Book Synopsis: A critical resource for families managing significant wealth
Managing significant family wealth is a complex affair, offering both opportunities and challenges. And those challenges have been on the rise: shifting definitions of family, globalization, evolving family dynamics, increasing longevity, historically low interest rates, increasing tax demands, and massive wealth creation along with its unprecedented transition across generations.
Many family leaders are not well prepared to manage wealth or the family issues around it. It is often not their full-time vocation and they may not have had much training in the relevant disciplines. And even if they do have some of the required technical skills (investments, tax, legal, or business), they usually don’t feel equipped to handle the vast number of “qualitative” issues that arise (values, family relationships, succession, and decision-making). The challenges are similar for advisors.
In their consultations to families around the world, Tom and Keith have spoken with thousands of families of wealth and advisors, and have heard many questions about the issues that confront them every day. Below are some of the questions that inspired this book:
- How much money should we leave our children, and when?
- How do we raise responsible, independent and productive children (versus entitled trust fund babies)?
- How can we manage conflict in our family?
- How can we ensure the success of our successors?
- What‘s the best way to think through the pre-nuptial process?
- What return should we realistically expect from our investments?
- What does passing values to the next generation really look like?
These questions are ubiquitous. Truly helpful answers are not. While some of these topics have received a great deal of attention, others have not. And the information that is out there is usually hard to find, too general, or from sources of dubious trustworthiness.
To address this situation, Tom and Keith decided to pull together, in one volume, the top 50 questions that families ask and answers from 50 of the world’s foremost experts on these subjects. Wealth of Wisdom includes 50 essays by contributors such as Jean Brunel, Jim Grubman, Barbara Hauser, Howard Marks, Meir Statman and many more. With this resource in hand, a family leader or advisor can review the key questions and reflect on these well-informed answers. With less time spent sorting through “noise,” family leaders and their advisor can focus instead on what truly matters as each family charts its own path into an uncertain but exciting future.
About the Co-Author:
Tom McCullough is Chairman and CEO of Northwood Family Office
Tom has spent over 35 years in the wealth management/family office field, initially in senior executive roles with RBC Wealth Management. Tom co-founded Northwood Family Office in 2003 and it has become one of the leaders in its field. Northwood has consistently been recognized as the ‘#1 independent family office in Canada’ by Euromoney in its global private banking survey.
Tom is a frequent speaker on issues relevant to families of wealth and is the co-author of Family Wealth Management: 7 Imperatives for Successful Investing in the New World Order. He is an Adjunct Professor and Executive-in-Residence at the University of Toronto’s Rotman School of Management, and is a faculty member in Rotman’s Family Wealth Management program for families of wealth. He is also a Fellow of the Family Firm Institute (FFI) and holds an Advanced Certificate in Family Business Advising from FFI.
Tom holds an MBA from the Schulich School of Business at York University, as well as the CIM (Chartered Investment Manager) and CIWM (Certified International Wealth Manager) designations, and is a registered Portfolio Manager. He is actively involved in a wide range of philanthropic and community activities, in Canada and the developing world. Tom is also the board chair of The Bentway Conservancy, a new 1.75 km urban public park and performance space underneath Toronto’s Gardiner Expressway.
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