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12 Elements for Sustaining Family Wealth & Unity (Part 2)
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For those who are fortunate enough to generate significant wealth for their family, trying to preserve that wealth for multiple generations is often the much greater challenge. It takes much more than smart investing and asset management to create and sustain family wealth.
The stats tell us that just 10 percent of generational wealth lasts beyond the third generation, and you can point to a variety of reasons for that to be the case. Most people that get to this point want their family to be taken care of for decades to come, but not everyone takes the necessary steps to achieve unity to within their family.
It takes a concerted effort with effective communication, and today we’ll take you through the final six elements that you’ll want to apply to your planning process.
Here are the six elements we discuss in this episode:
- Inspire individual family members to participate for their own individual reasons.
- Train and mentor each generation.
- Facilitate the genuine transfer of leadership from generation to generation.
- Require true collaboration between your professional advisors.
- Create mechanisms for ongoing family governance
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