Build your family bank : a winning vision for multigenerational wealth

Why do 70 percent of wealth transition plans fail? This is the question that Emily Griffiths-Hamilton sets out to answer in __Build Your Family Bank,__ a book that looks closely at the core causes of wealth erosion and failed transition plans and offers a set of strategies for building successful wealth transition plans that will benefit many generations.

With the insights provided by recent research, there's no better time than now to unlock thesecrets behind effective succession and wealthtransition. In this wise and accessible new book, author Emily Griffiths-Hamilton—a leadingexpert in the field—does just that. The path tosuccess, she argues persuasively, is the FamilyBank, a dynamic approach that any family, at anystage in its life cycle, can adopt.As a chartered accountant, an investmentadvisor, a successful business builder, and athird-generation inheritor herself, Griffiths-Hamilton is passionate about helping familiesto achieve successful multigenerational wealthtransition. Yet as she reveals, the failure rate forsuccession plans today is an astounding 70 percent.That, she says, is because the traditionalstarting point for wealth-transition planning—controlling financial assets and minimizing ordeferring taxes—gets the process backwards.The Family Bank approach, by contrast, paysclose attention to the human elements of afamily. Only once those are understood caneffective financial structures be developed tomeet the family's needs.In this book, you'll learn how to create yourown Family Bank, beginning with the solidfoundation of your family's shared values andvision. Griffiths-Hamilton explains how youcan assess all of your family's assets—human, intellectual, and financial—and prepare succeedinggenerations to steward those assetssuccessfully. As you implement the stages shesets out, you'll be crafting a succession andwealth-transition plan that truly meets theneeds of your family. The benefits of building aFamily Bank, as this book clearly shows, will gofar beyond any financial gifts you may leave toyour successors.

Emily Griffiths-Hamilton is a Charted Accountant and Investment Advisor who helps individuals and families build effective wealth transition plans. She has the unique perspective of having not only extensively researched and studied the subject, but of also having witnessed and experienced firsthand the impact of inheriting significant wealth. Her father, Frank Griffiths Sr., was one of Canada's greatest entrepreneurs in broadcasting and sport. On his passing, the Canadian press inaccurately claimed that #x93;He had no official succession plan," a headline that embedded in her subconscious and motivated her to become a leading expert on transitioning family wealth. She lives in Vancouver "Unlock the secrets behind effective succession and wealth-transition ... The path to success ... is the Family Bank, a dynamic approach that any family, at any stage in its life cycle, can adopt ... The failure rate for succession plans today is an astounding 70 percent ... because the traditional starting point for wealth- transition planning - controlling financial assets and minimizing or deferring taxes - gets the process backwards. The Family Bank approach, by contrast, pays close attention to the human elements of a family. Only once those are understood can effective financial structures be developed to meet the family's needs"--Publisher's description Why do 70 percent of wealth transition plans fail? This is the question that Emily Griffiths-Hamilton sets out to answer in Build Your Family Bank, a book that looks closely at the core causes of wealth erosion and failed transition plans and offers a set of strategies for building successful wealth transition plans that will benefit many generations. Personal Finance, Money Management