Modern Family — Not the American TV series but present-day family dynamics. Navigating this complex landscape requires a bespoke approach, especially when conflict now presents itself in new shapes and forms ⬇️
#bep#estateplanning
How much of my wealth should I give to my children? How do I prepare them for it? In the latest episode of The Road to Why, Steven Fradkin and Pamela Lucina discuss The Northern Trust Institute’s new book, “Secrets of Enterprising Families,” and share insights on how families successfully transfer wealth and values, generation after generation. https://bit.ly/3NpiLMb
What if the secret to preserving family wealth across generations lies hidden in the history books? We venture back to the roots of family offices, drawing lessons from the legendary Morgans and Rockerfellers. Hosts Sam Maule and Maia Bittner share compelling personal stories and historical insights, setting the stage for a deep dive into the evolution of family offices. Our special guest, Simran Kang, founder of MyFO-Tech and former PwC strategist, provides a rich perspective on how family offices maintain intergenerational wealth amidst alarming attrition rates.
Ever wondered how the ultra-wealthy manage their vast fortunes? Join us as we explore the sophisticated ecosystem of family offices in the U.S., which oversee billions in assets. This chapter uncovers the complexities of targeting affluent individuals with over a million dollars in assets looking for diverse investment options. Simran shares her expertise on the critical role of professional management in family offices and the importance of technological tools for seamless operation. We also navigate the murky waters of regulatory challenges and the risks that come with poor management practices.
Imagine replacing your chaotic Excel sheets and notebooks with advanced digital tools for wealth management. This episode reveals the transformative power of specialized software in organizing family and business documents. We discuss the integration of AI to simplify legal complexities and the emotional resistance people have towards abandoning traditional methods. Lastly, we touch on the impactful role of philanthropy and collective giving in managing family wealth. Tune in for invaluable insights and practical advice that bridge the gap between old-school financial management and modern technological solutions.
In our world, it is easy to get caught up in all the details…what do we own, not own, what strategy should we implement or not implement. As important as those details may be, we should recognize how impactful these observations are to successful financial outcomes.
Drawing from over 40 years of experience in financial planning and wealth management, Dave Perkins, JD, CPA, CFP® shares some terrific nuggets in the most recent Verum blog post.
From navigating the complexities of estate planning to understanding the nuances of behavioral psychology in investing, each observation is a gem of practical advice.
Among the many tips shared, the reminder to embrace humility in investing and the significance of planning for unforeseen curveballs really underscore the importance of holistic financial planning.
Enjoy the read!
🔗 https://lnkd.in/gxCaR42J#wealthmanagement#financialplanning
#FamilyBusiness A recent study by HST Consulting found the fragility of family businesses – with an average shelf life of just 30 years, and only two percent surviving to the fourth generation. Issues such as governing structures, succession planning, and financial constraints often contribute to their downfall.
Read more https://ow.ly/3cOB50Tuyzv
https://lnkd.in/gnMGYJF9 In 2 minutes watch as Jim outlines Succession Planning for Family Enterprises and Closely Held Businesses. You'll learn the top 3 options to consider when planning for the next generation! #successionplanning
Check out our Article 📝on 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐒𝐮𝐜𝐜𝐞𝐬𝐬𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠, authored by our Founder & CEO, Chirag Baid, and published in Taxmann.
Explore valuable insights 💡 into the significance of succession planning, an overview of the process, crucial considerations, and the consequences of neglecting succession plans.
#familysuccession#businesssuccession#familyoffices
Family businesses are often driven by strong emotional bonds, shared values, and a deep commitment to a common goal. However, navigating the complexities of family dynamics and business operations can be challenging.
Learn more about the components and benefits in our most recent blog here: https://shorturl.at/V8kYG
