- How the Wealth Management Industry Works
- Classic Approach to Wealth Management
- Strategic Wealth Management of Your Family Enterprise
- The Eight Principles
- The Family as a Cultural System
- Taking Control of the Wealth Management Process
- The Nature of the Wealth Strategist’s Role
- Chapter 1: Issues to Discuss with Your Family
The Eight Principles
The dynamism of today’s wealth management industry, coupled with ever-changing business pressures and the complexity of family dynamics, can make managing a family enterprise difficult, even with the Strategic Wealth Management Framework. So, I devised Eight Principles of Strategic Wealth Management to help my family and my readers by bringing greater clarity and precision to our actions and activities. I use these eight principles as guideposts to keep me focused on the things that are most important when it comes to implementing a family enterprise strategy. When decisions get complicated, the Eight Principles help me narrow my choices while maximizing the impact of each decision I make. They can do the same for you. In the next chapter, I will discuss the Eight Principles in detail.
I know that the Strategic Wealth Management Framework and the Eight Principles of Strategic Wealth Management work because they have worked very well for my family and for many others. By using them,
- You’ll make sound wealth management decisions based on purposeful reflection, planning, and action.
- You’ll select advisors whose skills and experience best match your financial objectives and family enterprise strategy.
- You’ll make sound capital allocation decisions that are closely aligned with your business outlook, investment skills, interests, and risk tolerance.
- You’ll integrate cash flow, tax management, and estate planning with your asset growth strategies.
- For those with a multigenerational perspective, you’ll build your sense of shared family purpose and a culture to enable each individual to flourish.
By embracing the Strategic Wealth Management Framework and the Eight Principles of Strategic Wealth Management, you’ll be able to project your values and ambitions (and those of your family) outward into the external environment to achieve specific and concrete goals. When your strategy is a success, you create a legacy that improves your satisfaction and significance, and that benefits your family and society.