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Switching. Billion-Dollar. Conversation Lines - ebook
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Switching. Billion-Dollar. Conversation Lines - ebook
Anticipated wealth transfers, amounting to trillions of dollars over the next two to three decades, underscore the critical need for robust multi-generational planning, asset protection, and effective family governance and philanthropy practices.
In today's world, families are becoming more global and mobile, moving away from traditional structures. When the wealth creator dies without a clear family leader and proactive planning, it leads to several challenges. There is an increasing need for expert guidance, services, and wisdom. Navigating the world of family offices is a complex and ever-changing journey that can create a gap between the family's perspective and that of different stakeholders, particularly in passing on generational wealth. As a result, a significant number of family offices struggle to succeed.
In addition, the scarcity of advisors, compounded by an aging advisory cohort and restricted access to exclusive forums, has resulted in numerous untold narratives and unexplored scenarios.
Wealthy clients and family office advisors often highlight numerous issues that can negatively impact the family office, the generational wealth story, and the family. Women are expected to play a significant role in successfully transferring wealth. However, their roles within family offices are not always clearly defined, leading to challenges.
The lack of understanding of one another’s terrain often results in friction impacting the family office’s performance. This results in:
An inability to take decisive action within a rapidly changing landscape.
Limited access to opportunities and the freedom to choose.
A significant number of widows continue to express their regret that they had not taken a keener interest in securing and growing their family’s financial future. Consequently, they fear what will happen to the sustainability of wealth over future generations. Effective leadership is crucial to ensuring the continuity and growth of the family.
This factor is further exacerbated by the generational gap in values, experience, skills, and knowledge, which becomes very visible in the absence of the original wealth creator. Naturally, this factor has its ramifications, such as:
People do not appreciate the need for robust family governance structures and how crucial they are to protecting the family’s legacy.
Evaluating and appointing influential and trustworthy advisors can be daunting to the uninitiated. Choosing the wrong successors without going through a formal process can destroy the family legacy and chase away good advisors. Discovering changing regulations too late impacts maintaining meticulous records, which leads to the family being vulnerable in terms of:
Protecting the family’s privacy and legacy.
Navigating intricate business dynamics.
Dealing with the scattered nature of available knowledge.
Not having access to the correct information and people can have potential consequences, such as financial loss, strained relationships, wasted time, damage to reputation, and other risks.
Wealthy family members and advisors notice that:
Being proactive, staying ahead of the curve, and making well-informed decisions are critical for the success of the office family office.
Establishing a robust family governance structure is crucial to preserving family stories and protecting the future of the family legacy, particularly given the constantly evolving nature of businesses.
Families and advisors who align their knowledge create better opportunities.
Proactive legacy planning enhances the opportunities to keep the family story intact.
Legacy families are the ones who take the lead when it comes to people, relationships, and issues confronting humanity.
Access to wisdom requires time and resources.
Each generation will have its own unique story.
| Kategoria: | Business |
| Język: | Angielski |
| Zabezpieczenie: |
Watermark
|
| ISBN: | 978-1-03-700125-3 |
| Rozmiar pliku: | 33 MB |
