More Than Money: A Guide To Sustaining Wealth and Preserving the Family (Bloomberg)

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. Cover -- Title Page -- Copyright -- Contents -- Preface -- Acknowledgments -- About the Author -- Part I: The Meaning of Wealth -- Chapter 1: The Wealth Management Challenge -- Notes -- Chapter 2: Wealth Is More Than Money -- The Rockefellers: An Emphasis on Wealth-Building and Philanthropy -- All about Oprah -- Finding a Singular Purpose -- The Advantages of Great Wealth ... -- ... and the Drawbacks -- The Rich Life: A Case Study -- Another View -- Notes -- Chapter 3: The Impact of Wealth Stewardship -- Three Families: The Hands-on Patriarch -- Three Families: The Silver Spoon -- Three Families: The Middle Ground -- Notes -- Part II: Understanding the Wealth Management Process -- Chapter 4: The Importance of Integrating Tactical and Strategic Wealth Management -- The Beginning: Questions and Answers about Strategic and Tactical Wealth Planning -- The Elements of Business Planning versus Strategic Wealth Planning -- Notes -- Chapter 5: Should We Manage Wealth as a Family? -- Family Offices: Will You Need One? -- The First Family Office-and a Mistake -- Notes -- Chapter 6: The Story of Wealth Creation: Why It Matters -- The Family Narrative -- Why the Family History Should Be Told to Children, Too -- Telling It All -- Recovering the Legacy -- A Family Legacy -- A Legacy Lost-and Recaptured -- Notes -- Chapter 7: Vision and Mission: The Past, the Present, and the Future -- The Essential Question -- Vision and Mission -- Getting Started -- Notes -- Chapter 8: Family Governance: Roles and Responsibilities, Decision Making, and Conflict Resolution -- Instituting Family Governance -- Governing the Family -- The Family Constitution and Bylaws -- Changing the Constitution -- It's Not All about Rights -- The Family Assembly and the Family Council -- Types of Governance -- A Critical Factor -- When Conflict Threatens the Family Enterprise The commercial wealth management industry today focuses predominately on traditional wealth management issues such as investment management, banking, estate planning, and information management. However, there is compelling, comprehensive research that documents that only 5% of the failures in long-term wealth sustainability in ultra-high net worth families are due to poor investment performance, poor tax planning, poor legal structuring or inadequate advice from traditional advisors. The majority of failures (95%) are due to poor communications and lack of trust among family members, inadequate preparation of the next generation and lack of a shared mission or vision among the family. The current challenge for families is that the two approaches and service models are not integrating strategic planning, such as family dynamics, family communication, family preparation and family governance, with tactical planning, including all the aspects of traditional wealth planning and wealth management Content: Preface Acknowledgments About the Author Part I: The Meaning of Wealth Chapter 1: The Wealth Management Challenge Chapter 2: Wealth Is More Than Money Chapter 3: The Impact of Wealth Stewardship Part II: Understanding the Wealth Management Process Chapter 4: The Importance of Integrating Tactical and Strategic Wealth Management Chapter 5: Should We Manage Wealth as a Family? Chapter 6: The Story of Wealth Creation: Why It Matters Chapter 7: Vision and Mission: The Past, the Present, and the Future Chapter 8: Family Governance: Roles and Responsibilities, Decision Making, and Conflict Resolution Chapter 9: Developing Future Leadership Chapter 10: Family Education: Building a Culture of Learning and Continuous Improvement Chapter 11: Communication and Alignment: Working Together as a High-Functioning Team Chapter 12: Integrating Tactical Wealth Management Chapter 13: Getting It Right Index