Complex Challenges

Managing family wealth is a business like no other. The work requires in-depth, technical knowledge of the financial goals and services (investment, tax and wealth transfer planning, and philanthropy) needed to grow the family’s financial capital, combined with the leadership skills and emotional intelligence required to cultivate the family’s greatest resources – their sons, daughters, cousins, and grandchildren.

Preparing the next generation to be responsible wealth owners requires education and training to arm them with the skills they will need to navigate the lifestyle implications of the wealth as well as direct its management going forward.

Individuals and families with more wealth than they choose to spend or give away in their own lifetimes are often surprised by the complexity that significant liquidity brings and are challenged to address the following issues:

Business Ownership and Control

For families who still own and/or operate the family business, retaining that control and ensuring the continued success of the family business is paramount. Issues related to succession planning, capital financing, dividend funding, and effective management of the business are critical and consume a great deal of the owners’ time and energy. 

Wealth Preservation and Growth

The inherent challenge of wealth preservation is the reality that the number of owners typically grows faster than the buying power of the assets. Preserving the wealth to keep pace with the growth of a large family is a daunting task. Sustaining the purchasing power of the family across generations requires the commitment of the family and careful execution of an integrated, long-term plan for diversifying risks.

Financial Security Without Entitlement

Financial security means different things to different people. At a minimum, the goal is typically to ensure that family members can continue to pursue their current lifestyles while preserving the financial well-being of future generations. Every parent wants the wealth to be a source of satisfaction and means of allowing their children to make their own meaningful contributions to the world. This is only sustainable when diligent risk management is combined with an integrated planning process that incorporates wealth transfer, investments, tax strategies and, often, philanthropy.

Family Continuity

Family continuity involves preserving the uniqueness of the family – its shared values, guiding principles and vision for the future. Success requires consistent investment in the education and preparation of all wealth owners for the responsibilities of wealth and development of an equitable decision-making process to ensure that the family’s legacy is preserved.

Family Philanthropy

Making an impact in the community, providing a training ground for future family leaders and creating a means for family members to work together for the greater good are all benefits of family philanthropy. Organizing an effective philanthropic program requires the commitment of the family and access to a trained team of professionals to guide the process.