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Family Wealth Management: Seven Imperatives for Successful Investing in the New World Order by Tom McCullough, Mark Haynes Daniell

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Chapter 1

Setting Out a New Approach to Family Wealth Management

It is different this time.”

These have been described as the five most dangerous words in investing. Many investors over the centuries have suffered greatly by ignoring the lessons of the past and the immutable principles of investing.

Unfortunately, in some ways it actually is different this time in the world of family wealth management.

Families are beginning to understand that there are enough changes of sufficient magnitude in the economic landscape today, and in the full set of pressures of all kinds facing modern families, to require them to think and act differently in the pursuit of long-term family wealth goals.

Especially in times of turbulence, adversity, and change, prior approaches to investing need to be reviewed and, where needed, changed and adapted for application in a new world order.

Under the new rules of the game, the failure to make needed change and invest differently may well be the greatest risk of all.

Continuity and Change

Although much has changed and much will need to be changed, not all of the lessons of the past should be discarded. There is a good deal to carry forward from the proven principles and approaches developed and tested over time; the lessons of history are not to be forgotten, but the rules of the future also call out for consideration.

Successful investment in this new world order will require preserving the best of the past while simultaneously managing important change ...

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