Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask

  • 7h 17m
  • Keith Whitaker, Tom McCullough
  • John Wiley & Sons (UK)
  • 2019

A critical resource for families managing significant wealth

Wealth of Wisdom offers essential guidance and tools to help high-net-worth families successfully manage significant wealth. By compiling the 50 most common questions surrounding protection and growth, this book provides a compendium of knowledge from experts around the globe and across disciplines. Deep insight and thoughtful answers put an end to uncertainty, and help lay to rest the issues you have been wrestling with for years; by divulging central lessons and explaining practical actions you can take today, this book gives you the critical information you need to make more informed decisions about your financial legacy. Vital charts, graphics, questionnaires, worksheets and other tools help you get organised, develop a strategy and take real control of your family's wealth, while case studies show how other families have handled the very dilemmas you may be facing today.

Managing significant wealth is a complex affair, and navigating the financial world at that level involves making decisions that can have major ramifications — these are not decisions to make lightly. This book equips you to take positive action, be proactive and make the tough decisions to protect and grow your family's wealth.

  • Ensure your personal and financial success and legacy
  • Access insight and data from leading experts
  • Adopt the most useful tools and strategies for wealth management
  • Learn how other families have successfully navigated common dilemmas

When your family's wealth is at stake, knowledge is critical — and uncertainty can be dangerous. Drawn from interactions with hundreds of wealthy individuals and families, Wealth of Wisdom provides a definitive resource of practical solutions from the world's best financial minds.

In this Book

  • Foreword
  • Introduction
  • Are You Wealthy?
  • What are the Most Important Factors in Living Well?
  • What are the Key Considerations in Crafting Your Legacy?
  • What Does Passing on Values to the Next Generation Really Look Like?
  • How to Think Through Using Resources That Exceed My Personal Needs?
  • Does Family History Matter?
  • Is it Worth Having a Financial Plan?
  • What is the Right Balance between Saving and Spending in Retirement?
  • How Do You Start a Family Conversation about Prenuptial Arrangements?
  • How Can You Preserve a Beloved Family Vacation Home or Estate?
  • How Can You Prepare for Longevity and Mental Incapacity among Family Members?
  • How Do You Prepare for a Good Goodbye?
  • How Can You Make Sure Your Portfolio Lines up with Your Actual Goals?
  • What Return Should You Expect from Your Investments?
  • What Should Your Asset Allocation Be?
  • Does Investing Have to Be Complicated?
  • How Should You Understand and Deal with Investment Risk?
  • What is the Most Useful Definition of Risk for Family Investors?
  • Is Active Management Still Worthwhile? – I
  • Is Active Management Still Worthwhile? – II
  • How Do You Raise Responsible, Independent, and Productive Children (versus Entitled Trust Fund Babies)?
  • How Can You Help Children Thrive in a World Focused on Success?
  • How Much Money Should You Leave Your Children, and When?
  • How Do You Start a Family Conversation about Financial Inheritance?
  • How Can You Avoid the Negative Impacts of Giving Money to Family Members?
  • How Can Your Family Encourage Financial Literacy in Every Member?
  • How Can Families Support Both Individuality and a Shared Dream?
  • What are the Best Ways for a Family to Make Decisions Together?
  • How Can You Improve Family Communication?
  • What are Practical Tools for Building Healthy Families?
  • What is the Point of Family Enterprise Governance?
  • Should You Have a Family Meeting?
  • How Can You Best Manage Conflict in Your Family?
  • Should You Stay Together as a Family or Go Your Separate Ways?
  • How Can You Engage Your Children in the Management of Your Family Wealth or Business?
  • How Can Your Family Develop Leaders Ready to Face the Many Challenges of Business and Family?
  • How Can You Ensure the Success of Your Successors?
  • Why is Family Unity So Important and How Can You Achieve It?
  • What are the Signs You’re Losing Control of Your Family Business?
  • Can a Family Stay Together after the Operating Business is Sold?
  • What is the Difference between Charity, Philanthropy, Strategic Philanthropy, and Impact Investing?
  • How Can You Encourage Generosity in Your Family?
  • How Do You Engage Children and Grandchildren in Philanthropy?
  • How Can You Wisely Develop a Long-Term Strategy for Your Philanthropy?
  • What Types of Advisors Should You Consider?
  • How Can You Find Trustworthy Advisors?
  • How Can You Avoid the Next Bernie Madoff?
  • Should You Choose a Single-Family Office or a Multi-Family Office?
  • How Do You Choose a Good Trustee?
  • What Does the Future Hold for Families with Significant Wealth?
  • How Can You Chart Your Own Path, No Matter What Everyone Else Says You Should Do?
  • How Do You Balance Family Stability with Resilience over the Generations?
  • How Can We “Lift the Small Boats” Too?
  • Conclusion
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