More Than Money: A Guide To Sustaining Wealth and Preserving the Family

by Michael A. Cole

Overview

A new, more comprehensive approach to long-term family wealth management

More Than Money provides a high-level, integrated approach to preserving both financial resources and family harmony. Research has shown a failure rate of 70 percent in long-term multigenerational wealth management, and contrary to popular assumption, only five percent of that failure is due to bad investment, poor tax planning, or inadequate performance by legal and financial advisors. The number-one reason family wealth management fails is the family itself; poor communication, lack of trust, divergent visions, and a failure to prepare succeeding generations will tear down the resources the family has worked so hard to build. Traditional wealth management cannot fix this. Instead, this book offers a fresh approach that integrates strategic and tactical wealth management to align the family’s assets with the family members.  With helpful tools and advice drawn from a real-world understanding of family complexities, you’ll improve your ability to preserve your family’s resources over multiple generations.

With an expert’s perspective on the real forces behind successful family wealth management, this book provides a clear model and a practical roadmap for long-term financial preservation.

• Develop a shared family vision and mission
• Improve communication and trust among members
• Merge strategic and tactical planning

• Ensure the longevity of your family’s wealth

The wealth management sphere tends to focus on taxes, investments, banking, and estate planning, but little thought is given to the people themselves—this overlooks the fact that individual family members are the most critical factor in multigenerational wealth management, and fails to provide solutions. More Than Money merges traditional strategies with family dynamics, communication, governance, and preparation to help your resources last for generations to come.

Product Details

ISBN-13:	9781119264705
Publisher:	Wiley
Publication date:	04/17/2017
Series:	Bloomberg
Pages:	192
Product dimensions:	6.10(w) x 9.10(h) x 0.90(d)

About the Author

MICHAEL A. COLE co-manages R360 as a Managing Partner. R360 is a distinctive, by invitation only membership organization. He is the former CEO of several multi-family offices and wealth management businesses of major Fortune 100 financial institutions. Michael has more than 30 years of experience building successful family wealth practices. Until July 2020, he was CEO of Cresset Asset Management, which was recognized as one of the fastest growing Registered Investment Advisors in the United States building client assets from $2 billion to $10 billion in two years.

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Table of Contents

Preface ix

Acknowledgments xi

About the Author xiii

Part I: The Meaning of Wealth

Chapter 1 The Wealth Management Challenge 3

Chapter 2 Wealth is More Than Money 11

Chapter 3 The Impact of Wealth Stewardship 25

Part II: Understanding the Wealth Management Process

Chapter 4 The Importance of Integrating Tactical and Strategic Wealth Management 41

Chapter 5 Should We Manage Wealth as a Family? 51

Chapter 6 The Story of Wealth Creation: Why It Matters 61

Chapter 7 Vision and Mission: The Past, the Present, and the Future 71

Chapter 8 Family Governance: Roles and Responsibilities, Decision Making, and Conflict Resolution 81

Chapter 9 Developing Future Leadership 103

Chapter 10 Family Education: Building a Culture of Learning and Continuous Improvement 113

Chapter 11 Communication and Alignment: Working Together as a High-Functioning Team 123

Chapter 12 Integrating Tactical Wealth Management 131

Chapter 13 Getting It Right 145

Index 157