More Than Money

Traditional wealth management firms concern themselves with investment management, tax planning, estate planning, and cash flow management. However, the reason most family fortunes evaporate is because the family communicates poorly, lacks trust, has divergent visions, and does not prepare succeeding generations to sustain the hard-won resources. More Than Money is the pioneering guidebook that integrates the concept of traditional tactical wealth management with the strategic soft skills today's families must understand to effectively manage significant wealth. Advising families in the ultra-high-net-worth class comes with unique challenges, including multiple living generations and as many legal entities, passive investments, operating businesses, interests, viewpoints, and opinions. The elite wealth management firm prepared to preserve a family's fortune needs to be equally proficient in the tactical aspects of legal and administrative procedures as well as the strategic considerations to ensure long-term existence of wealth for many generations to come. Whether you are in an ultrahigh-net-worth family or serve clients who are, this enlightening, practical resource takes you step by step through the conversations that need to happen to determine how to manage the family enterprise and resources, the roles each family member should play, how various family groups can best communicate with each other, and more. Representative examples culled from actual family conflicts bring concepts to life in illustrative case studies, including a model of a firm and family that got it right. Written by an award-winning financial advisor whose firm exclusively services ultra-high-net-worth families, this authoritative resource enables you to act with confidence and conviction when you: Draft a shared family vision and mission, complete with guiding questions to cover key details Implement dependable strategies for governance, risk management, education, stewardship, family leadership, and communication Properly balance strategic and tactical planning to generate the most wealth impact for the family Earn a reputation for making wealth last by knowing it takes More Than Money to keep families affluent.