Wealth: Grow It and Protect It, Updated and Revised
Product Author Bios
STUART E. LUCAS, CFA (Chicago, IL) chairs Wealth Strategist Partners LLC, which acts as outsourced Chief Investment Officer for select individuals and families of exceptional net worth. He has lived a double life for 25 years, as fourth-generation heir and descendant of the Carnation Company's founder, and as an accomplished investor. He designed the Private Wealth Management program at U. of Chicago's Booth School of Business. A speaker to wealth owners and family office executives worldwide, he was Sr. Managing Director of the Ultra-High Net Worth Group at Bank One (now JPMorgan Chase). He serves on investment committees at NPR and the Stuart Foundation, and holds an MBA from Harvard Business School.
Discover the best ways to build, protect, and sustain family and business wealth across generations! Wealth is the world's most valuable guide to wealth management for individuals, families, business owners, and the "upwardly affluent." In the six years since Stuart Lucas first wrote this book, however, the financial world has changed dramatically. Throughout the financial crisis and beyond, Lucas has led the University of Chicago's Private Wealth Management program, teaching more than 500 members of the world's wealthiest families. Now, he brings together extraordinary insights and constructs informed by this experience. Wealth, Updated and Revised Edition retains its core advice, which has been tested and proven by the worst financial crisis since the Great Depression. However, Lucas has updated his exclusive Strategic Wealth Management Framework to help even more individuals, families, and entrepreneurs aspiring to wealth or seeking to protect it. Lucas highlights key value drivers - family purpose, the economic engine, and leakage management - that mark the difference between family enterprises that succeed for generations and those that fail. He offers updated, sage advice on making financial decisions, evaluating "expert" advice, running a family business office, tax/estate planning, philanthropy, wealth preservation, and more. Since developing a family's human capital is the best antidote to Wall Street excess, this edition adds even more robust and actionable guidance for building a culture of Entrepreneurial Stewardship: one that enables and encourages all family members to flourish, and improves the odds that families can sustain wealth. This book is for all successful business owners and anyone who possesses (or aspires to own) substantial financial assets, whether earned or inherited. It will also be of keen interest to investment advisors, business consultants, business brokers, wealth industry practitioners, lawyers, accountants, tax advisors, and others who counsel the wealthy (and upwardly affluent) about wealth management.
Table of Contents
Foreword to the Second Edition viii
Foreword to the First Edition xi
Chapter 1: Protecting and Growing Your Wealth 15
Chapter 2: Eight Principles of Strategic Wealth Management 37
Chapter 3: Start with Your Family Purpose 57
Chapter 4: Defining Your Financial Objectives 85
Chapter 5: The Enchanted Forest, the Secret Society, and the Capital Kibbutz 127
Chapter 6: Picking Your Investment Strategy 161
Chapter 7: Making Your Most Important Hire 211
Chapter 8: Taxes Can Be Your Ally! 249
Chapter 9: Promoting Entrepreneurial Stewardship 275
Chapter 10: Making Philanthropy Part of Your Strategic Wealth Program 305
Chapter 11: Putting It All Together: Multigenerational Planning and Wealth Transfer 331
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