Details

More Than Money

A Guide To Sustaining Wealth and Preserving the Family
Bloomberg 1. Aufl.

von: Michael A. Cole
27,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	30.03.2017
ISBN/EAN:	9781119264736
Sprache:	englisch
Anzahl Seiten:	192

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Beschreibungen

Titelbeschreibung

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. <ul> <li>Develop a shared family vision and mission</li> <li>Improve communication and trust among members</li> <li>Merge strategic and tactical planning</li> </ul> <ul> <li>Ensure the longevity of your family’s wealth</li> </ul> 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.

Inhaltsverzeichnis

Preface ix Acknowledgments xi About the Author xiii Part I: The Meaning of Wealth Chapter 1 The Wealth Management Challenge 3 Chapter 2 Wealth is More Than Money 11 Chapter 3 The Impact of Wealth Stewardship 25 Part II: Understanding the Wealth Management Process Chapter 4 The Importance of Integrating Tactical and Strategic Wealth Management 41 Chapter 5 Should We Manage Wealth as a Family? 51 Chapter 6 The Story of Wealth Creation: Why It Matters 61 Chapter 7 Vision and Mission: The Past, the Present, and the Future 71 Chapter 8 Family Governance: Roles and Responsibilities, Decision Making, and Conflict Resolution 81 Chapter 9 Developing Future Leadership 103 Chapter 10 Family Education: Building a Culture of Learning and Continuous Improvement 113 Chapter 11 Communication and Alignment: Working Together as a High-Functioning Team 123 Chapter 12 Integrating Tactical Wealth Management 131 Chapter 13 Getting It Right 145 Index 157

Autorenportrait

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.

Back cover copy

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