Advance Praise for The Transformative Power of Family Wealth

Too often, wealth is seen as a pathology that ipso facto causes destruction to our individual, relational and collective well-being. Seasoned experts, such as Philip Marcovici, however, know that the power inherent in great wealth can be used to create exceptional returns when properly understood and channelled. In his most recent contribution to the field, Mr. Marcovici provides an honest, clear and well researched roadmap for families of wealth and the professionals who serve them to use their wealth in ways to maximize their individual, relational and financial well-being.

-Dr. Paul Hokemeyer, Author of Fragile Power: Why Having Everything Is Never Enough (Hazelden, 2019) and Fragile Power 2.0: Wealth, Narcissism & Mental Health (2024, in print)

Thank you for reaching out and sharing your superb new book The Transformative Power of Family Wealth. I read it and find, as I expected, that the depth of your experience and the wisdom you have earned from your career, sing out. I am sure that for families and advisors all over the world the book will be a classic, a Rosetta stone that clarifies in a field of opacity. Please use this statement as an encomium from me for your career, not only the book.

-James(Jay)E, Hughes, Jr, Author of Family Wealth: Keeping It in the Family; co-author of The Cycle of the Gift and co-author of Family Trusts

For wealth and business owning families and their advisers, this is the ultimate guide to getting it right.

-David Chong, Group President, Portcullis (Singapore) Pte. Ltd., described by the Singapore Academy of Law as The Guru of Asian Family Offices

This fluent guide, outlining the many challenges to the successful transmission of family wealth and a variety of constructive solutions, should be helpful reading for wealth and business owning families and their advisers.

-Paul Stibbard, Former Co-chair of Baker McKenzie's Global Wealth Management Group

In this, his latest offering, Marcovici brings his many years of experience and deep expertise to an overview not only of how families with complex wealth challenges may navigate the many issues that arise for modern wealth management but understand how individual family issues sit within a dynamic, changing world of tax policy, asset management, structured investment opportunities, and long-term planning for inter-generational wealth stewardship. By outlining a vision of strategic wealth management at the family level while connecting that vision to the global context of today's families, Marcovici walks the reader through a variety of aspects and opportunities to be considered not only by families but those advisors and professionals working to ensure the challenges of wealth are well addressed to the benefit of today and tomorrow's generations.

-Jed Emerson, Chief Impact Officer, AlTi Tiedemann Global

It is timely to address the "purpose of wealth" as author of The Purpose of Capital Jed Emerson said: "Human societies are now dominated by financial capitalism" and the implications of that dominance reminds us that financial capital is a social construct.

As social and environmental challenges grow, the role of wealth is evolving. Often, investors and philanthropists tend to focus on investing with returns with lesser attention to how such investment will create impact in their own, the community and the world lives. Realizing the need to first define one's wealth with purpose, integrating in how they make investment that create the right impact, aligning it to the philanthropic endeavours is an awakening to recognise how best to using their resources for lasting impact thus shifting and reflecting with new vision and role of wealth as a tool for change and not being the servant of one's wealth.

Philip is best placed with his vast knowledge in tax and advising global families in wealth planning over his long career and this would be another book not just a worthy reading but an inspiring tool to provoke your thinking to reconsider how you would like to set your pathway in a purposeful, mindful way in managing your wealth.

-Anthonia Hui & Leonardo Drago, Singapore

It is trite to say that our world seems more complex today. The challenges for many families (and not just the wealthy) involve a myriad of factors, including wealth preservation, succession planning, family responsibility and involvement in societal and economic development, and they are increasingly apparent.

It is not often that we read a book where what should be self-evident truths, in this instance relating to family wealth and responsibility, are highlighted and explained in a way that peels back unconscious bias that too often obscures such truths and vigorously challenges adherence to the maxim ''if it ain't broke, then don't fix it.''

If the reader is looking for a roadmap in this context, Philip Marcovici's book emphasises clearly that one size does not fit all. But Marcovici does, through informed argument and numerous practical examples, provide guidance and a comprehensive structure to deal with those matters which should inform family members and their advisors of the means and actions they may take to realize the ultimate goals that the family wishes to secure for its ongoing prosperity and happiness.

In short, this book is not just about money (although finance considerations inform many decisions made in relation to family business and relations). Rather, Marcovici's book ultimately aims to guide families in their efforts to strive towards a better life for all of their existing and future members and to consider the role they may play in helping develop a better and fairer society from which we all may benefit.

-Andrew Halkyard, Adjunct Professor, Law Faculty (retired), Hong Kong University

Building on his previous work, Philip Marcovici's The Transformative Power of Family Wealth is packed with insights and offers wealth owners powerful tools for channeling their resources into a force for good. Must reading not only for those stewards of family wealth, but for all those striving to serve them.

-Amaury Jordan, CFA, Co-founder of Avalor Investment (Switzerland) and TriLake Partners (Singapore)

Philip's book is a very worthwhile read for those who work with wealthy families. In particular, the paradigm of the Theory of Change as a mechanism to help to shape a succession planning strategy is fascinating. It is also refreshing to read a positive exposition of the role that private businesses can play in regenerating society.

-John Riches, Partner RMW Law and President of the International Academy of Estate and Trust Lawyers

The Transformative Power of Family Wealth is the perfect guide for wealthy family, wealth managers and family offices. Philip is a man of paradox, not a man of prejudices, which makes his views and advice unique and extremely valuable. After having identified the "Destructive Power of Family Wealth,'' he is showing us the silver line where wealth and public good are no longer incompatible.

-Pascal Saint-Amans, Former director of the OECD Centre for Tax Policy and Administration, Professor at HEC Paris and Lausanne University

Unlike most sequels, Philip Marcovici's second volume on family wealth does not disappoint. This time he focuses on the regenerative power of wealth for families as opposed to the destructive power covered in the first volume. And this time he broadens the scope to include countries as well as families, all with a rich intellectual underpinning in theory of change and the circular economy. It's a compelling handbook for all those involved in building businesses, creating wealth or managing and advising on it. Drawing on his lifetime's experience in advising global wealthy families there is both an optimistic vision of how positively things could turn out, as well as cautionary warnings on the inevitable pitfalls

-Michael Morley, Independent Non-executive Director Financial Services and Luxury Brands

With his extensive experience and deep insights, Philip's latest book is required reading, not only for wealthy families and their advisors, but also for policy makers and thinkers as they ponder the role of wealthy families in tomorrow's world.

-Edmund Leow S.C., Senior Partner, Dentons Rodyk & Davidson LLP, Singapore Senior Partner

Here is a book full of wisdom for wealth holders, their families and even the countries in which they reside. How fortunate to have the thoughts, strategies, and insights of a person who has had a remarkable career spanning generations of clients, a multitude of cultures, and situations as diverse as families of wealth can find themselves addressing. He addresses the fundamental questions of figuring out what your wealth is for, dealing with the dynamics of family, and recognize the benefits wealth can bring not only to families but to communities. I recommend this book to any family looking at how it can prosper and any advisor or government trying to understand the challenges and benefits of wealthy clients and citizens.

-Charles A. Lowenhaupt, Chairman & Partner, Lowenhaupt & Chasnoff, LLC, St. Louis, Missouri

An impressive work, reflecting Philip Marcovici's deep knowledge and experience. It offers a...