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Wealth of Wisdom

The Top 50 Questions Wealthy Families Ask

TOM McCULLOUGH | KEITH WHITAKER

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Wealth of Wisdom is intended to be a practical, on-the-ground, how-to guide that will answer the key questions that every family of wealth wrestles with on a regular basis and provide common lessons and practical steps that families can take away and employ today. It brings together the most creative ideas and insightful thinking from the best minds in the world on topics of wealth and family.

Table of Contents

Foreword
Dirk Jungé

Acknowledgments

Introduction

Section 1 – Thinking Through What Matters

Section 2 – Planning Thoughtfully

Section 3 – Investing Wisely

Section 4 – Raising the Rising Generation

Section 6 – Combining Family Business

Section 7 – Giving Well

Section 8 – Seeking Sound Advice

Section 9 – Facing the Future

Chapter 1 – Are You Wealthy?
Patricia Angus

Chapter 2 – What Are the Most Important Factors in Living Well?
Scotty McLennan

Chapter 3 – What Are the Key Considerations in Crafting Your Legacy?
Thayer Willis

Chapter 4 – What Does Passing on Values to the Next Generation Really Look Like?
Ellen Miley Perry

Chapter 5 – How to Think Through Using Resources That Exceed My Personal Needs?
Paul Schervish

Chapter 6 – Does Family History Matter?
Heidi Druckemiller

Read Section 1 Introduction

Chapter 7 – Is It Worth Having a Financial Plan?
Scott Hayman

Chapter 8 – What Is the Right Balance Between Saving and Spending in Retirement?
Meir Statman

Chapter 9 – How Do You Start a Family Conversation About Prenuptial Arrangements?
Charles Collier

Chapter 10 – How Can You Preserve a Beloved Family Vacation Home or Estate?
Jamie Forbes

Chapter 11 – How Can You Prepare for Longevity and Mental Incapacity Among Family Members?
Patricia Annino

Chapter 12 – How Do You Prepare for a Good Goodbye?
Kathy Wiseman

Read Section 2 Introduction

Chapter 13 – How Can You Make Sure Your Portfolio Lines Up with Your Actual Goals?
Ashvin Chhabra

Chapter 14 – What Return Should You Expect from Your Investments?
Christopher Brightman

Chapter 15 – What Should Your Asset Allocation Be?
Jean Brunel

Chapter 16 – Does Investing Have to Be Complicated?
Robert Maynard

Chapter 17 – How Should You Understand and Deal with Investment Risk?
Howard Marks

Chapter 18 – What Is the Most Useful Definition of Risk for Family Investors?
James Garland

Chapter 19 – Is Active Management Still Worthwhile? – I
Charles Ellis

Chapter 20 – Is Active Management Still Worthwhile? – II
Randolph Cohen

Read Section 3 Introduction

Chapter 21 – How Do You Raise Responsible, Independent, and Productive Children (versus Entitled Trust Fund Babies)?
Jill Shipley

Chapter 22 – How Can You Help Children Thrive in a World Focused on Success?
Suniya Luthar and Nina Kumar

Chapter 23 – How Much Money Should You Leave Your Children, and When?
Peter Evans

Chapter 24 – How Do You Start a Family Conversation About Financial Inheritance?
Charles Collier

Chapter 25 – How Can You Avoid the Negative Impacts of Giving Money to Family Members?
Lee Hausner

Chapter 26 – How Can Your Family Encourage Financial Literacy in Every Member?
Coventry Edwards-Pitt

Chapter 27 – How Can Families Support Both Individuality and a Shared Dream?
Kelin Gersick

Read Section 4 Introduction

Chapter 28 – What Are the Best Ways for a Family to Make Decisions Together?
Barbara Hauser

Chapter 29 – How Can You Improve Family Communication?
Jennifer East

Chapter 30 – What Are Practical Tools for Building Healthy Families?
Christian Stewart

Chapter 31 – What Is the Point of Family Enterprise Governance?
Katherine Grady and Ivan Lansberg

Chapter 32 – Should You Have a Family Meeting?
Mary Duke

Chapter 33 – How Can You Best Manage Conflict in Your Family?
Blair Trippe

Chapter 34 – Should You Stay Together as a Family or Go Your Separate Ways?
Doug Baumoel

Read Section 5 Introduction

Chapter 35 – How Can You Engage Your Children in the Management of Your Family Wealth or Business?
Dennis Jaffe

Chapter 36 – How Can Your Family Develop Leaders Ready to Face the Many Challenges of Business and Family?
Greg McCann

Chapter 37 – How Can You Ensure the Success of Your Successors?
Dean Fowler

Chapter 38 – Why Is Family Unity So Important and How You Can Achieve It?
Andrew Hier and John Davis

Chapter 39 – What Are the Signs You’re Losing Control of Your Family Business?
Josh Baron and Rob Lachenauer

Chapter 40 – Can a Family Stay Together After the Operating Business Is Sold?
Alex Scott

Read Section 6 Introduction

Chapter 41 – What Is the Difference Between Charity, Philanthropy, Strategic Philanthropy, and Impact Investing?
Ellen Remmer

Chapter 42 – How Can You Encourage Generosity in Your Family?
Alasdair Halliday and Anne McClintock

Chapter 43 – How Do You Engage Children and Grandchildren in Philanthropy?
Lisa Parker

Chapter 44 – How Can You Wisely Develop a Long-Term Strategy for Your Philanthropy?
Barnaby Marsh

Read Section 7 Introduction

Chapter 45 – What Types of Advisors Should You Consider?
Susan Massenzio

Chapter 46 – How Can You Find Trustworthy Advisors?
Philip Marcovici

Chapter 47 – How Can You Avoid the Next Bernie Madoff?
Stephen Horan and Robert Dannhauser

Chapter 48 – Should You Choose a Single-Family Office or a Multi-Family Office?
Kirby Rosplock

Chapter 49 – How Do You Choose a Good Trustee?
Hartley Goldstone

Read Section 8 Introduction

Chapter 50 – What Does the Future Hold for Families with Significant Wealth?
James Hughes

Chapter 51 – How Can You Chart Your Own Path, No Matter What Everyone Else Says You Should Do?
Fernando del Pino

Chapter 52 – How Do You Balance Family Stability with Resilience Over the Generations?
James Grubman

Chapter 53 – How Can We “Lift the Small Boats” Too?
Christine Lagarde

Read Section 9 Introduction
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