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Kids & Unintended Consequences

Kids & Unintended Consequences

By Articles, Familosophy, Featured Posts, LinkedIn, original No Comments

One of the great challenges of family wealth is raising children. And one of the best articles I’ve read on the topic (and I read a lot of articles) is the first link below, and I urge anyone for whom this is an issue to read it in full. It’s very important to be aware of the unintended consequences of our beliefs about wealth and the messaging we convey to our children about them. How…

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NextGen Wealth Custodian

NextGen Custodians of Significant Wealth

By Articles, Familosophy, Featured Posts, LinkedIn, repost No Comments

How can families best prepare the rising generation for inheritance and/or joining the family business? Parents may reasonably worry about raising spoiled or entitled offspring, and may feel uncomfortable discussing topics like wills and trusts before their kids are mature enough to grasp such concepts. However, a failure to prepare children for the responsibilities that come with being a custodian of significant wealth is not in the best interest of the child or the assets….

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Family Advisor Transition

Family Advisor Transition

By Articles, Familosophy, Featured Posts, LinkedIn, repost No Comments

With all the talk about intergenerational wealth transition, another very important topic doesn’t get the attention it deserves: transition of trusted adviser relationships. The baby boomer generation of advisers manage a third of all client assets, and they too have retirement plans. Firms need to manage the succession planning of these advisers, and this means both advisers and families need to manage the transition of the relationships. In my family, we’ve had relationships with banks,…

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Next Generation Interest in Family Business

Next Generation Interest in Family Business

By Articles, Familosophy, Featured Posts, LinkedIn, repost No Comments

Transitioning a business can be difficult when the #nextgeneration aren’t interested … It turns out there are 4 core components to consider, and if you get them right, the conflict resolution usually runs very smoothly. Medium to large sized family business (turnover $50M+) have a problem: the next generation aren’t interested in joining. There are so many options out there in the job market (jobs that didn’t exist in the previous generation) that the family…

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Purpose Beyond Work Life

Purpose goes Beyond Work Life

By Articles, Familosophy, Featured Posts, LinkedIn, repost No Comments

People are living longer, which means time spent in ‘retirement’ is increasing – the latest US Census figures report the average retirement is 18 years. The huge numbers of Baby Boomers moving into this stage of life is becoming a phenomenon of its own, and could potentially ‘reinvent’ what retirement actually looks like. Just because they are ‘old’, doesn’t mean the huge Baby Boomer cohort won’t continue to change society rather than ride off quietly…

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generational wealth value

The Value of Intergenerational Wealth

By Articles, Familosophy, Featured Posts, LinkedIn, repost No Comments

The role of family offices has evolved from being an investment platform to guiding the next generation(s) back into the family business. A next-generation development program will help the next generation become good owners and future leaders. According to HBR, these programs focus on five key objectives: business ownership skills and competencies; family business principles and practical knowledge of the family business’ assets, understanding the family history and values; and developing personal leadership competencies. Boston…

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Family Equaliser

The Family Equaliser

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, News / Media, original No Comments

When there is more than enough wealth for the family itself, families often turn to philanthropy as a way of “giving back” to society. Like anything, philanthropy can be done well, and not so well, and for the right reasons as well as the wrong reasons. These factors are not necessarily connected – someone may support a charitable project purely to feed their ego, yet it may achieve substantial social good. Certainly, doing things for…

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Principia Familia Stewardship of Family Business

Principia Familia

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

I’m thrilled to have joined the experts panel at &Simple, who are focussed on helping FOs and their service providers professionalise and be future-ready through insights, services and data. In my first insight published on their platform, I articulate three principles of good family governance: 1. The stewardship (rather than ownership) mindset: family wealth does not belong to any individual, rather to the family – both present and future. The people who happen to be responsible for it at any time…

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Mission, Vision, Values of Family Business

The Foundation of a Family Business

By Articles, Familosophy, Featured Posts, LinkedIn, repost No Comments

There is more to maintaining family wealth through generations than getting the best financial advisors and managers for operating assets. Families of wealth must learn how to work together in the sharing of assets. A key part of that is to integrate their wealth management with their values. That means the values need to be articulated within the family. Then, the family needs clear and open dialogue discussing values as well as financial assets, and…

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Family Business Principles

Family businesses need another set of principles

By Articles, Familosophy, Featured Posts, LinkedIn, repost No Comments

Family businesses aren’t just businesses that happen to be owned and/or managed by a family. Factors like a long-term perspective, and the multiple/overlapping roles of owners, employees and family members are both strengths and weaknesses. These factors mean that family businesses need another set of principles to help them stay strong. Because many stakeholders have multiple hats, separation of powers is very important. Everyone needs to understand what their roles are (employee, manager, owner, etc)…

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