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Wealth of Wisdom

The Top 50 Questions Wealthy Families Ask

TOM McCULLOUGH | KEITH WHITAKER

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 wealthy families ask, this book provides a compendium of knowledge from experts around the globe and across disciplines.

The deep insights and thoughtful answers in the book will help you make more informed decisions about your financial legacy. The advice and practical tools will help you get organized, develop a strategy and take real control of your family's wealth. And the many examples, stories and case studies will show you how other families have handled the very dilemmas you may be facing today.

Managing significant family wealth is a complex affair, and successfully navigating the route involves making critical decisions. 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 family’s financial success and legacy
  • Access insights and examples from leading experts
  • Adopt the most useful tools and strategies for wealth and family management
  • Learn how other families have successfully navigated common dilemmas

When your family's wealth is at stake, knowledge and sound advice is critical. Drawn from interactions with hundreds of wealthy individuals and their advisors, Wealth of Wisdom provides a definitive resource of practical solutions to the important questions of family and wealth from the best minds in the world.

Wealth of Wisdom Podcast view all episodes

EPISODE 49: Paul Schervish – How to Think Through Using Resources That Exceed My Personal Needs?

How can you think through the use of wealth that exceeds your personal needs? This is a perennial question to which Paul Schervish applies the perennial insights of St. Ignatius. In this conversation with Keith Whitaker, Paul shares elements of the ‘discernment process’ and its application to the disposition of wealth. He also talks about how discernment takes into account the joys and anxieties wealth-holders feel about the impact of wealth on others. And he even recounts some of the challenges he faced in a career of studying wealth and philanthropy within academia. This is a useful discussion for anyone seeking to connect wealth with deeper purpose.

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EPISODE 48: Howard Marks – How Should You Understand and Deal with Investment Risk?

In this week’s episode of the Wealth of Wisdom Podcast, Tom interviews investing legend Howard Marks on his chapter from the book entitled, “How should private investors understand and deal with investment risk?” Howard is a well-known investor, speaker and author on the topic of investing and risk. Listen as Tom and Howard engage in a wide-ranging conversation on the current market environment, his thoughts on investor behaviour, the trend towards passive investing, and how his memos to clients became must-read material for the entire investment community.

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EPISODE 47: Meir Statman – What Is the Right Balance Between Saving and Spending in Retirement?

In this episode, Tom McCullough interviews Meir Statman, well-known author and professor at Santa Clara University who specializes in behavioral finance. We talk about what behavioral finance really means and how it impacts the lives of families of wealth. Meir also talks about his chapter in Wealth of Wisdom answering the question “What is the right balance between saving and spending in retirement?” In his research interviews with couples in retirement age, he finds that many have more than enough money to pay for whatever they need, without risk of running out of money before running out of life. Yet they resist, insisting that they cannot afford these services. Why do people behave this way? Can they change? Should they change? Fascinating conversation with a remarkable person.

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About the Authors

Tom McCullough

Tom McCullough is Chairman and CEO of Northwood Family Office, a leading global multifamily office based in Toronto. He has spent over 35 years in the wealth management/family office field, initially in senior executive roles with RBC Wealth Management. Tom co-founded Northwood Family Office in 2003 and it has become one of the leaders in its field.

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Keith Whitaker

Keith Whitaker is President of Wise Counsel Research. He has consulted for many years with leaders of enterprising families, helping them plan succession, develop next generation talent, and communicate around estate planning. With a background in education and philanthropy, he enables family leaders to better understand their values and goals as well as to have a positive impact on the world around them.

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