Rich Families Are Having Awkward Conversations About Governance
There are a lot of touchy subjects to bring up when you want to preserve wealth over generations.
From geopolitical uncertainty to real estate bubbles, the world is full of risks to investment portfolios. Yet the biggest threat to a family losing its wealth over generations may be internal. Fights over succession planning or individual investment decisions can pull a family—and its hard-earned fortune—apart. Here, wealth managers and multigenerational businesses share some of the most effective advice they’ve given on how a family can build a solid governance structure that will stand up against both external and internal threats to a legacy.
Amy Szostak
Chief Fiduciary Officer and Co-director of Family Education and Governance, Northern Trust Global Family & Private Investment Offices