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Preserving and building family wealth
Author: Chris Clarke
Publisher: Barlow Books
Release date: May 18, 2017
WHO IT’S FOR: Families
MORE SPECIFICALLY: Families who want to learn strategic planning and team building in an effort to grow and preserve family wealth now and for future generations.
IS THERE A STRATEGY?: Yes, family trusts and corporations are built into the family financial plan as author Chris Clarke shows how you can use best business practices to shape leaders and transform your family into an effective team with a common financial and charitable purpose.
WHY WE LIKE IT?: It believes family meetings, mission statements and family goal setting all play an active role in managing and preserving family wealth.
WHY ELSE DO WE LIKE IT?: As a Chartered Professional accountant, Trust and Estates Practitioner and Registered Financial Planner, author Chris Clarke takes a holistic approach to love and money and encourages the belief that money is not the end game. Real happiness lies within the family itself and how it uses its wealth to do good.
SURPRISING FACT: That to grow family wealth for the good of all members, it’s important to seek the advice of not only an investment manager but also an investment strategist who can customize asset allocation, maximize tax management in a portfolio, document investment policy statements, offer ongoing investment education to the family and lead regular meetings and ongoing communications with the family.
ACTION PLAN: A lifelong financial plan for the whole family is key. So encourage education, help finance the young entrepreneurs in the family, and realize that this collaborative financial structure will benefit the whole family group.
KEY TAKEAWAY: A system should be put in place to preserve your family’s wealth and legacy. “Canadians are especially guilty of destroying wealth from one generation to the next with its practice of passing along inherited bequests directly to the next generation through wills.” Chris Clark’s approach—what she calls the Family Treasury process—keeps the wealth intact in an investment holding company that provides share ownership for the next generation.