We the People, to Form a More Perfect Union

We the People, to Form a More Perfect Union

Who needs a family constitution? The future harmony of your family and continuity of your business may well depend on going to the trouble of writing one.

Six Dimensions of Wealth: Leaving the Fullest Value of Your Wealth to Your Heirs

Six Dimensions of Wealth: Leaving the Fullest Value of Your Wealth to Your Heirs

This article explores six forms of wealth that families can pass on to their heirs: spiritual, financial, human, family, structural and societal capital. It defines the practices that add value to each dimension and how financial planners can help family members add to their pool of family capital.

Best Practices for Multigenerational Family Enterprise

Best Practices for Multigenerational Family Enterprise

This inventory offers your family a “snapshot” to discover how much you engage in practices identified as important to sustaining your family across generations, and using your family wealth to make a difference in people’s lives.

Client Relationships and Family Dynamics: Competencies and Services Necessary for Truly Integrated Wealth Management

Client Relationships and Family Dynamics: Competencies and Services Necessary for Truly Integrated Wealth Management

One of the most critical decisions a family can make is whom to entrust with the financial resources needed for current and future generations. This choice is not entirely a rational financial decision. It is also about who can best take care of the family in a personal sense.

Core Techniques for Effective Client Interviewing and Communication

Core Techniques for Effective Client Interviewing and Communication

Effective communication between client and advisor is fundamental to the financial advising process. Good communication skills are assumed to be employed by advisors, but in practice these skills have seldom been defined explicitly and are often absent in advisors’ repertoire of client relationship techniques.

Are Your Clients the Huxtables or the Sopranos?: Assessing Family Complexity in Wealth Management

Are Your Clients the Huxtables or the Sopranos?: Assessing Family Complexity in Wealth Management

Accurate upfront assessment of client families can influence many important factors: allocation of resources, choice of relationship manager to assign, likely profitability, stresses on your advisors and administrative staff, and the impact on other accounts due to time spent on high-maintenance clients.

Introducing the Next Generation Family Champion

Introducing the Next Generation Family Champion

Timo Recker is a 29-year-old third generation family member of a successful German meat production company. While the business is successful and growing, he knows that meat production is costly to the food chain, and, more people can be fed if they eat fewer meat products. He wanted to do something that leveraged the skills within his family, which also help create a sustainable future.

United We Stand – Transition to Third Generation in Family Business

United We Stand - Transition to Third Generation in Family Business

The grandchildren of entrepreneurs must pull together to overcome the governance and succession issues that cause nearly ninety percent of family businesses to fail by the third generation.

Guiding Governance: Clarifying the Practice of Family Enterprise Governance

Guiding Governance: Clarifying the Practice of Family Enterprise Governance

A wealthy family cannot function truly as a democracy since certain family members may need to be responsible for some decisions as owners, fiduciaries or elders. Yet there are serious long-term risks in one person holding all the reins of power. Finding the best middle-ground for decision making in the family requires setting up healthy mechanisms to balance the twin goals of inclusiveness and leadership.

Succession Begins on the First Day of Work

Succession Begins on the First Day of Work

By using the ‘four phases of succession’ a family business owner can pinpoint precisely where the business is and then smoothen the transition to the next generation. But the key is to take painstaking care during the early phases.
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