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Wealth of Wisdom
The Top 50 Questions Wealthy Families Ask
Tom McCullough (Author), Keith Whitaker (Author)
9781119331537, Wiley
Hardback, published 26 November 2018
400 pages
24.9 x 17.5 x 3.1 cm, 0.885 kg
A critical resource for families managing significant wealth 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.
Foreword xiii Acknowledgments xvii Introduction xix SECTION 1 THINKING THROUGH WHAT MATTERS MOST 1 Chapter 1 Are You Wealthy? 3 Chapter 2 What Are the Most Important Factors in Living Well? 9 Chapter 3 What Are the Key Considerations in Crafting Your Legacy? 15 Chapter 4 What Does Passing on Values to the Next Generation Really Look Like? 23 Chapter 5 How to Think Through Using Resources That Exceed My Personal Needs? 31 Chapter 6 Does Family History Matter? 39 SECTION 2 PLANNING THOUGHTFULLY 45 Chapter 7 Is It Worth Having a Financial Plan? 47 Chapter 8 What Is the Right Balance Between Saving and Spending in Retirement? 55 Chapter 9 How Do You Start a Family Conversation About Prenuptial Arrangements? 63 Chapter 10 How Can You Preserve a Beloved Family Vacation Home or Estate? 67 Chapter 11 How Can You Prepare for Longevity and Mental Incapacity Among Family Members? 75 Chapter 12 How Do You Prepare for a Good Goodbye? 81 SECTION 3 INVESTING WISELY 85 Chapter 13 How Can You Make Sure Your Portfolio Lines Up with Your Actual Goals? 87 Chapter 14 What Return Should You Expect from Your Investments? 93 Chapter 15 What Should Your Asset Allocation Be? 101 Chapter 16 Does Investing Have to Be Complicated? 107 Chapter 17 How Should You Understand and Deal with Investment Risk? 115 Chapter 18 What Is the Most Useful Definition of Risk for Family Investors? 119 Chapter 19 Is Active Management Still Worthwhile? – I 125 Chapter 20 Is Active Management Still Worthwhile? – II 133 SECTION 4 RAISING THE RISING GENERATION 141 Chapter 21 How Do You Raise Responsible, Independent, and Productive Children (versus Entitled Trust Fund Babies)? 143 Chapter 22 How Can You Help Children Thrive in a World Focused on Success? 149 Chapter 23 How Much Money Should You Leave Your Children, and When? 157 Chapter 24 How Do You Start a Family Conversation About Financial Inheritance? 161 Chapter 25 How Can You Avoid the Negative Impacts of Giving Money to Family Members? 165 Chapter 26 How Can Your Family Encourage Financial Literacy in Every Member? 169 Chapter 27 How Can Families Support Both Individuality and a Shared Dream? 173 SECTION 5 MAKING SHARED DECISIONS 181 Chapter 28 What Are the Best Ways for a Family to Make Decisions Together? 183 Chapter 29 How Can You Improve Family Communication? 187 Chapter 30 What Are Practical Tools for Building Healthy Families? 193 Chapter 31 What Is the Point of Family Enterprise Governance? 203 Chapter 32 Should You Have a Family Meeting? 211 Chapter 33 How Can You Best Manage Conflict in Your Family? 219 Chapter 34 Should You Stay Together as a Family or Go Your Separate Ways? 225 SECTION 6 COMBINING FAMILY AND BUSINESS 233 Chapter 35 How Can You Engage Your Children in the Management of Your Family Wealth or Business? 235 Chapter 36 How Can Your Family Develop Leaders Ready to Face the Many Challenges of Business and Family? 243 Chapter 37 How Can You Ensure the Success of Your Successors? 249 Chapter 38 Why Is Family Unity So Important and How Can You Achieve It? 257 Chapter 39 What Are the Signs You’re Losing Control of Your Family Business? 263 Chapter 40 Can a Family Stay Together After the Operating Business Is Sold? 269 SECTION 7 GIVING WELL 275 Chapter 41 What Is the Difference Between Charity, Philanthropy, Strategic Philanthropy, and Impact Investing? 277 Chapter 42 How Can You Encourage Generosity in Your Family? 285 Chapter 43 How Do You Engage Children and Grandchildren in Philanthropy? 291 Chapter 44 How Can You Wisely Develop a Long-Term Strategy for Your Philanthropy? 297 SECTION 8 SEEKING SOUND ADVICE 303 Chapter 45 What Types of Advisors Should You Consider? 305 Chapter 46 How Can You Find Trustworthy Advisors? 311 Chapter 47 How Can You Avoid the Next Bernie Madoff? 317 Chapter 48 Should You Choose a Single-Family Office or a Multi-Family Office? 323 Chapter 49 How Do You Choose a Good Trustee? 331 SECTION 9 FACING THE FUTURE 339 Chapter 50 What Does the Future Hold for Families with Significant Wealth? 341 Chapter 51 How Can You Chart Your Own Path, No Matter What Everyone Else Says You Should Do? 345 Chapter 52 How Do You Balance Family Stability with Resilience Over the Generations? 351 Chapter 53 How Can We “Lift the Small Boats” Too? 355 Conclusion 363 About the Editors 365 Index 367
Dirk Jungé
Patricia Angus
Scotty McLennan
Thayer Willis
Ellen Miley Perry
Paul Schervish
Heidi Druckemiller
Scott Hayman
Meir Statman
Charles Collier
Jamie Forbes
Patricia Annino
Kathy Wiseman
Ashvin Chhabra
Christopher Brightman
Jean Brunel
Robert Maynard
Howard Marks
James Garland
Charles Ellis
Randolph Cohen
Jill Shipley
Suniya Luthar and Nina Kumar
Peter Evans
Charles Collier
Lee Hausner
Coventry Edwards-Pitt
Kelin Gersick
Barbara Hauser
Jennifer East
Christian Stewart
Katherine Grady and Ivan Lansberg
Mary Duke
Blair Trippe
Doug Baumoel
Dennis Jaffe
Greg McCann
Dean Fowler
Andrew Hier and John Davis
Josh Baron and Rob Lachenauer
Alex Scott
Ellen Remmer
Alasdair Halliday and Anne McClintock
Lisa Parker
Barnaby Marsh
Susan Massenzio
Philip Marcovici
Stephen Horan and Robert Dannhauser
Kirby Rosplock
Hartley Goldstone
James Hughes
Fernando del Pino
James Grubman
Christine Lagarde
Subject Areas: Finance & accounting [KF]
