While parts of the book are clearly more appropriate for very wealthy families with family offices or high end private bankers to take care of their needs, there is a great deal which could be adopted by lesser families (such as my own).
The author suggests that wealthy families adopt a formal strategy which amounts to treating the family in a similar manner as a business. Among other topics discussed:
- adopting a family constitution
- wealth preservation
- wealth management
- managing family business
- effective philanthropy
- living a truly wealthy life
- succession planning
There were sample documents for (among others) a family strategy document, an investment policy statement and an ethical will. There were two versions of the family strategy document, one for a US$5 million family and one for a US$50 million family. (Needless to say, I have no need of the latter.)
At the moment I am still in the process of accumulating sufficient funds to retire (target 2012/age 46). However, given our age difference, whatever we save may have to last my wife for 50 years. Accordingly, the wealth preservation sections where extremely useful and I will be looking to adopt some (but not all) of them.
Recomended (even for not so wealthy families).
1 comment:
With such kind and well chosen words about my book, I am sure the author of this review is already vastly wealthy in all things that truly matter.
I appreciate the thoughts and am pleased to know you found (some of)my ideas helpful.
Warmest regards,
Mark Haynes Daniell
Post a Comment