Business & Management
Finance & Investing
This chapter is from the book
Chapter 1: Issues to Discuss with Your Family
- Do you find the subject of wealth management intimidating? If so, why?
- Does your family communicate well about business and money? How might communication be improved?
- How would you describe the “culture” of your family? In what ways do your family’s beliefs, values, attitudes, and norms shape behavior when it comes to risk, growth, spending, and saving? Is there “a presumption of good will” among its members? How can you repair distrust if it exists?
- Has your family taken time to articulate its “purpose” and how that purpose should drive future wealth management planning efforts?
- Is “doing your homework” and planning ahead before hiring your wealth management advisors a reasonable approach to take? If not, what forces compel you to act now? What are the long-term costs or advantages of taking your time?
- Do you have a personal interest in closely managing your finances? If so, how much time are you willing to devote to this activity? If you do not have interest in closely managing your finances, can you structure your wealth management strategy accordingly?
- Who are the logical Wealth Strategists for your family? Why? What if there isn’t a logical choice or a consensus pick?
- Have you ever hired someone to manage your finances? Was it a positive or negative experience? If it was negative, how can you improve things in the future?
- Do you know how to assess the relative merits of prospective advisors? How do you know you’ve assembled the best alternatives to choose among instead of a middling pool of talent? (Hint: Brand alone is not the answer.) After you’ve hired an advisor, how and when will you know they’re doing a good job?
- What advantages do you see in using the Strategic Wealth Management Framework as a tool in family enterprise planning instead of the classic approach?