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.
Ensure your personal and financial success and legacy Access insight and data from leading experts Adopt the most useful tools and strategies for wealth management Learn how other families have successfully navigated common dilemmas
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.
By:
Tom McCullough,
Keith Whitaker
Imprint: John Wiley & Sons Inc
Country of Publication: United States
Dimensions:
Height: 246mm,
Width: 175mm,
Spine: 31mm
Weight: 748g
ISBN: 9781119331537
ISBN 10: 1119331536
Pages: 400
Publication Date: 26 November 2018
Audience:
General/trade
,
ELT Advanced
Format: Hardback
Publisher's Status: Active
Foreword xiii Dirk Jungé Acknowledgments xvii Introduction xix SECTION 1 THINKING THROUGH WHAT MATTERS MOST 1 Chapter 1 Are You Wealthy? 3 Patricia Angus Chapter 2 What Are the Most Important Factors in Living Well? 9 Scotty McLennan Chapter 3 What Are the Key Considerations in Crafting Your Legacy? 15 Thayer Willis Chapter 4 What Does Passing on Values to the Next Generation Really Look Like? 23 Ellen Miley Perry Chapter 5 How to Think Through Using Resources That Exceed My Personal Needs? 31 Paul Schervish Chapter 6 Does Family History Matter? 39 Heidi Druckemiller SECTION 2 PLANNING THOUGHTFULLY 45 Chapter 7 Is It Worth Having a Financial Plan? 47 Scott Hayman Chapter 8 What Is the Right Balance Between Saving and Spending in Retirement? 55 Meir Statman Chapter 9 How Do You Start a Family Conversation About Prenuptial Arrangements? 63 Charles Collier Chapter 10 How Can You Preserve a Beloved Family Vacation Home or Estate? 67 Jamie Forbes Chapter 11 How Can You Prepare for Longevity and Mental Incapacity Among Family Members? 75 Patricia Annino Chapter 12 How Do You Prepare for a Good Goodbye? 81 Kathy Wiseman SECTION 3 INVESTING WISELY 85 Chapter 13 How Can You Make Sure Your Portfolio Lines Up with Your Actual Goals? 87 Ashvin Chhabra Chapter 14 What Return Should You Expect from Your Investments? 93 Christopher Brightman Chapter 15 What Should Your Asset Allocation Be? 101 Jean Brunel Chapter 16 Does Investing Have to Be Complicated? 107 Robert Maynard Chapter 17 How Should You Understand and Deal with Investment Risk? 115 Howard Marks Chapter 18 What Is the Most Useful Definition of Risk for Family Investors? 119 James Garland Chapter 19 Is Active Management Still Worthwhile? – I 125 Charles Ellis Chapter 20 Is Active Management Still Worthwhile? – II 133 Randolph Cohen SECTION 4 RAISING THE RISING GENERATION 141 Chapter 21 How Do You Raise Responsible, Independent, and Productive Children (versus Entitled Trust Fund Babies)? 143 Jill Shipley Chapter 22 How Can You Help Children Thrive in a World Focused on Success? 149 Suniya Luthar and Nina Kumar Chapter 23 How Much Money Should You Leave Your Children, and When? 157 Peter Evans Chapter 24 How Do You Start a Family Conversation About Financial Inheritance? 161 Charles Collier Chapter 25 How Can You Avoid the Negative Impacts of Giving Money to Family Members? 165 Lee Hausner Chapter 26 How Can Your Family Encourage Financial Literacy in Every Member? 169 Coventry Edwards-Pitt Chapter 27 How Can Families Support Both Individuality and a Shared Dream? 173 Kelin Gersick SECTION 5 MAKING SHARED DECISIONS 181 Chapter 28 What Are the Best Ways for a Family to Make Decisions Together? 183 Barbara Hauser Chapter 29 How Can You Improve Family Communication? 187 Jennifer East Chapter 30 What Are Practical Tools for Building Healthy Families? 193 Christian Stewart Chapter 31 What Is the Point of Family Enterprise Governance? 203 Katherine Grady and Ivan Lansberg Chapter 32 Should You Have a Family Meeting? 211 Mary Duke Chapter 33 How Can You Best Manage Conflict in Your Family? 219 Blair Trippe Chapter 34 Should You Stay Together as a Family or Go Your Separate Ways? 225 Doug 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? 235 Dennis Jaffe Chapter 36 How Can Your Family Develop Leaders Ready to Face the Many Challenges of Business and Family? 243 Greg McCann Chapter 37 How Can You Ensure the Success of Your Successors? 249 Dean Fowler Chapter 38 Why Is Family Unity So Important and How Can You Achieve It? 257 Andrew Hier and John Davis Chapter 39 What Are the Signs You’re Losing Control of Your Family Business? 263 Josh Baron and Rob Lachenauer Chapter 40 Can a Family Stay Together After the Operating Business Is Sold? 269 Alex Scott SECTION 7 GIVING WELL 275 Chapter 41 What Is the Difference Between Charity, Philanthropy, Strategic Philanthropy, and Impact Investing? 277 Ellen Remmer Chapter 42 How Can You Encourage Generosity in Your Family? 285 Alasdair Halliday and Anne McClintock Chapter 43 How Do You Engage Children and Grandchildren in Philanthropy? 291 Lisa Parker Chapter 44 How Can You Wisely Develop a Long-Term Strategy for Your Philanthropy? 297 Barnaby Marsh SECTION 8 SEEKING SOUND ADVICE 303 Chapter 45 What Types of Advisors Should You Consider? 305 Susan Massenzio Chapter 46 How Can You Find Trustworthy Advisors? 311 Philip Marcovici Chapter 47 How Can You Avoid the Next Bernie Madoff? 317 Stephen Horan and Robert Dannhauser Chapter 48 Should You Choose a Single-Family Office or a Multi-Family Office? 323 Kirby Rosplock Chapter 49 How Do You Choose a Good Trustee? 331 Hartley Goldstone SECTION 9 FACING THE FUTURE 339 Chapter 50 What Does the Future Hold for Families with Significant Wealth? 341 James Hughes Chapter 51 How Can You Chart Your Own Path, No Matter What Everyone Else Says You Should Do? 345 Fernando del Pino Chapter 52 How Do You Balance Family Stability with Resilience Over the Generations? 351 James Grubman Chapter 53 How Can We “Lift the Small Boats” Too? 355 Christine Lagarde Conclusion 363 About the Editors 365 Index 367
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.
