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

Cole, Michael A.

 
9781119264705: More Than Money: A Guide To Sustaining Wealth and Preserving the Family (Bloomberg)
Hardcover
ISBN 10: 1119264707 ISBN 13: 9781119264705
Verlag: Bloomberg Press, 2017

Inhaltsangabe

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.

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Über die Autorin bzw. den Autor

MICHAEL A. COLE co-manages R360 as a Managing Partner. R360 is a distinctive, by invitation only membership organization. He is the former CEO of several multi-family offices and wealth management businesses of major Fortune 100 financial institutions. Michael has more than 30 years of experience building successful family wealth practices. Until July 2020, he was CEO of Cresset Asset Management, which was recognized as one of the fastest growing Registered Investment Advisors in the United States building client assets from $2 billion to $10 billion in two years.

Von der hinteren Coverseite

Traditional wealth management firms concern themselves with investment management, tax planning, estate planning, and cash flow management. However, the reason most family fortunes evaporate is because the family communicates poorly, lacks trust, has divergent visions, and does not prepare succeeding generations to sustain the hard-won resources. More Than Money is the pioneering guidebook that integrates the concept of traditional tactical wealth management with the strategic “soft skills” today’s families must understand to effectively manage significant wealth.

Advising families in the ultra-high-net-worth class comes with unique challenges, including multiple living generations and as many legal entities, passive investments, operating businesses, interests, viewpoints, and opinions. The elite wealth management firm prepared to preserve a family’s fortune needs to be equally proficient in the tactical aspects of legal and administrative procedures as well as the strategic considerations to ensure long-term existence of wealth for many generations to come. Whether you are in an ultra-high-net-worth family or serve clients who are, this enlightening, practical resource takes you step by step through the conversations that need to happen to determine how to manage the family enterprise and resources, the roles each family member should play, how various family groups can best communicate with each other, and more. Representative examples culled from actual family conflicts bring concepts to life in illustrative case studies, including a model of a firm and family that got it right. Written by an award-winning financial advisor whose firm exclusively services ultra-high-net-worth families, this authoritative resource enables you to act with confidence and conviction when you:

  • Draft a shared family vision and mission, complete with guiding questions to cover key details
  • Implement dependable strategies for governance, risk management, education, stewardship, family leadership, and communication
  • Properly balance strategic and tactical planning to generate the most wealth impact for the family

Earn a reputation for making wealth last by knowing it takes More Than Money to keep families affluent.

Aus dem Klappentext

Traditional wealth management firms concern themselves with investment management, tax planning, estate planning, and cash flow management. However, the reason most family fortunes evaporate is because the family communicates poorly, lacks trust, has divergent visions, and does not prepare succeeding generations to sustain the hard-won resources. More Than Money is the pioneering guidebook that integrates the concept of traditional tactical wealth management with the strategic "soft skills" today's families must understand to effectively manage significant wealth.

Advising families in the ultra-high-net-worth class comes with unique challenges, including multiple living generations and as many legal entities, passive investments, operating businesses, interests, viewpoints, and opinions. The elite wealth management firm prepared to preserve a family's fortune needs to be equally proficient in the tactical aspects of legal and administrative procedures as well as the strategic considerations to ensure long-term existence of wealth for many generations to come. Whether you are in an ultra-high-net-worth family or serve clients who are, this enlightening, practical resource takes you step by step through the conversations that need to happen to determine how to manage the family enterprise and resources, the roles each family member should play, how various family groups can best communicate with each other, and more. Representative examples culled from actual family conflicts bring concepts to life in illustrative case studies, including a model of a firm and family that got it right. Written by an award-winning financial advisor whose firm exclusively services ultra-high-net-worth families, this authoritative resource enables you to act with confidence and conviction when you:

  • Draft a shared family vision and mission, complete with guiding questions to cover key details
  • Implement dependable strategies for governance, risk management, education, stewardship, family leadership, and communication
  • Properly balance strategic and tactical planning to generate the most wealth impact for the family

Earn a reputation for making wealth last by knowing it takes More Than Money to keep families affluent.

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Verlag
Bloomberg Press
Erscheinungsdatum
2017
Sprache
Englisch
ISBN 10 
1119264707
ISBN 13 
9781119264705
Einband
Tapa dura
Auflage
1
Anzahl der Seiten
192
Kontakt zum Hersteller
Nicht verfügbar
Verantwortliche Person
Nicht verfügbar