Family Wealth Continuity: The Role of a Trusted Advisor

Speakers: Otis Baskin, PhD

Year: 2019



Many wealth creators and business owners share the dream of perpetuating family relationships and family wealth for generations to come and they turn to trusted advisors for help. Too often, the trusted advisor to one generation loses that relationship when the next generation assumes control of assets and decision making in a family. Governance processes and decision making structures are necessary tools for wealth continuity in multi-generational high net-worth families. Entrepreneurial stewardship is a paradox that needs to be managed. Family success and the long-term productivity of family wealth ultimately reside in the actions of descendants and beneficiaries, not in the success of the wealth creator.Session takeaways:• Communicate, communicate, communicate: Goals, dreams, plans and structures cannot be successful when developed in a vacuum• Enhance, Don’t Enable: Encourage individual growth through effective allocation of family assets and responsibility – To give someone a gift they are not prepared to own is not doing good• Emphasize Ownership, Not Management: Encourage appropriate responsibility and education to allow beneficiaries to “take ownership” of their wealth by having a voice in trusts and other legal arrangements.• Tools to evaluate the presence or absence of these building blocks, and to work toward enhancing these qualities in their client families.

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