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More Than Money by Michael A. Cole

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CHAPTER 11Communication and Alignment: Working Together as a High‐Functioning Team

Perhaps the biggest detriment to successful long‐term wealth management is lack of timely, consistent, and appropriate communications to family members, based on their roles in the family, their levels of sophistication, and their personal preferences and requirements. As indicated in Chapter 1, we know that 60 percent of the failures in multigenerational wealth management are due to lack of communication and trust among family members. Even with these daunting statistics in mind, few families develop an effective family communication plan that provides important information and helps to maintain family harmony and coordination.

In fact, the 2007 Mass Mutual American ...

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