Discover practical tools and strategies for helping wealthy families retain and grow wealth
In Top Practices Wealthy Families and Their Advisors, accomplished family wealth experts Tom McCullough and Keith Whitaker deliver a comprehensive collection of practical activities that members of wealthy families can undertake to ensure their continued success and development.
The book contains over 50 chapters, each highlighting a practical tool, exercise, or activity that can be applied by advisors or family members themselves. Each chapter is written by a recognized expert in the field who has used the highlighted tool, exercise, or activity over many years with great success.
The book shows readers how to:
Identify the factors that matter the most when it comes to retaining and growing family wealth Plan thoughtfully, invest wisely, and raise the next generation Share their decision making prudently and carefully combine family and business Incorporate charitable giving into an overall wealth strategy and seek sound advice
Perfect for family wealth advisors, financial planners, and private bankers, Top Practices for Wealthy Families and Their Advisors is also an indispensable resource for managers of family trusts seeking to protect and advise their clients.
By:
Tom McCullough,
Keith Whitaker
Imprint: John Wiley & Sons Inc
Country of Publication: United States
Dimensions:
Height: 262mm,
Width: 185mm,
Spine: 31mm
Weight: 1.089kg
ISBN: 9781119827702
ISBN 10: 1119827701
Pages: 464
Publication Date: 04 November 2022
Audience:
General/trade
,
ELT Advanced
Format: Hardback
Publisher's Status: Active
Foreword xiii James E. Hughes, Jr. Acknowledgments xv Introduction xvii Assessing Your Family’s True Needs xxi Section 1 Thinking Through What Matters Most 1 Chapter 1 Four Profound Questions for Families 3 Ellen Miley Perry Chapter 2 Identifying Actionable Values for Family and Enterprise 7 Doug Baumoel and Blair Trippe Chapter 3 Values That Matter 13 Sharna Goldseker and Danielle Oristian York Chapter 4 A Framework for Family Wealth and Well-Being 19 Richard Franklin and Claudia Tordini Chapter 5 Understanding Identity and Social Power 27 Kofi Hope and Zahra Ebrahim Chapter 6 Tapping Character Strengths to Move Families Forward 33 Kristin Keffeler Chapter 7 Using the Ikigai Model to Foster a Legacy of Meaningful Engagement 39 Don Opatrny and Keith Michaelson Chapter 8 Stages of Wealth Integration 45 Courtney Pullen Chapter 9 Learning from Your Money History and Writing a New Story 51 Jill Shipley Chapter 10 Envisioning the Future 59 Jamie Traeger-Muney Section 2 Becoming a Learning Family 67 Chapter 11 Benchmarking Your Family Against Successful Global Families 69 Dennis Jaffe Chapter 12 Understanding the True Goals of Wealth Preparation 75 James Grubman Chapter 13 Advancing Flourishing: A 10x10 Learning Roadmap 81 Stacy Allred, Joan DiFuria, and Stephen Goldbart Chapter 14 Finding What’s Next for Your Family 97 Barton Parrott Chapter 15 Creating Impactful Learning Programs for Families 103 Greg Burrows and Ruth Steverlynck Chapter 16 Developing a Family Wealth Education Plan 111 Kirby Rosplock Chapter 17 Practical Tools for Building Healthy Families 119 Christian Stewart Section 3 Planning Thoughtfully 127 Chapter 18 Expressing Purpose in Your Trusts 129 John A. Warnick Chapter 19 Managing a Shared Family Property 137 Jamie Forbes Chapter 20 Creating a Family Bank 143 James E. Hughes, Jr. Chapter 21 Undertaking a Family Risk Assessment 147 Linda Bourn Chapter 22 Is Your Infrastructure Resilient? 155 Natasha Pearl Chapter 23 Creating a Family Owner’s Manual 161 Josh Kanter Chapter 24 Family Behavioral Health Wellness Assessment 167 Arden O’Connor Chapter 25 Building a Smart Aging Plan 173 Susan Hyatt Chapter 26 Managing the Risk of Diminished Capacity 179 Patricia Annino Chapter 27 Creating an Ethical Will 189 Scotty McLennan Section 4 Investing Wisely 197 Chapter 28 Monitoring Financial Capital with the “Four Horsemen” Graph 199 Scott Peppet Chapter 29 Keeping Goals in the Spotlight with Capital Sufficiency Analysis 203 Joe Calabrese Chapter 30 Constructing an Investment Portfolio to Support Family Goals 209 Jean Brunel and Voyt Krzychylkiewicz Chapter 31 Investment Education for Family Members 219 Jim Garland Section 5 Seeking Sound Advice 225 Chapter 32 Assessing Your Family’s Financial and Family Management Needs 227 Scott Hayman and Tom McCullough Chapter 33 Finding an Advisor Who Will Help Your Family Thrive for Generations 235 Kathy Lintz and Ned Rollhaus Chapter 34 Choosing Trustees with Care and Wisdom 241 Kim Kamin Chapter 35 Assessing Your Readiness for a (Family Enterprise) Leadership Coach 251 Greg McCann Chapter 36 Understanding Advisors’ Fees 255 Mark Pletts Section 6 Raising the Rising Generation 261 Chapter 37 Balancing Entitlement and Responsibility in Children’s Birthdays 263 Joline Godfrey Chapter 38 A Ritual to Send Children off to College 269 Andrew Doust Chapter 39 Developmental Life Lessons for Grandchildren 277 William (Bo) and Suzanne Huhn Chapter 40 Deciding If You Should Join the Family Business 281 Josh Baron and Rob Lachenauer Chapter 41 How Can You Ensure the Success of Your Successors? 287 Dean Fowler Chapter 42 The Intergenerational Dialogue 295 Susan Massenzio Section 7 Navigating Family Dynamics 299 Chapter 43 A Three-Step Process for Enhanced Communication 301 Keith Whitaker Chapter 44 Strengthening Your “Family Factor” to Deconstruct Conflict 305 Blair Trippe and Doug Baumoel Chapter 45 Using Genograms to Understand Family Patterns 311 Guillermo Salazar Chapter 46 Achieving New Insights and Possibilities through Generative Dialogue 317 Michelle Osry Chapter 47 How Powerful Are Your Questions? 323 Ian McDermott Chapter 48 Expectations versus Agreements 329 Mimi Ramsey and Stephanie Hardwick Chapter 49 Enhancing Sibling Relationships 335 Christian Stewart Chapter 50 Gamechanging 343 Matt Wesley Section 8 Making Shared Decisions 349 Chapter 51 Hats Off to You! 351 Lee Hausner Chapter 52 How to Balance Family Stability with Resilience over Generations 355 James Grubman Chapter 53 Making Better Decisions by Telling Stories That Have “Already Happened” 359 Stacy Allred Chapter 54 Democratizing Family Decision-Making 365 Barbara Hauser Chapter 55 Using RACI to Determine Roles and Responsibilities in a Complex Multigenerational Family Enterprise 369 Kathryn McCarthy Chapter 56 Creating Internal Controls and Policy and Procedures for a Family Office 377 Eugene Lipitz Chapter 57 Leading Successful Family Meetings 381 Katherine Grady and Wendy Ulaszek Chapter 58 Establishing Ground Rules for Family Meetings 387 Keith Whitaker Section 9 Giving Together 391 Chapter 59 Finding a Philanthropic Focus and Integrating the Rising Generation Perspective 393 Etienne Eichenberger, Małgorzata Smulowitz, and Peter Vogel Chapter 60 Facilitating Grandchild-Grandparent Philanthropy 401 James E. Hughes, Jr. Chapter 61 Helping Families Move Up the Philanthropic Curve 405 Leslie Pine Chapter 62 A Roadmap to Successful Philanthropy 411 Susan Winer Conclusion 415 Bios 417 Index 419
TOM McCULLOUGH is Chairman and CEO of the Northwood Family Office, a multifamily office that serves the comprehensive needs of families of wealth. He has more than three decades of experience in the field of family wealth management and is an Adjunct Professor and Executive-in-Residence at the University of Toronto’s Rotman School of Management. He is the co-author of two other books — Family Wealth Management: Seven Imperatives for Successful Investing, and Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask. KEITH WHITAKER, PhD, is president of Wise Counsel Research, a leading consultancy to families with wealth on governance, communication, and the development of rising generation leaders. He has been published in The Wall Street Journal, The New York Times, The Financial Times, and has co-authored six other books for Wiley, including Cycle of the Gift, Voice of the Rising Generation, and Complete Family Wealth.
