keeping a shared property in the family as a means of building family unity, harmony and legacy. A number of notable families have been successful at this, but many others find the reality creates the opposite of their intention.
It has been said that that business leaders frequently overestimate the impact of change in the short term and underestimate the impact of change in the long term. Many advisors are aware of the shifts in servicing required by the millennial next generation of wealth owners. This session challenges attendees to think about the 10-year impact of these changes and how servicing in the future will look for your firm. What specific changes can we expect to see moving forward, not least in regard to buying behavior? What do firms need to do now to ensure that they are not left behind?