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Full Description
Introducing a fresh perspective on wealth management, with proven solutions to the challenges of preserving wealth and investing well in turbulent times Family Wealth Management is coauthored by two experts in the field of private wealth - one, a former director of Bain & Company and the chairman of two of the world's largest family trusts, and the other, a CEO of a leading global family office and professor of finance from University of Toronto. The book introduces you to a unique model of wealth management that produces the desired return outcomes while being consistent with a family's overarching goals and values. The approach combines the best traditional investment and portfolio management practices with innovative new approaches designed to successfully navigate through economic climates both fair and foul. While the authors address the critical "hard" issues of asset management, they also emphasize important "soft" issues of working with families to ensure that actions are congruent with objectives, in alignment with family governance principles and designed to help sustain and grow family wealth over multiple generations.
The authors provide clear guidance on how to master each component. * How to establish clear family vision, values, and goals as a critical foundation to a sound wealth management strategy * How to establish a practical, integrated investment framework that will ensure a consistent, disciplined approach in all environments * How to set a long-term family wealth strategy and define an asset allocation model that will produce the desired results * How to draft an annual investment policy statement and refine the investment tactics based on capital markets trends and changes in the family s circumstance * How to effectively monitor performance and respond to the need for change * How to carefully select and manage an ecosystem of experienced, trusted financial advisors who will provide critical guidance through challenging period ahead * How to successfully engage and educate the family to preserve and enhance the family s financial wealth and human capital over the generations
Contents
Foreword xi Preface xvii Acknowledgments xxix INTRODUCTION AND OVERVIEW: A CRITICAL TIME FOR FAMILY INVESTORS 1 Chapter 1 Setting Out a New Approach to Family Wealth Management 3 Chapter 2 Arriving at a Point of Inflection in the History of Family Wealth 23 Chapter 3 Addressing the Differences between Private and Institutional Investing 45 Chapter 4 Reinforcing the Importance of a Disciplined Investment Process 57 THE SEVEN IMPERATIVES 71 IMPERATIVE 1 ESTABLISH FAMILY VISION, VALUES, AND GOALS 73 Chapter 5 Documenting Family Philosophy, Vision, and Values 75 Chapter 6 Determining the Purpose of Wealth and Setting High-Level Financial Goals 89 Chapter 7 Structuring Assets and Aligning Investments to Serve Multiple Purposes 105 Chapter 8 Integrating the Family Business into Wealth Management Strategy 119 IMPERATIVE 2 SET A PRACTICAL FRAMEWORK FOR FAMILY INVESTMENT 133 Chapter 9 Rethinking Modern Portfolio Theory, Considering Goals-Based Wealth Management 135 Chapter 10 Reviewing Different Approaches to Asset Allocation 149 Chapter 11 Comprehensive Risk Management 165 IMPERATIVE 3 SET A LONG-TERM FAMILY WEALTH STRATEGY AND DEFINE THE ASSET ALLOCATION MODEL 185 Chapter 12 The Elements of Long-Term Strategy 187 Chapter 13 Investing for the Future: Mega-Themes and Principled Investment Management 199 Chapter 14 Long-Term Strategy Document (Example) 217 IMPERATIVE 4 DRAFT THE ANNUAL INVESTMENT POLICY STATEMENT AND REFINE INVESTMENT TACTICS 235 Chapter 15 Drafting the Annual Investment Policy Statement and Refi ning Investment Tactics 237 Chapter 16 Rethinking the Role of Traditional Asset Classes 249 Chapter 17 Assessing Alternative Assets and the Search for Recurring Alpha 267 Chapter 18 Selecting Individual Investments and Investment Managers 285 Chapter 19 Investment Policy Statement (Example) 299 IMPERATIVE 5 MONITOR PERFORMANCE AND RESPOND TO THE NEED FOR CHANGE 309 Chapter 20 Monitoring Performance against Internal Goals and External Benchmarks 311 Chapter 21 White Water Investing and the Management of Wealth in Turbulent Times 321 IMPERATIVE 6 SELECT AND MANAGE AN ECOSYSTEM OF TRUSTED FINANCIAL ADVISORS 327 Chapter 22 Designing the Ecosystem and Selecting Advisors 329 Chapter 23 The Role of the Family Office 341 IMPERATIVE 7 ENGAGE AND EDUCATE THE FAMILY 359 Chapter 24 Determining the Right Wealth Distribution Strategy 361 Chapter 25 Preparing the Family for Successful Management and Transfer of Wealth 375 CONCLUSION 393 Chapter 26 Pulling It All Together: The Successful Management and Transfer of Wealth Across Generations 395 Bibliography 403 List of Essay Writers 407 List of Figures and Tables 409 About the Authors 411 About the Raffles Family Wealth Trust 415 About Northwood Family Office 419 Index 423
