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More frequent review and adjustment of asset allocation, incorporating opportunistic investing and employing flexible strategies, such as global asset allocation and global macro managers, enables investment programs to increase return and manage risk more effectively.

Giving forethought to difficult circumstances can provide important clarity that helps companies avoid worst-case scenarios. Owners can begin by being as objective as possible, treating shares and structure with respect and thinking of the next generation.

In examining the process of transitioning the ownership and management of a family business, this paper discusses pre-transition planning, considers the challenges of intergenerational ownership transfers vs. third-party sales, and proposes a framework for meeting family and business goals through the process.

Thoughtful planning before the sale of a business can yield many benefits to its owner, including ensuring the owner’s family is financially protected if something unexpected happens to the owner or the business before a sale, reducing potential family conflicts that may arise as a result of a potential sale and minimizing the impact of future gift and estate taxes.

Parents often struggle with determining when to talk with children about family finances, what information to share and how family wealth can be used to provide children with the best resources and opportunities without creating passive expectations that discourage financial independence. This sourcebook provides recommended resources categorized by type and, when appropriate, organized by age group.

Questions of what should be revealed, to whom and when all make up what Inheriting Wisdom refers to as the “Transparency Myth.” The Transparency Myth relates to the belief that transparency among families, although generally considered a good attribute, can also have less productive results if offered at inopportune times. This paper examines in-depth the question of transparency, arguing that transparency among families of wealth is not a zero sum game.

While little liquidity is making its way into the real economy, it is flowing into capital markets, leading to distorted prices and increasing risks to investors. Unfortunately, the longer accommodative central bank policies remain in place, the higher asset prices are likely to climb and the more investors will face an increasing risk of loss.

Traditional investment managers, looking for a way to boost returns and beat industry benchmarks, have begun to notice that many of the evaluation factors that socially responsible investment managers use also provide valuable insight into the overall financial health and performance of companies.

Emerging markets have been left behind during the bull run of 2013 as confidence in them has waned during a period of rising interest rates. Understanding the investment opportunity, however, requires a deep dive into the substantial structural differences between emerging markets and developed markets.

With interest rates at historic lows, investment strategies that worked in the past may be inadequate for the future. Although the prospects for traditional investments might seem impaired if rates reverse course, other sources of return may be available if one also considers managers versed in long/short investing across multiple asset classes.