"What Can Be So Hard About Managing Wealth?"
Help wealthy families preserve wealth
Entrepreneurs who have sold a business, individuals who
have inherited substantial wealth, or senior executives who have substantially
benefited from their investments and stock options often ask, "What
can be so hard about managing wealth?"
As wealth accumulates, so does the number of advisors...
attorneys, accountants, investment managers, insurance professionals,
trust officers, private bankers... to the point where they may lack coordinated
expertise on your behalf.
The capabilities that enabled an individual to accumulate
wealth may not be the same capabilities that are required to select, manage,
and evaluate advisors who have diverse skills related to income tax, wealth
transfer, business succession, retirement, risk management, and investment
planning. Moreover, without a coordinated team of advisors and a high level of trust and
communication within the family, history has shown that families often lose much of
their wealth by the second or third generation.
the family office has become one of the most effective means for America's
wealthiest families to centralize and optimize the management of their
financial affairs, and deploy it for the benefit of the family.
"It requires a great deal of boldness
and a great deal of caution to make a fortune, and when you have got it,
it requires ten times as much wit to keep it."
Ralph Waldo Emerson:
Power from the Conduct of Life