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Communication is found to be the most important factor for cohesion in families and sustainability of family wealth. As one of the key tenets to happy, healthy, and thriving families, it is essential for family members to dedicate the effort necessary to become better communicators. Practicing effective communications—including being open and ...

One of the most common concerns families have revolves around how to share wealth with family members without encouraging entitlement. With forethought and care, giving well and wisely can bring families together and strengthen the bonds between generations. The steps to giving wisely—and fostering flourishing over entitlement—include clarifying yo...

There are few issues in family business that create more conflict and tension than the employment of family members. The complexities involved and the breakdowns in communication and trust can contribute significantly to the alarmingly high rate of failed intergenerational transitions in family business. The good news is that there is a way for fam...

Research tells us communication is the most essential ingredient for sustaining wealth across generations. But, cross-generational communication can be particularly challenging, especially within families of wealth. Each generation’s habits, beliefs, and ideals are influenced by very different experiences, traditions, and societal norms. So how do ...

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 th...

Even if you are not yet ready to share the family's wealth numbers, communicating your intentions to the next generations promotes family harmony and is a best practice for successfully sustaining and transferring family wealth. It may also be time to schedule a family meeting for this purpose. There is no right way to conduct this meeting, bu...

Talking about wealth is every bit as important as creating a technical wealth plan—if not more so. Preparing a wealth transfer plan without helping your loved ones understand how to manage those assets in their own lives leaves the true process of sharing wealth incomplete and subject to real, but avoidable, risks. In this guide, you’ll find ways t...

Families that have accumulated significant assets want to know how to best prepare the rising generation to help them maximize the benefits available to them, while also minimizing the unique challenges that occur when navigating the world of wealth. Younger family members may have different approaches when it comes to wealth. Understanding where t...

Market research reveals that nearly 70% of intergenerational wealth transfers fail by the third generation and almost 90% by the fourth. These are compelling statistics which have become top of mind concerns for many families as they plan their wealth transition to the next generation. For Australian families, there are three key challenges they fa...

For most families, a large part of multigenerational success hinges on how they approach challenges and create opportunities. In unprecedented times of social distancing and school closures, there are ways you can use this unexpected “family time” to your advantage, including enhancing education for younger generations and foster family communicati...

Each family’s legacy is as unique as the family itself. It can be a bloodline, a name, heirlooms, a legal entity or family stories, myths, and artifacts. In this fourth and final report in the series on family business succession, key insights are shared on the important role that legacies play in uniting the core purpose of the business with the f...

In "How To Talk With Your Family About Wealth," we discussed the importance of the family conversation when it comes to planning a legacy—and how quickly wealth can be lost when these conversations don’t take place. Yet despite their importance, these discussions can still be difficult, especially if your family doesn’t regularly talk about money. ...

Sustainability is now a business imperative across the world, as much as it is a stewardship one, and those companies that fail to adapt may struggle to compete in a new, low-carbon environment. Fortunately, for many family businesses, the drive for sustainability is already a road well-traveled. Their experiences and the progress they’re making on...

Wealthy families often take every precaution in preserving their legacies for future generations, with carefully constructed estate plans, wills, and trusts. But they often overlook the hidden factor that can undermine all these plans, and it isn’t investment returns or poor estate planning: It’s family dynamics. Studies have shown that the main re...

Strategy is often thought of as an art form—an unstructured, intuitive exercise propelled by inspiration and brilliance. However, just like finance, operations, or marketing, strategy is a functional discipline with tools, frameworks, processes, best practices, and metrics. This checklist is end-to-end process for developing and executing a comp...