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Wealth of Wisdom offers essential guidance and tools to help high-net-worth families successfully manage significant wealth. By compiling the 50 most common questions surrounding protection and growth, this book provides a compendium of knowledge from experts around the globe and across disciplines. Deep insight and thoughtful answers put an end to uncertainty, and help lay to rest the issues you have been wrestling with for years; by divulging central lessons and explaining practical actions you can take today, this book gives you the critical information you need to make more informed decisions about your financial legacy. Vital charts, graphics, questionnaires, worksheets and other tools help you get organised, develop a strategy and take real control of your family's wealth, while case studies show how other families have handled the very dilemmas you may be facing today.
Managing significant wealth is a complex affair, and navigating the financial world at that level involves making decisions that can have major ramifications - these are not decisions to make lightly. This book equips you to take positive action, be proactive and make the tough decisions to protect and grow your family's wealth.
When your family's wealth is at stake, knowledge is critical - and uncertainty can be dangerous. Drawn from interactions with hundreds ofwealthy individuals and families, Wealth of Wisdom provides a definitive resource of practical solutions from the world's best financial minds.
TOM McCULLOUGH is Chairman and CEO of Northwood Family Office, a multi-family office which serves the comprehensive financial needs of families of significant net worth. Northwood was founded in 2003 and has quickly risen to prominence as an international leader in its field. Tom has spent over 30 years in the field of family wealth management and is also an adjunct professor of Private Wealth Management at the University of Toronto's Rotman School of Management, and co-author of Family Wealth Management (Wiley, 2013).
DR. KEITH WHITAKER is President of Wise Counsel Research, a think tank and consultancy focused on families with significant wealth. He served as Managing Director at Wells Fargo Family Wealth and currently serves on the board of directors of the National Association of Scholars. For many years, Keith has helped enterprising families develop their rising generation, organize their estates, and plan leadership transitions.
Foreword xiiiDirk Jungé
Acknowledgments xvii
Introduction xix
SECTION 1 THINKING THROUGH WHAT MATTERS MOST 1
Chapter 1 Are You Wealthy? 3Patricia Angus
Chapter 2 What Are the Most Important Factors in Living Well? 9Scotty McLennan
Chapter 3 What Are the Key Considerations in Crafting Your Legacy? 15Thayer Willis
Chapter 4 What Does Passing on Values to the Next Generation Really Look Like? 23Ellen Miley Perry
Chapter 5 How to Think Through Using Resources That Exceed My Personal Needs? 31Paul Schervish
Chapter 6 Does Family History Matter? 39Heidi Druckemiller
SECTION 2 PLANNING THOUGHTFULLY 45
Chapter 7 Is It Worth Having a Financial Plan? 47Scott Hayman
Chapter 8 What Is the Right Balance Between Saving and Spending in Retirement? 55Meir Statman
Chapter 9 How Do You Start a Family Conversation About Prenuptial Arrangements? 63Charles Collier
Chapter 10 How Can You Preserve a Beloved Family Vacation Home or Estate? 67Jamie Forbes
Chapter 11 How Can You Prepare for Longevity and Mental Incapacity Among Family Members? 75Patricia Annino
Chapter 12 How Do You Prepare for a Good Goodbye? 81Kathy Wiseman
SECTION 3 INVESTING WISELY 85
Chapter 13 How Can You Make Sure Your Portfolio Lines Up with Your Actual Goals? 87Ashvin Chhabra
Chapter 14 What Return Should You Expect from Your Investments? 93Christopher Brightman
Chapter 15 What Should Your Asset Allocation Be? 101Jean Brunel
Chapter 16 Does Investing Have to Be Complicated? 107Robert Maynard
Chapter 17 How Should You Understand and Deal with Investment Risk? 115Howard Marks
Chapter 18 What Is the Most Useful Definition of Risk for Family Investors? 119James Garland
Chapter 19 Is Active Management Still Worthwhile? - I 125Charles Ellis
Chapter 20 Is Active Management Still Worthwhile? - II 133Randolph Cohen
SECTION 4 RAISING THE RISING GENERATION 141
Chapter 21 How Do You Raise Responsible, Independent, and Productive Children (versus Entitled Trust Fund Babies)? 143Jill Shipley
Chapter 22 How Can You Help Children Thrive in a World Focused on Success? 149Suniya Luthar and Nina Kumar
Chapter 23 How Much Money Should You Leave Your Children, and When? 157Peter Evans
Chapter 24 How Do You Start a Family Conversation About Financial Inheritance? 161Charles Collier
Chapter 25 How Can You Avoid the Negative Impacts of Giving Money to Family Members? 165Lee Hausner
Chapter 26 How Can Your Family Encourage Financial Literacy in Every Member? 169Coventry Edwards-Pitt
Chapter 27 How Can Families Support Both Individuality and a Shared Dream? 173Kelin Gersick
SECTION 5 MAKING SHARED DECISIONS 181
Chapter 28 What Are the Best Ways for a Family to Make Decisions Together? 183Barbara Hauser
Chapter 29 How Can You Improve Family Communication? 187Jennifer East
Chapter 30 What Are Practical Tools for Building Healthy Families? 193Christian Stewart
Chapter 31 What Is the Point of Family Enterprise Governance? 203Katherine Grady and Ivan Lansberg
Chapter 32 Should You Have a Family Meeting? 211Mary Duke
Chapter 33 How Can You Best Manage Conflict in Your Family? 219Blair Trippe
Chapter 34 Should You Stay Together as a Family or Go Your Separate Ways? 225Doug Baumoel
SECTION 6 COMBINING FAMILY AND BUSINESS 233
Chapter 35 How Can You Engage Your Children in the Management of Your Family Wealth or Business? 235Dennis Jaffe
Chapter 36 How Can Your Family Develop Leaders Ready to Face the Many Challenges of Business and Family? 243Greg McCann
Chapter 37 How Can You Ensure the Success of Your Successors? 249Dean Fowler
Chapter 38 Why Is Family Unity So Important and How Can You Achieve It? 257Andrew Hier and John Davis
Chapter 39 What Are the Signs You're Losing Control of Your Family Business? 263Josh Baron and Rob Lachenauer
Chapter 40 Can a Family Stay Together After the Operating Business Is Sold? 269Alex Scott
SECTION 7 GIVING WELL 275
Chapter 41 What Is the Difference Between Charity, Philanthropy, Strategic Philanthropy, and Impact Investing? 277Ellen Remmer
Chapter 42 How Can You Encourage Generosity in Your Family? 285Alasdair Halliday and Anne McClintock
Chapter 43 How Do You Engage Children and Grandchildren in Philanthropy? 291Lisa Parker
Chapter 44 How Can You Wisely Develop a Long-Term Strategy for Your Philanthropy? 297Barnaby Marsh
SECTION 8 SEEKING SOUND ADVICE 303
Chapter 45 What Types of Advisors Should You Consider? 305Susan Massenzio
Chapter 46 How Can You Find Trustworthy Advisors? 311Philip Marcovici
Chapter 47 How Can You Avoid the Next Bernie Madoff? 317Stephen Horan and Robert Dannhauser
Chapter 48 Should You Choose a Single-Family Office or a Multi-Family Office? 323Kirby Rosplock
Chapter 49 How Do You Choose a Good Trustee? 331Hartley Goldstone
SECTION 9 FACING THE FUTURE 339
Chapter 50 What Does the Future Hold for Families with Significant Wealth? 341James Hughes
Chapter 51 How Can You Chart Your Own Path, No Matter What Everyone Else Says You Should Do? 345Fernando del Pino
Chapter 52 How Do You Balance Family Stability with Resilience Over the Generations? 351James Grubman
Chapter 53 How Can We "Lift the Small Boats" Too? 355Christine Lagarde
Conclusion 363
About the Editors 365
Index 367
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