Complete Family Wealth, 2nd Edition

Complete Family Wealth, 2nd Edition

by James E. Hughes Jr., Keith Whitaker, Susan E. Massenzio
Released January 2022
Publisher(s): Bloomberg Press
ISBN: 9781119820031

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Book description

A primer for families of high net worth on how to manage their qualitative and financial wealth for generations

The second edition of this foundational work, Complete Family Wealth: Wealth as Well-Being provides proven tools and best practices for families of means to use in maturing, maintaining, and managing personal and legacy wealth long into the future. The book is divided into three parts: the "what"—what is meant by family, wealth, and enterprise; the "who"—the persons crucial to family enterprise flourishing; and the "how"—specific practices families can use to enhance and grow family wealth.

The second edition of this work places the health and well-being of the individual members of the family unit at the forefront of every aspect detailed within the book. A natural product of this focus is an increased awareness of the social complexities of wealth that have come to the fore in recent years, and the team of expert authors here address the responsibility of private wealth to the public good. In addition, Complete Family Wealth's second edition provides readers with:

  • A new chapter on "the big reveal," suggesting ways to encourage positive, life-affirming reception of the revelation of present or future wealth
  • An additional chapter on preserving the beloved family vacation home
  • Two new appendices: "Fiduciary Course Curriculum," dedicated to enhancing the education of trustees and beneficiaries; and "Key Practices for Families During Challenging Times," a response to the pandemic but relevant to all trying periods for families
  • Examples that make these practices accessible to a broad audience across the wealth spectrum.

Having shaped the language used by families and their advisors with the first edition, Complete Family Wealth's second edition is essential reading for families of high net worth and their financial advisors. It will also be of interest to family offices, fund managers, as well as private investors.

Table of contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Dedication
  5. Epigraph
  6. Preface to the Second Edition
  7. Preface to the First Edition
  8. INTRODUCTION: An Invitation
    1. A Welcome from James (Jay) Hughes, Esq.
    2. A Welcome from Dr. Susan Massenzio
    3. A Welcome from Dr. Keith Whitaker
    4. The Path Ahead
  9. PART ONE
    1. CHAPTER 1: Complete Wealth
      1. Right Understanding
      2. Complete Wealth
      3. The Five Types of Qualitative Capital
      4. Growing Capital
      5. A Provocative Comparison
      6. Measuring Qualitative Capital
      7. Note
    2. CHAPTER 2: Family Enterprise
      1. Affinity
      2. Flourishing
      3. The Three-Circle Model
      4. Active Ownership
      5. Transition
      6. Time
      7. Notes
    3. CHAPTER 3: Principles
  10. PART TWO
    1. CHAPTER 4: The Rising Generation
      1. Why Rising?
      2. The Effects of the Black Hole
      3. The Challenge
      4. Meeting the Challenge
      5. Rising in the Middle Passage
      6. Setting Off
    2. CHAPTER 5: The Big Reveal
      1. Confirmation
      2. What's Next?
      3. The Pause
      4. Courage
    3. CHAPTER 6: Parents
      1. Giving
      2. Know Thyself
      3. Nothing Too Much
      4. How Much Is Enough? Fair versus Equal?
      5. Communication and Control
      6. Giving as Grandparents
      7. Letting Go
      8. Note
    4. CHAPTER 7: Spouses
      1. Tough Questions
      2. Fiscal Difference
      3. The Three-Step Process
      4. Spouses and Family Meetings
      5. Blended Families
      6. Note
    5. CHAPTER 8: Elders
      1. “Old Age Hath Yet Its Honor and Its Toil”
      2. Characteristics
      3. Two Practices
    6. CHAPTER 9: Trustees and Beneficiaries
      1. Human Consequences
      2. Vocabulary
      3. Activity
      4. Distributions
      5. Conclusion
      6. Note
    7. CHAPTER 10: Advisers
      1. Questions to Consider
      2. Money
      3. Personnes de Confiance
      4. Counselors, Coaches, and Facilitators
      5. Mentors
      6. A Father's Wisdom
    8. CHAPTER 11: Friends
      1. Friends as Wealth
      2. Wealth and Friends
      3. Notes
  11. PART THREE
    1. CHAPTER 12: Character
      1. History
      2. What Works
    2. CHAPTER 13: Work
      1. Meaning
      2. Strengths and Flow
      3. The Human Work
      4. Play
      5. Notes
    3. CHAPTER 14: Talking with Children about Wealth
      1. Development
      2. The Power of the Teachable Moment
      3. Are We Rich?
      4. Curiosity
      5. Allowances
      6. Adolescents
      7. Managing Privacy
    4. CHAPTER 15: Prenuptial Agreements
      1. Introduction
      2. What Is a Prenuptial Agreement?
      3. How Best to Approach a Prenuptial Agreement
      4. For Parents of the Prospective Spouses
      5. Notes
    5. CHAPTER 16: Getting Started
      1. Questions
      2. Questions for Reflection
      3. Practices
    6. CHAPTER 17: Family Meetings
      1. Preparation
      2. Why?
      3. What to Do in a Family Meeting?
      4. Who to Have at a Family Meeting?
      5. When to Hold a Family Meeting?
      6. How to Run an Effective Family Meeting?
      7. Where to Hold the Meeting?
    7. CHAPTER 18: Family Stories and Rituals
      1. The Stuff of Life
      2. Rituals
      3. Note
    8. CHAPTER 19: Family Mission Statements
      1. Why a Family Mission Statement Matters
      2. What Is a Family Mission Statement?
      3. How to Create a Family Mission Statement
      4. How to Use a Family Mission Statement
      5. Note
    9. CHAPTER 20: Family Governance
      1. Humility and Freedom
      2. Constitution, Council, and Assembly
      3. Design
      4. Ratification
      5. Notes
    10. CHAPTER 21: Financial Capital
      1. Return
      2. Two Practices
    11. CHAPTER 22: Preserving a Family Vacation Home
      1. Hard Questions
      2. Family Culture as the Solution
      3. Facing Realities
    12. CHAPTER 23: Family Philanthropy
      1. The Benefits of Family Philanthropy
      2. Philanthropy for the Family
      3. Getting Started
      4. Magnificence
  12. CONCLUSION: Individual Flourishing
    1. Many Blossoms
    2. The Five Ls
    3. The Four Cs
    4. Three Little Words
  13. EPILOGUE: The Future?
    1. Evolutions in Human Development
    2. Changes in Family Structure
    3. New Understandings of Family Wealth
    4. China
  14. Appendix One: Fiduciary Course Curriculum
    1. Introduction
    2. Overview of Sessions
    3. Fiduciary Curriculum Outline
  15. Appendix Two: Key Practices for Families During Challenging Times
    1. Introduction
    2. Key Practices for Families
    3. Key Practices for Individuals
    4. Conclusion
  16. About the Authors
    1. James E. Hughes Jr., Esq.
    2. Dr. Susan E. Massenzio
    3. Dr. Keith Whitaker
  17. Index
  18. End User License Agreement

Product information

  • Title: Complete Family Wealth, 2nd Edition
  • Author(s): James E. Hughes Jr., Keith Whitaker, Susan E. Massenzio
  • Release date: January 2022
  • Publisher(s): Bloomberg Press
  • ISBN: 9781119820031