Take a look at how implementing a family governance process can help you to protect your wealth.
“Shirtsleeves to shirtsleeves in three generations” is a well-known saying among many affluent families. It means family wealth that’s built by the first generation is eroded or even destroyed by the third generation, which squanders the assets it inherits through reckless spending, poor investment decisions and other mistakes.
- Very wealthy families typically take a formal approach to family governance.
- Both the human/relationship and technical aspects of a family governance plan must be addressed.
- Financial professionals can help families create a governance plan and work to ensure it’s followed and respected over time.
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Other notes and risk warnings
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