Charles W. Collier, author of Wealth in Families, reveals that the hardest, most rewarding part of the planning process is asking essential questions about what people want to preserve — besides financial wealth — and how they can enhance each family member’s growth.1 By navigating the challenging issues and responsibilities associated with wealth, you can implement an effective family governance structure to cultivate cohesive decision-making, as well as to enhance the likelihood of sustaining your core values, wealth, and well-being over generations.
Keeping in perspective that 60 percent of wealth transfer failures result from a breakdown of communication and trust in the family2, you should adopt and adhere to a family governance system, with the focus of fostering harmony, financial literacy, and stewardship competencies in the young owners who will succeed leadership roles.
With the guidance of a CERTIFIED FINANCIAL PLANNER™ professional who has expertise in integrating the quantitative and qualitative aspects of family wealth, you can capably prepare your family to manage finances and enterprise dynamics by applying the following processes and insights.
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