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More Than Money by Michael A. Cole

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CHAPTER 10Family Education: Building a Culture of Learning and Continuous Improvement

The previous chapter highlighted the importance of family leadership. The fact is, however, that not every member of a family is equipped to be—or wishes to be—a leader. Nonetheless, all of the current and future owners, stakeholders, and beneficiaries of the wealth need to build and sustain a foundation of strategic and tactical wealth management knowledge to ensure multigenerational sustainability and success. If family members possess only scant awareness of such issues as diversification, asset allocation, and long‐term investment plans, and they have only limited skills in communication, the results can be disastrous. They may find themselves the victims ...

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