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Family Wealth Management
Seven Imperatives for Successful Investing in the New World Order
E-Book
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Beschreibung:
Introducing a fresh perspective on wealth management, withproven solutions to the challenges of preserving wealth andinvesting well in turbulent times
Family Wealth Management is coauthored by twoexperts in the field of private wealth - one, a former director ofBain & Company and the chairman of two of the world's largestfamily trusts, and the other, a CEO of a leading global familyoffice and professor of finance from University of Toronto. Thebook introduces you to a unique model of wealth management thatproduces the desired return outcomes while being consistent with afamily's overarching goals and values. The approach combines thebest traditional investment and portfolio management practices withinnovative new approaches designed to successfully navigate througheconomic climates both fair and foul. While the authors address the critical "hard" issues of asset management, they alsoemphasize important "soft" issues of working with families toensure that actions are congruent with objectives, in alignmentwith family governance principles and designed to help sustain andgrow family wealth over multiple generations.
The authors provide clear guidance on how to master eachcomponent.
* How to establish clear family vision, values, and goalsas a critical foundation to a sound wealth management strategy
* How to establish a practical, integrated investment frameworkthat will ensure a consistent, disciplined approach in allenvironments
* How to set a long-term family wealth strategy and define anasset allocation model that will produce the desired results
* How to draft an annual investment policy statement and refinethe investment tactics based on capital markets trends and changesin the family's circumstance
* How to effectively monitor performance and respond to the needfor change
* How to carefully select and manage an ecosystem of experienced,trusted financial advisors who will provide critical guidancethrough challenging period ahead
* How to successfully engage and educate the family to preserveand enhance the family's financial wealth and human capitalover the generations
Family Wealth Management is coauthored by twoexperts in the field of private wealth - one, a former director ofBain & Company and the chairman of two of the world's largestfamily trusts, and the other, a CEO of a leading global familyoffice and professor of finance from University of Toronto. Thebook introduces you to a unique model of wealth management thatproduces the desired return outcomes while being consistent with afamily's overarching goals and values. The approach combines thebest traditional investment and portfolio management practices withinnovative new approaches designed to successfully navigate througheconomic climates both fair and foul. While the authors address the critical "hard" issues of asset management, they alsoemphasize important "soft" issues of working with families toensure that actions are congruent with objectives, in alignmentwith family governance principles and designed to help sustain andgrow family wealth over multiple generations.
The authors provide clear guidance on how to master eachcomponent.
* How to establish clear family vision, values, and goalsas a critical foundation to a sound wealth management strategy
* How to establish a practical, integrated investment frameworkthat will ensure a consistent, disciplined approach in allenvironments
* How to set a long-term family wealth strategy and define anasset allocation model that will produce the desired results
* How to draft an annual investment policy statement and refinethe investment tactics based on capital markets trends and changesin the family's circumstance
* How to effectively monitor performance and respond to the needfor change
* How to carefully select and manage an ecosystem of experienced,trusted financial advisors who will provide critical guidancethrough challenging period ahead
* How to successfully engage and educate the family to preserveand enhance the family's financial wealth and human capitalover the generations
Foreword xi
Preface xvii
Acknowledgments xxix
INTRODUCTION AND OVERVIEW: A CRITICAL TIME FOR FAMILYINVESTORS 1
Chapter 1 Setting Out a New Approach to Family Wealth Management3
Chapter 2 Arriving at a Point of Inflection in the History ofFamily Wealth 23
Chapter 3 Addressing the Differences between Private andInstitutional Investing 45
Chapter 4 Reinforcing the Importance of a Disciplined InvestmentProcess 57
THE SEVEN IMPERATIVES 71
IMPERATIVE 1 ESTABLISH FAMILY VISION, VALUES, AND GOALS73
Chapter 5 Documenting Family Philosophy, Vision, and Values75
Chapter 6 Determining the Purpose of Wealth and SettingHigh-Level Financial Goals 89
Chapter 7 Structuring Assets and Aligning Investments to ServeMultiple Purposes 105
Chapter 8 Integrating the Family Business into Wealth ManagementStrategy 119
IMPERATIVE 2 SET A PRACTICAL FRAMEWORK FOR FAMILY INVESTMENT133
Chapter 9 Rethinking Modern Portfolio Theory, ConsideringGoals-Based Wealth Management 135
Chapter 10 Reviewing Different Approaches to Asset Allocation149
Chapter 11 Comprehensive Risk Management 165
IMPERATIVE 3 SET A LONG-TERM FAMILY WEALTH STRATEGY ANDDEFINE THE ASSET ALLOCATION MODEL 185
Chapter 12 The Elements of Long-Term Strategy 187
Chapter 13 Investing for the Future: Mega-Themes and PrincipledInvestment Management 199
Chapter 14 Long-Term Strategy Document (Example) 217
IMPERATIVE 4 DRAFT THE ANNUAL INVESTMENT POLICY STATEMENT ANDREFINE INVESTMENT TACTICS 235
Chapter 15 Drafting the Annual Investment Policy Statement andRefi ning Investment Tactics 237
Chapter 16 Rethinking the Role of Traditional Asset Classes249
Chapter 17 Assessing Alternative Assets and the Search forRecurring Alpha 267
Chapter 18 Selecting Individual Investments and InvestmentManagers 285
Chapter 19 Investment Policy Statement (Example) 299
IMPERATIVE 5 MONITOR PERFORMANCE AND RESPOND TO THE NEED FORCHANGE 309
Chapter 20 Monitoring Performance against Internal Goals andExternal Benchmarks 311
Chapter 21 "White Water Investing" and theManagement of Wealth in Turbulent Times 321
IMPERATIVE 6 SELECT AND MANAGE AN ECOSYSTEM OF TRUSTEDFINANCIAL ADVISORS 327
Chapter 22 Designing the Ecosystem and Selecting Advisors329
Chapter 23 The Role of the Family Office 341
IMPERATIVE 7 ENGAGE AND EDUCATE THE FAMILY 359
Chapter 24 Determining the Right Wealth Distribution Strategy361
Chapter 25 Preparing the Family for Successful Management andTransfer of Wealth 375
CONCLUSION 393
Chapter 26 Pulling It All Together: The Successful Managementand Transfer of Wealth Across Generations 395
Bibliography 403
List of Essay Writers 407
List of Figures and Tables 409
About the Authors 411
About the Raffles Family Wealth Trust 415
About Northwood Family Office 419
Index 423
Preface xvii
Acknowledgments xxix
INTRODUCTION AND OVERVIEW: A CRITICAL TIME FOR FAMILYINVESTORS 1
Chapter 1 Setting Out a New Approach to Family Wealth Management3
Chapter 2 Arriving at a Point of Inflection in the History ofFamily Wealth 23
Chapter 3 Addressing the Differences between Private andInstitutional Investing 45
Chapter 4 Reinforcing the Importance of a Disciplined InvestmentProcess 57
THE SEVEN IMPERATIVES 71
IMPERATIVE 1 ESTABLISH FAMILY VISION, VALUES, AND GOALS73
Chapter 5 Documenting Family Philosophy, Vision, and Values75
Chapter 6 Determining the Purpose of Wealth and SettingHigh-Level Financial Goals 89
Chapter 7 Structuring Assets and Aligning Investments to ServeMultiple Purposes 105
Chapter 8 Integrating the Family Business into Wealth ManagementStrategy 119
IMPERATIVE 2 SET A PRACTICAL FRAMEWORK FOR FAMILY INVESTMENT133
Chapter 9 Rethinking Modern Portfolio Theory, ConsideringGoals-Based Wealth Management 135
Chapter 10 Reviewing Different Approaches to Asset Allocation149
Chapter 11 Comprehensive Risk Management 165
IMPERATIVE 3 SET A LONG-TERM FAMILY WEALTH STRATEGY ANDDEFINE THE ASSET ALLOCATION MODEL 185
Chapter 12 The Elements of Long-Term Strategy 187
Chapter 13 Investing for the Future: Mega-Themes and PrincipledInvestment Management 199
Chapter 14 Long-Term Strategy Document (Example) 217
IMPERATIVE 4 DRAFT THE ANNUAL INVESTMENT POLICY STATEMENT ANDREFINE INVESTMENT TACTICS 235
Chapter 15 Drafting the Annual Investment Policy Statement andRefi ning Investment Tactics 237
Chapter 16 Rethinking the Role of Traditional Asset Classes249
Chapter 17 Assessing Alternative Assets and the Search forRecurring Alpha 267
Chapter 18 Selecting Individual Investments and InvestmentManagers 285
Chapter 19 Investment Policy Statement (Example) 299
IMPERATIVE 5 MONITOR PERFORMANCE AND RESPOND TO THE NEED FORCHANGE 309
Chapter 20 Monitoring Performance against Internal Goals andExternal Benchmarks 311
Chapter 21 "White Water Investing" and theManagement of Wealth in Turbulent Times 321
IMPERATIVE 6 SELECT AND MANAGE AN ECOSYSTEM OF TRUSTEDFINANCIAL ADVISORS 327
Chapter 22 Designing the Ecosystem and Selecting Advisors329
Chapter 23 The Role of the Family Office 341
IMPERATIVE 7 ENGAGE AND EDUCATE THE FAMILY 359
Chapter 24 Determining the Right Wealth Distribution Strategy361
Chapter 25 Preparing the Family for Successful Management andTransfer of Wealth 375
CONCLUSION 393
Chapter 26 Pulling It All Together: The Successful Managementand Transfer of Wealth Across Generations 395
Bibliography 403
List of Essay Writers 407
List of Figures and Tables 409
About the Authors 411
About the Raffles Family Wealth Trust 415
About Northwood Family Office 419
Index 423