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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 26

Pulling It All Together: The Successful Management and Transfer of Wealth Across Generations

At the end of the day, a long-term family wealth strategy and current investment policy will need to be looked at on a top-down as well as bottom-up basis, observing the holistic nature of the strategies as well as the content of each individual piece of the strategy.

Any gaps need to be filled, contradictions need to be removed, and any remaining wrinkles ironed out. The entire fabric of the approach needs to be whole, seamless, and fit for the family purposes it is designed to achieve. Stress testing will be a final step in the “manufacturing” process.

While each element is important on its own, and the linkages between the pieces are equally critical, it is most essential that the whole of the effort should be far greater than the sum of the parts: the alignment with family purposes and financial goals, the focus and quality of selected investments, the active engagement of the family, and the overall impact of the family wealth management ideas and activities fully aligned with the family’s long-term vision.

The ultimate goal of family wealth management, as stated in the early pages of this work, is to help families and their advisors to compound their wealth successfully over time, and to do so in a manner that creates the greatest possible benefit—family and financial—for all involved.

Serving Multiple Family Purposes

Family wealth management is not just about developing ...

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