Routine family meetings are essential to achieving the family’s mission today and to educating the younger generations in how to fulfill it tomorrow.
Families can be every bit as complex as the wealth management strategies they apply, so it’s unrealistic to expect perfect harmony at the first family meeting. Likewise, it is important to understand that one meeting does not, in itself, constitute success.
Read our chapter on Family meetings
Families with significant wealth recognize the importance of managing their investments, charitable giving and trusts. Helping younger members understand the need for effective wealth management is key. Family meetings can help achieve that.
As younger generations mature and start to beneficially vest in the family’s dynasty trust, it becomes increasingly important that they understand the family’s investment philosophy.
Families that have members living outside the United States — whether year-round or part-time — or possessing dual citizenship will want to be aware of how wealth management plans under one country’s jurisdiction might affect those devised elsewhere.
