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

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.

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PRAISE FOR MORE THAN MONEY

“Michael Cole has written a big book about the art and science of family wealth management. What makes it unique is the elegant blend of the tactical, strategic, and qualitative aspects of the complex and not fully understood challenge, risk, and opportunity of those with wealth. The book’s secret sauce is rooted in Cole’s long career and experience as a deep listener and practitioner, but really gets traction in the writing―especially the powerful stories that serve as examples and metaphors for a kind of authenticity that is rare. Hugely useful and inspirational for those with wealth and their advisors.”
―PETER KAROFF, Founder of The Philanthropic Initiative, Inc., and author of The World We Want: New Dimensions of Philanthropy and Social Change

“There are many books on how to make and create wealth but few on how the family can wisely use the fruits of its success. This book is a detailed guide for a successful family to look creatively at how to use its wealth to enrich everyone’s lives, in the broadest meaning of the term. The book is incredibly useful because it is based on telling stories of how many families use their wealth. The stories guide the reader in actually using these tools and practices. The book is not about investment or money, rather it is about legacy, communication, shared values, education, and how to organize a family to pass true wealth to the next generation.”
―DENNIS T. JAFFE, PhD, Wise Counsel Research, and Professor Emeritus, Saybrook University

“The journey to growing and sustaining a flourishing family is an immensely complicated process. Michael Cole’s book offers ways of developing strategic and tactical methods and employing them toward helping an intentional family flourish. He teaches families how to avoid the three generation shirt sleeves process while bringing each other’s dreams to life.”
―JAY HUGHES, Esq., author of Family Wealth: Keeping It in the Family and Family: The Compact Among Generations

“Michael Cole gives the wealth owner a comprehensive tour of the challenges that every family faces. Think of this as a guidebook for learning how to address the impact of wealth on the family. His examples are unique but universal in the lessons they convey, and the questions he presents in every chapter are valuable for fortunate families who contemplate the purpose for their wealth. He helps us understand what will make wealth a source of satisfaction, and not a source of stress.”
―SARA HAMILTON, Founder and CEO, Family Office Exchange

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.