While many families are expending effort on important concepts such as improving financial literacy, defining family shared values, and creating family mission statements, such efforts are likely to be lost if families do not first focus on one fundamental aspect of a successful family: Communication. Effective communication is an ongoing effort that requires continuous attention. Learning a few tips and tricks can go a long way to helping families connect their wealth and purpose.
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Although high-net-worth families and individuals recognize the importance of instituting formal family governance structures, doing so presents a complex task. For families who are committed to creating a flexible and durable system of governance, the benefits are lasting.