More Than Money

A new, more comprehensive approach to long-term family wealth management More Than Money provides a high-level, integrated approach to preserving both financial resources and family harmony. Research has shown a failure rate of 70 percent in long-term multigenerational wealth management, and contrary to popular assumption, only five percent of that failure is due to bad investment, poor tax planning, or inadequate performance by legal and financial advisors. The number-one reason family wealth management fails is the family itself; poor communication, lack of trust, divergent visions, and a failure to prepare succeeding generations will tear down the resources the family has worked so hard to build. Traditional wealth management cannot fix this. Instead, this book offers a fresh approach that integrates strategic and tactical wealth management to align the family’s assets with the family members.  With helpful tools and advice drawn from a real-world understanding of family complexities, you’ll improve your ability to preserve your family’s resources over multiple generations. With an expert’s perspective on the real forces behind successful family wealth management, this book provides a clear model and a practical roadmap for long-term financial preservation. Develop a shared family vision and mission Improve communication and trust among members Merge strategic and tactical planning Ensure the longevity of your family’s wealth The wealth management sphere tends to focus on taxes, investments, banking, and estate planning, but little thought is given to the people themselves—this overlooks the fact that individual family members are the most critical factor in multigenerational wealth management, and fails to provide solutions. More Than Money merges traditional strategies with family dynamics, communication, governance, and preparation to help your resources last for generations to come.

Preface ix Acknowledgments xi About the Author xiii Part I: The Meaning of Wealth Chapter 1 The Wealth Management Challenge 3 Chapter 2 Wealth is More Than Money 11 Chapter 3 The Impact of Wealth Stewardship 25 Part II: Understanding the Wealth Management Process Chapter 4 The Importance of Integrating Tactical and Strategic Wealth Management 41 Chapter 5 Should We Manage Wealth as a Family? 51 Chapter 6 The Story of Wealth Creation: Why It Matters 61 Chapter 7 Vision and Mission: The Past, the Present, and the Future 71 Chapter 8 Family Governance: Roles and Responsibilities, Decision Making, and Conflict Resolution 81 Chapter 9 Developing Future Leadership 103 Chapter 10 Family Education: Building a Culture of Learning and Continuous Improvement 113 Chapter 11 Communication and Alignment: Working Together as a High-Functioning Team 123 Chapter 12 Integrating Tactical Wealth Management 131 Chapter 13 Getting It Right 145 Index 157