Genspring Family Offices manages assets of over $5.88 billion and they have recently released this research article written by three of their most senior managers on the best practices for multi-generational families. They reviewed over 700 of their clients, some of the wealthiest families in America, and combined this with internal research to come to their conclusions. It is extensively well researched and clearly demonstrates that some of the stumbling blocks for families sustaining wealth into their third generation are not due to poor investment returns or inadequate estate planning. Rather it is other circumstances that can be minimised through recognising and implementing best practice.
The 25 best practices in the report is broken into six main parts,
- Family Cohesiveness
- Strategic Planning
- Trusts and Estates.
This is an excellent article and a must – read for multi generational families in business. Many of these 25 best practices have formed part of our FULLY INTEGRATED FAMILY BUSINESS services for some time. To discuss multigenerational wealth transfer or any of individual practices raised in this article,
Please feel free to call FINH on 07 329 7333 – David Harland – one of Australia’s leading authorities in family business sector.
To view the full article click here.