Your family made wealth from businesses either held within or having been divested. For your family members and your private and business assets; you face number of critical decisions as you run through the day in number of disciplines be it: tax and estate planning; investments; wealth management; finance; philanthropy and other.
Your need for a quarterback may arise in number of forms and in number of areas…it may as well be in the soft areas which directly concern your family members such as:
• An orchestrator to support your family unity; consensus-building among family members
• A family facilitator to support your commitment to “family values, priorities and cohesion” as you define and execute forward.
It may as well be in those technical disciplines to support your team and service providers in investments, operations:
• A quarterback to bring you the holistic, objective information in tax, destinations, structures;
• To ensure your wealth is safeguarded against potential risks; and those risks being well identified and managed
Above all; a quarterback’s main role is to ensure that all services are coordinated in accordance with the family’s long-term objectives and that their best interests are being consistently met.
EXPERT of EXPERTS
The expert generalist’s vital role as “expert of experts” is to quickly and effectively identify (when needed) and liaise in to the right expert; being the one that is best equipped to address the need in place. An “expert of experts” should have experience working with different experts in different disciplines and in different jurisdictions.
90% of families lose their wealth by the third generation. Studies show that main reasons are; missing timely planning, seeing and acting on the bigger picture, putting in place the required systems and above all, having family members unified and committed to the mission of well-being and prosperity over generations.
A trusted advisor is there to help the family/client think, plan and execute for the long term. The investment world is exposed to complications brought forward by short-term approaches and a pure transactional brokerage which replaced long-term focus where family’s long-term needs come first. A trusted advisor also plays a key role as a Vision Board; Sound Board; Research & Verify Board. To assess whether trust exists in any advisory relationship you may use the equation formula which is “Trustworthiness= (Credibility + Reliability + Intimacy) / Self-orientation” by David H. Maister, Charles H. Green & Robert M. Galford.