Wealth of Wisdom Top Practices for Wealthy Families and Their Advisors

Discover practical tools and strategies for helping wealthy families retain and grow wealth

In Top Practices Wealthy Families and Their Advisors, accomplished family wealth experts Tom McCullough and Keith Whitaker deliver a comprehensive collection of practical activities that members of wealthy families can undertake to ensure their continued success and development.

The book contains over 50 chapters, each highlighting a practical tool, exercise, or activity that can be applied by advisors or family members themselves. Each chapter is written by a recognized expert in the field who has used the highlighted tool, exercise, or activity over many years with great success.

The book shows readers how to:

• Identify the factors that matter the most when it comes to retaining and growing family wealth
• Plan thoughtfully, invest wisely, and raise the next generation
• Share their decision making prudently and carefully combine family and business
• Incorporate charitable giving into an overall wealth strategy and seek sound advice

Perfect for family wealth advisors, financial planners, and private bankers, Top Practices for Wealthy Families and Their Advisors is also an indispensable resource for managers of family trusts seeking to protect and advise their clients.

TOM McCULLOUGH is Chairman and CEO of the Northwood Family Office, a multifamily office that serves the comprehensive needs of families of wealth. He has more than three decades of experience in the field of family wealth management and is an Adjunct Professor and Executive-in-Residence at the University of Toronto’s Rotman School of Management. He is the co-author of two other books — Family Wealth Management: Seven Imperatives for Successful Investing, and Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask.

KEITH WHITAKER, PhD, is president of Wise Counsel Research, a leading consultancy to families with wealth on governance, communication, and the development of rising generation leaders. He has been published in The Wall Street Journal, The New York Times, The Financial Times, and has co-authored six other books for Wiley, including Cycle of the Gift, Voice of the Rising Generation, and Complete Family Wealth.

Preface

Acknowledgments

Introduction

Assessing Your Family’s True Needs

Section 1: Thinking Through What Matters Most

Chapter 1 Four Profound Questions for Families
Ellen Miley Perry

Chapter 2 Identifying Actionable Values for Family and Enterprise
Doug Baumoel and Blair Trippe

Chapter 3 Values That Matter
Sharna Goldseker and Danielle Oristian York

Chapter 4 A Framework for Family Wealth and Well-Being
Richard Franklin and Claudia Tordini

Chapter 5 Understanding Identity and Social Power
Kofi Hope and Zahra Ebrahim

Chapter 6 Tapping Character Strengths to Move Families Forward
Kristin Keffeler

Chapter 7 Using the Ikigai Model to Foster a Legacy of Meaningful Engagement
Don Opatrny and Keith Michaelson

Chapter 8 Stages of Wealth Integration
Courtney Pullen

Chapter 9 Learning from your money history and writing a new story
Jill Shipley

Chapter 10 Envisioning the Future
Jamie Traeger-Muney

Section 2: Becoming a Learning Family

Chapter 11

Chapter 12

Chapter 13

Chapter 14

Chapter 15

Chapter 16

Chapter 17

Section 3: Planning Thoughtfully

Chapter 18

Chapter 19

Chapter 20

Chapter 21

Chapter 22

Chapter 23

Chapter 24

Chapter 25

Chapter 26

Chapter 27

Section 4: Investing Wisely

Chapter 28

Chapter 29

Chapter 30

Chapter 31

Section 5: Seeking Sound Advice

Chapter 32

Chapter 33

Chapter 34

Chapter 35

Chapter 36

Section 6: Raising the Rising Generation

Chapter 37

Chapter 38

Chapter 39

Chapter 40

Chapter 41

Chapter 42

Section 7: Navigating Family Dynamics

Chapter 43

Chapter 44

Chapter 45

Chapter 46

Chapter 47

Chapter 48

Chapter 49

Chapter 50

Section 8: Making Shared Decisions

Chapter 51

Chapter 52

Chapter 53

Chapter 54

Chapter 55

Chapter 56

Chapter 57

Chapter 58

Section 9: Giving Together

Chapter 59

Chapter 60

Chapter 61

Chapter 62 A Roadmap to Successful Philanthropy

Conclusion

About the Editors

Index

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