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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. Su...

As follow-up to the 2023 FOX Rising Gen Research Study, a panel of rising generation leaders shared their personal stories of challenges and successes and gave advice to their rising gen peers. Amplifying the voices of future family leaders encourages positive change and multigenerational discussions. ...

In a series of articles, the author has written about problems of trust and distrust in family enterprises. In the third in the series, he discusses a fictionalized case of an owner who resists forming, or even learning about, professional family offices. The article analyzes ways advisors can persist (without being fired) in raising the issues a f...

When you think about family dynamics, very often there’s a lack of that home team concept and feeling of unity. Establishing that home team within your family early on offers the greatest opportunity for generational success and healthy family governance. The need to prepare the family for the future is particularly important for families tha...

A family constitution—the rule book that defines the vision and principles of a family’s wealth strategy and acts as an operating model—should be as unique as the family itself. The key to developing an appropriate family constitution is not in the ultimate output, but in the collaborative process of developing it. In working together, families oft...

Like many families, you may be involved in running businesses or other types of investments together with other family members, but is this necessarily the right choice? Should you consider breaking away and creating your own path. The decision on whether to stick together or unbundle collective assets into separate ownership and investment structu...

In addition to having an external mission, many family foundations create an internal one specifying how the foundation will function in family-building, education and the transfer of family values from one generation to the next. Foundation Source offers concrete examples of how some families are using their foundations to make a difference within...

A paper from The Madison Group says the ability of family members to meet, discuss and make decisions about issues is a critical component of long-term harmony in the family. Discussion begins with the individual members learning the skills to "show up" in a positive way and is carried through in a process that can be trusted and honored.

At its best, family philanthropy provides families with an opportunity to reinvigorate their grantmaking, inviting the contribution of fresh and original ideas and approaches from younger generations, and bringing families together in pursuit of a mission inspired by common values. Research conducted for Credit Suisse shows the diversity of experie...

Family business consultant Kenneth Kaye discusses some characteristics that facilitate trust among family members in two types of enterprises – family offices and family-owned businesses – as well as a conflict resolution intervention that capitalizes on humans' instinctive propensity to trust.

A tough economy can bring out the worst or the best in families who face difficult discussions and decisions about reducing philanthropic efforts, selling or changing a family business, or coping with a family member's problems. This article from RayLign Advisory contends that solid financial information and a no-nonsense approach to emotional subt...

Families need to learn how to talk about money openly and participate in saving, spending and giving together. The result, Silver Bridge Advisors says, will be an increase in the number of financially thoughtful children in the world, a greater ability for the next generation to use their wealth responsibly, and an increased likelihood that family ...

GenSpring reports that despite increased market volatility and instability on global markets, threats of inflation and recession, the age of affluence is upon us. It further argues that men play a central role in decision-making of most affluent families. Understanding their attitudes, views and practices may therefore help us to understand their f...

Though the challenges to successful wealth transfer across generations may seem overwhelming, they can be overcome. Within the framework of open and honest communication and education, preparing the next generation for life with wealth can increase the probability that the wealth sustains, grows, and benefits many future generations. Along with fiv...

The authors discuss the impact of the addicted client on the emotional well-being of financial planners. They explore how to recognize the signs of addiction, seek competent assistance, and support recovery including what works for improved treatment.