The commercial wealth management industry today focuses predominately on traditional wealth management issues such as investment management, banking, estate planning, and information management. However, there is compelling, comprehensive research that documents that only 5% of the failures in long-term wealth sustainability in ultra-high net worth families are due to poor investment performance, poor tax planning, poor legal structuring or inadequate advice from traditional advisors. The majority of failures (95%) are due to poor communications and lack of trust among family members, inadequate preparation of the next generation and lack of a shared mission or vision among the family.
The current challenge for families is that the two approaches and service models are not integrating strategic planning, such as family dynamics, family communication, family preparation and family governance, with tactical planning, including all the aspects of traditional wealth planning and wealth management.Using family values exercises, communication style tools, and checklists on how to select an advisor and how to hold a family meeting, this book will provide families with a model for bringing strategic and tactical planning together in a fully integrated approach that will greatly improve their opportunity to successfully manage wealth over multiple generations and preserve the financial resources and the family’s harmony.
