Toronto – The successful management of family wealth has always been a challenge, even in the best of times. It has become even more difficult in this new world order where consistent income and capital growth are hard to generate, where the old rules of investing no longer provide reliable guidelines, and where the balance between family and finances is more precarious than ever.
A new book by two global leaders in the management of family wealth provides a fully integrated and family-centric approach to wealth management. It addresses the family’s philosophy of wealth and the development of its goals, its approach to structuring and allocating financial assets, and the importance of engaging and educating family members along the way.
Family Wealth Management: 7 Imperatives for Successful Investing in the New World Order is co-authored by Mark Daniell, the founder and chair of the Raffles Family Wealth Trust in Singapore, and Tom McCullough, Chairman and CEO of Northwood Family Office, a Toronto-based multi-family office, and an adjunct professor at the University of Toronto’s Rotman School of Management.
“The essence of this book is to help private and family investors protect and grow their wealth over time – and in a manner consistent with family vision, philosophy and values,” says Daniell.
“We were prompted to write this book because we believed there had to be a better model for family wealth management that was based on the family needs, but also incorporated the best global thinking on investment and financial management,” adds McCullough.
The seven imperatives outlined in this book serve as both a guide to the critical insights necessary for successful family investing, and also offer a step-by-step process to help families develop and implement their own unique investment strategies, and achieve their overall objectives.
- How to establish clear family vision, values, and goals as a critical foundation to a sound wealth management strategy;
- How to establish a practical, integrated investment framework that will ensure a consistent, disciplined approach in all environments;
- How to set a long-term family wealth strategy and define an asset allocation model that will produce the desired results;
- How to draft an annual investment policy statement and refine investment tactics based on capital markets trends and any changes in a family’s economic situation;
- How to effectively monitor performance against goals and benchmarks;
- How to select and manage an ecosystem of experienced, trusted advisors who will provide critical guidance through the challenging period ahead; and,
- How to engage and educate the family to preserve and enhance the family’s financial wealth and human capital over generations.
Mark Haynes Daniell is the founder and Chairman of the Raffles Family Wealth Trust, based in Singapore. He also chairs The Cuscaden Group, his family’s own private office, also based in Singapore. He is a former director of Bain & Company, one of the world’s leading strategy consulting firms, where he worked for more than two decades with some of the world’s wealthiest families and their businesses. Daniell has also served as director of Wasserstein Perella, a mergers and acquisitions advisory firm in London and Paris, and was the founder and chairman of Singapore’s national Private Wealth Management Initiative.
Tom McCullough is Chairman and CEO of Northwood Family Office LP, a Toronto-based multi-family office which serves the comprehensive financial needs of families of significant net worth. Northwood was founded in 2003 and has quickly risen to prominence as an international leader in its field. Northwood has been consistently ranked as #1 family office in Canada in the annual Euromoney Global Private Banking survey. McCullough has spent over thirty years in the wealth management/family office field and is also an adjunct professor of finance at the Rotman School of Management at the University of Toronto where he teaches “The Management of Private Wealth.”
Advance Praise for Family Wealth Management:
“Investing with a long-term family perspective requires a deep understanding of both family and finance; Family Wealth Management addresses these two topics in a seamless fashion, providing a comprehensive reference and practical approach for families interested in preserving both lifestyle funds and legacy wealth through all types of investment environments.”
—H.S.H. Prince Max von und zu Liechtenstein, Chief Executive Officer, LGT Group
“Family Wealth Management provides a much-needed practical guide to the intersection of family and finance. The seven imperatives and the many practical examples, case studies, and checklists will make this book an important reference piece for every wealthy family and the advisors who serve them.”
—John Benevides, President, CTC Consulting, Harris myCFO, LLC
“In Family Wealth Management, Mark Daniell and Tom McCullough demonstrate that managing for sustainable and productive family wealth is all about integrating across family and finance. Not only do they make that critical point, they lay out a practical and comprehensive guide for doing just that. It should be required reading for both family leaders and their advisors.”
—Prof. Roger Martin, former Dean, Rotman School of Management, University of Toronto
Family Wealth Management is published by John Wiley & Sons and is available in hardcover and e-versions. 352 pages - ISBN 978-0-470-82429-0.
The Rotman School of Management at the University of Toronto is redesigning business education for the 21st century with a curriculum based on Integrative Thinking. Located in the world’s most diverse city, the Rotman School fosters a new way to think that enables the design of creative business solutions. For more information, visit www.rotman.utoronto.ca.
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