The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors, + Website

Conclusion: Don't Skimp on Documenting Your Decisionmaking

Whether of not we are acting in a fiduciary manner as a legal matter, everything we do with our family's wealth is a fiduciary activity in the ethical sense: these activities matter to us, to our children, to our grandchildren, and even to more remote generations. The investment policy statement, for example, is the keystone document and it is almost impossible to spend too much time on it. But spending policies, manager guidelines and investment committee policy manuals are also very important and could be crucial for some families.

And let's not forget letters to the family. If you have spent an adult lifetime stewarding your family's wealth, writing down the key points you've learned will be a powerful influence on younger family members. In fact, I can envision a multigenerational series of such letters, each penned by the next steward in his or her turn over the years. What a wonderful legacy for any family!