Everything you need to know for successful wealth management for families Although the family office concept is not new, it is a phenomenon that is changing the wealth management landscape. With celebrities and business moguls, investment gurus and family business icons establishing private wealth management advisory firms, more and more individuals are asking what exactly is a family office and how does it operate? Family offices either serve one family exclusively or typically manage the wealth of a number of affluent families. If you’re like most families and advisors, you’re familiar with family offices, but may not know exactly how they work or why the family office is right for you or your clients. Dr. Kirby Rosplock, an expert on the family office concept, provides insights to some of the most common questions and even misperceptions in this handbook. The Complete Family Office Handbook explains how family offices operate, who should consider forming or joining one, and how to craft and set up a structure, purpose and vision for the office that fully serves a family’s particular needs and investment goals. Whether you’re a wealth creator, a member of a wealthy family considering forming or joining a family office, or a professional contemplating a career in this growing segment of the wealth management industry, this comprehensive guide provides insights to some of the most common questions and misperceptions.
The Family Office Book
Author: Richard C. Wilson
Publisher: John Wiley & Sons
Key strategies for running a family office for fund managers Understanding the basics of the family office industry is essential if you want to succeed in establishing a successful fund for a wealthy family. That's where The Family Office Book comes in. Outlining key strategies for family offices, from what a family office is to how the industry operates, and important global differences, the book is packed with interviews with experts from leading family offices. Providing readers with need-to-know tips and tools to succeed, The Family Office Book gives current and future practitioners everything they need to know about this popular segment of the financial industry. Includes investment criteria, presented as a roadmap showing how several family offices are allocating capita Outlines strategies for fund managers of all types, including mutual funds, real estate funds, private equity, and hedge funds on raising capital in this field Features interviews with the most famous and sought after family offices to give real-life examples of successful family offices in action A comprehensive and reliable resource, The Family Office Book details exactly how family offices are choosing investment managers and why, and how, to break into the industry.
The insider's guide to charitable organizations for donors andtheir advisors Do you know when to use a private foundation, a donor-advisedfund, or a charitable remainder trust or other charitable vehicle?Do you know the different tax benefits, limitations, and controlrules for each alternative? Do you have an appropriate investmentpolicy for your endowed charities? Do you have a rubric foravoiding fraud? Do you know what to look for to make sure that yourcharitable donations don't do the opposite of what you intend? In Managing Foundations and Charitable Trusts, Roger D.Silk and James W. Lintott provide a comprehensive guide forcharitable donors and their advisers. Additional topicsinclude: Foundation Governance When to seek additional professional help When and how to turn a CRT interest into cash Key tax issues Creating a legacy Why tax planning is so difficult, and how to approach it Straightforward and authoritative, Managing Foundations andCharitable Trusts is a handy, easy-to-read guide that alldonors and their advisors will want to keep on hand.
Family Wealth Management
Author: Mark Haynes Daniell, Tom McCullough
Publisher: John Wiley & Sons
Discusses how to establish a clear family vision and a sound wealth management strategy, how to create a practical investment framework, and how to set a long-term strategy to produce the desired results.
Author: Gregory Curtis
Publisher: John Wiley & Sons
The lifelong guide to effective family wealth management strategy Family Capital provides a unique and practical lesson on wealth management. Instead of lectures and dry discussion, this engaging book follows an archetypal wealthy family through several generations and collateral family units to show you what effective family capital management looks like long-term. You will actually listen in on meetings between the family and its wealth advisor as they grapple with the many challenges family investors face. Expert wealth advisor Gregory Curtis provides advice and insight along the way, explaining why each strategy is effective, and how you can put it to work for you. You'll learn how to find an advisor you can trust, how to evaluate their performance, and how you can take the lead role in managing your wealth with the right advisor by your side. Estate planning and portfolio design are explored thoroughly to help you understand what makes sense for your family, and the companion website provides important forms and additional resources that help you put your plan into action. You've worked hard and done well, but the work isn't over. It's important to protect your wealth and make the right decisions to ensure that your family capital remains strong enough to benefit future generations. This book gives you a lifelong guide to effective wealth management, with expert insight to answer your most pressing questions. Find your ideal wealth advisor Design and build your investment portfolio Monitor your investments and your advisor's performance Utilize trusts and other estate planning vehicles to your fullest benefit The best way to learn something new is to hear lived experiences alongside expert commentary. Family Capital provides real-world perspective balanced by professional context, so you can tailor your next move to best suit your own situation.
This innovative textbook covers the most important managerial challenges facing family businesses. It is research-based and includes theory and practice along with concepts, cases and reflection questions to illustrate the key topics.
Complete Family Wealth
Author: James E. Hughes, Jr., Susan E. Massenzio, Keith Whitaker
Publisher: John Wiley & Sons
What matters most in managing the family enterprise Complete Family Wealth is a comprehensive resource for growing, maintaining, and managing wealth across generations. A successor to the classic Family Wealth, now in its 20th year, this book provides updated and expanded guidance to change the way you think about your wealth and legacy. This team of expert authors—who brought the field not only Family Wealth but also Family the Compact, The Cycle of the Gift, The Voice of the Rising Generation, and Family Trusts—ground Complete Family Wealth in a clear account of the “five capitals”: human, intellectual, social, spiritual, and financial. The discussion covers the “what,” “who,” and “how” of family wealth management in clearly-delineated chapters that allow you to dip in as needed, from the principles of family enterprise to family governance, philanthropy, and more. Each family member plays a distinct role, and by exploring each member’s responsibilities in terms of the family enterprise, this book provides insights and ideas for real-world families struggling with all-too-common challenges. Growth-oriented practices today lead to generations of family flourishing in the future. This book provides the answers you need along with guidance and strategy for keeping your family’s complete wealth intact. Understand the five forms of capital that comprise “complete family wealth” Explore the roles of each family member in helping the family enterprise flourish Learn how friends, trustees, and advisors contribute to family wealth management Adopt specific practices that help families grow their complete wealth and ensure its survival through generations Family wealth can sometimes feel like more of a burden than a blessing. Developing the right understanding, character, and structures can improve family enterprise management and protect all your family’s capital from whatever the world throws your way. Complete Family Wealth is a one-stop reference for ensuring a positive legacy for future generations.
Author: James E. Hughes, Jr.
Publisher: John Wiley & Sons
The landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations--now revised and expanded. Every family, looking at the next generation, hopes to confer advantages that are more than just material and financial--to inculcate character and leadership, to inspire creativity and enterprise, to help all family members find and follow their individual callings, and to avoid the financial dependency and loss of initiative that can all too often be an unwanted consequence of financial success. Yet many families never succeed in realizing that vision, much less sustaining it for three, four, or five generations and beyond. James Hughes has thought deeply about these challenges, and his insights are at once practical and profound. For more than three decades, he has personally guided multiple generations of families in creating strategies to preserve their human and intellectual capital as well as their financial assets. His teachings synthesize insights from psychology, anthropology, political history, philosophy, economic theory, and the law, with examples ranging from Aristotle to cutting-edge social science theory. His ideas have been taken up by numerous exceptional families, by their advisers, and by scores of authors, practitioners, and academics who have found value in the methods he pioneered. The first edition of this book, privately published, became a word-of-mouth classic. Now, Hughes has updated and substantially expanded it with new chapters that challenge conventional notions of wealth and offer guidelines for conserving family assets in the broadest senses. Filled with tested principles and practices for family governance and joint decision making, it is a rich source of workable wisdom that family members can put into practice today, to the enduring benefit and gratitude of future generations.
The practical guide to direct investing strategies and best practices The Complete Direct Investing Handbook provides comprehensive guidelines, principles and practical perspectives on this increasingly attractive private equity investment strategy. Interviews with leading family office investors, qualified private equity buyers, and top direct investing advisors provide essential insights, and attention to the nuanced processes of direct investing. The books is a hands-on resource for family offices and those investors interested in generating returns through private company ownership to be more effective in creating returns in a complex market. Direct investing best practices are explored in-depth, with guidance on strategy and the evaluation and assessment of various investment opportunities. The process begins with a codified and specific investment goal, and a robust strategy tailored to the investor's individual needs. Useful insight on 'narrowing the field' helps investors select the appropriate opportunities to meet their investment goals, and practical tools help streamline the process of capital deployment and in turn providing more opportunities to achieve desired returns. Despite the growing interest in direct investing, there is little public information available to investors and there is a lack of transparency into practical standards. This book bridges the gap between strategy and execution, with comprehensive guidance and real-world insights. Define and craft a focused investment thesis and appropriate timeline specific to your needs Identify the right type, size, duration, and risk profile aligned to your investment objectives Gain perspective on real-world direct investing and a deeper understanding of the risks and rewards Better understand best practices and institutional investment rigor to develop bespoke processes and policies that create better outcomes for independent investors Historically, extraordinary wealth has been created through equity in privately-held enterprise. Today, family offices and direct investors are looking more and more toward large capital deployment in early-stage and growth-oriented private equity investments, but are constrained by a lack of informed, established practices. The Complete Direct Investing Handbook provides the much-needed guidance and tools that can improve direct investment outcomes.
Author: Hartley Goldstone, James E. Hughes, Jr., Keith Whitaker
Publisher: John Wiley & Sons
An insightful and practical guide to family trusts Family Trusts is a step-by-step guide for anyone involved in family trusts: trust creators, trustees, beneficiaries, and advisors. It will help families create and administer a culture that recognizes trusts as a gift of love. Marrying the practical and emotional aspects of family wealth, this book provides a hands-on primer that focuses on fostering positive relationships, and structuring the trust appropriately for the situation and the people involved. It tackles difficult topics with frank and honest discussion, from the first beneficiary meeting to working with addictions, and more. Written by a team of experts in family wealth, this information is becoming increasingly crucial to the successful execution of a trust; you'll learn what type of person makes the best trustee, how to be an excellent beneficiary, and the technical aspects that help you build a better trust from the very beginning. There's been a staggering increase in trustee/beneficiary litigation and hostility, but that doesn't mean it's inevitable. Plenty of trusts are running smoothly, with positive experiences on all sides. This book shows you how to set up your trust to succeed from the start, with step-by-step guidance and expert insight. Express clear and thoughtful intent for the trust Create a healthy and supportive culture Select the right trustee, trust protector, and trust advisor Take the time to prepare before initially meeting the beneficiary Conduct a productive first meeting to set a tone for the relationship Historically, there has been little consideration given to the culture of trusts, and this oversight may be a key driver of the behavior that's becoming more prevalent. Family Trusts explores the nature of these relationships, and shows you how to build a trust that retains the nature and spirit with which it was intended.
Author: Clare Archer
This new handbook, prepared in association with the Society of Trust and Estate Practitioners, steers readers through the family office model from its inception, focusing on the viability of family offices for those at the margin of what is normally regarded as the minimum financial base and comparing this to a family worth many millions. The book also considers a range of issues around the cultural development of the family office from the larger complex structures of North America to the emergence of family offices in developing jurisdictions."
Author: Peter Leach
Publisher: Profile Books
Family firms are to be found in every sector of commercial activity. Commitment, family values and pride in the business are typically their special strengths, yet they also face major challenges in reconciling the needs of the business with those of the family. Drawing on the author's extensive experience of working with and advising some of the world's most successful business families, this new and updated edition of Family Enterprises: The Essentials explains the pitfalls, tensions and competing demands that destroy too many family businesses. These problems can be avoided, and Peter Leach reveals the techniques and strategies needed to do so. Running a successful family business is always a huge challenge, but this book offers real insight and guidance on how to keep both business and family united and buoyant.
Passing the Torch
Author: Ilze Alberts
Publisher: John Wiley & Sons
Sustain and grow your family’s capital throughout generations Families need to have vision and foresight to sustain the family’s capital throughout generations. Unfortunately, many of them build wealth effectively but find, near the end of their lives, that it has little sustainability to prepare the next generations that will be the beneficiaries of their hard work. Passing the Torch teaches high net-worth families how to foster a strong family dynamic to be truly generational. Inside, first-generation wealth creators will learn how to create a culture of sustainability and growth and endow subsequent generations with the tools and mindset necessary to prosper. Subsequent generations will learn how to receive the torch, sustain and grow the family’s capital and pass the torch to the next generation. • Discover the importance of emotional intelligence • Learn to view generational wealth from a behavioral lens • Transcend financial instruction to find a sense of purpose and direction • Map out your family’s legacy Whether you’re consulting an advisor or taking matters into your own hands, this is the essential reference you need to sustain wealth for generations to come.
Wealth owners are responsible for more than just assets The Destructive Power of Family Wealth offers thoughtful, holistic planning to ensure that your wealth remains a positive force for your family. While today's families have become global and the world has become smaller and more mobile, we have not yet become immune to the problems wealth poses to the family unit. This book provides authoritative guidance on family wealth management, with an emphasis on both family and wealth. Global taxation regimes, changing bank secrecy laws, asset protection and other critical issues are examined in depth to assist wealth owners in planning, and the discussion includes details on the essential tools that aid in the execution of any wealth management strategy. More than a simple financial planning guide, this book also delves into the psychology of wealth, and the effect it has on different family members; wealth destroys families every day, and smart management means maintaining the health of the family as much as it means maintaining and expanding wealth. Family wealth brings advantages, but it also carries a potential for destruction. Wealth owners have a responsibility to their families and to themselves, and this book provides the critical guidance you need to get it right, whether you are part of a wealth-owning family or are an advisor to wealth-owning families. Learn how careful planning can prevent family strife Protect assets from risks ranging from divorce to political upheaval Explore the many tools that facilitate secure wealth management Discover how changing global regulations affect wealth Understand how private banks and other advisors work Uncover challenges faced by the wealth management industry Find out how to work with advisors and to manage costs while ensuring efficient and effective outcomes Families at all levels of wealth are vulnerable to shifting economic climates, evolving regulatory issues, asset threats and more. Any amount of wealth is enough to shatter a family, but deeply intentional planning based on thoughtful consideration is the key to keeping destructive forces at bay. The Destructive Power of Family Wealth provides expert guidance and a fresh perspective to help you maintain both family and wealth. For those in the wealth management industry and for other advisors to wealth-owning families, The Destructive Power of Family Wealth contains insight on the needs of today's wealth-owning families, ways in which the tools of wealth planning address those needs and guidance on what it takes to be a successful, trusted family advisor.
Strangers in Paradise
Author: James Grubman, James Grubman Ph D
Publisher: Familywealth Consulting
An astonishing fact is that the vast majority of the wealthy come from middle-class or working-class backgrounds. Born and raised in modest economic circumstances, they find themselves as adults in the wonderful but unfamiliar world of wealth, like immigrants to a new land. Their adjustment is often harder than they anticipate. Yet awaiting wealth's newcomers is an even more daunting task: how to raise children and grandchildren successfully in the family's new world of affluence. Written by a prominent wealth psychologist, Strangers in Paradise takes an innovative approach to the challenges facing wealth's "immigrants and natives." Combining clear reasoning with real-world stories, Strangers in Paradise outlines for the first time how the key process for families of wealth - like all immigrant families - is adaptation.