When working with high net worth families, it is easy to see them as homogenous. Of course, they are not. They are made up of individuals the same as any other group. However, it is important for these families to have a solid sense of their own traditions and values.
It is customary to appoint, either officially or by simple mutual agreement, a trustee or steward of a family's assets who has the ability to make decisions regarding the portfolio for all the relatives involved. It is often a good idea to formalize this relationship to keep matters from getting confused and complicated. Many families choose a relative with excellent business credentials to represent them.
You have to understand that the family steward may or may not be your point of contact - and sometimes it can cause conflict when it is not, or when there appear to be two individuals vying for the position. Paying attention to a family's traditions and values can often tell you who the family steward really is - it may not be a person you (or they) expect.
The individual designated as the trustee or steward should be sensitive to the wants and needs of his or her relatives. It always helps, for the survivors of a loved one, to know what the wishes of that person were in order to go forward successfully in the future. No one wants to lose valuable assets that were passed down and are intended for future generations. If the family becomes fractured over monetary disagreements, assets may have to be split up. This almost always reduces their value.
With the use of modern technology, it is possible for all heirs to stay informed on what is happening with their asset portfolio.
relationships that allow families to communicate about these valuable assets.
It is customary to appoint, either officially or by simple mutual agreement, a trustee or steward of a family's assets who has the ability to make decisions regarding the portfolio for all the relatives involved. It is often a good idea to formalize this relationship to keep matters from getting confused and complicated. Many families choose a relative with excellent business credentials to represent them.
You have to understand that the family steward may or may not be your point of contact - and sometimes it can cause conflict when it is not, or when there appear to be two individuals vying for the position. Paying attention to a family's traditions and values can often tell you who the family steward really is - it may not be a person you (or they) expect.
The individual designated as the trustee or steward should be sensitive to the wants and needs of his or her relatives. It always helps, for the survivors of a loved one, to know what the wishes of that person were in order to go forward successfully in the future. No one wants to lose valuable assets that were passed down and are intended for future generations. If the family becomes fractured over monetary disagreements, assets may have to be split up. This almost always reduces their value.
With the use of modern technology, it is possible for all heirs to stay informed on what is happening with their asset portfolio.
relationships that allow families to communicate about these valuable assets.
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