Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations

Very insightful

As member of a family that is spread on three continents (North America, Europe, and South America), as well as a professional who works on restoring communication and relationship, I highly appreciate and recommend the integrative, intelligent and compassionate approach of James E. Huges Jr. to family wealth management. It is the only book I have found that addresses wealth management in holistic and systemic manner. James Hughes makes sure from the very beginning of the book that the reader understands that: "A family's wealth consists primarily of its human capital (defined as all the individuals who make up the family) and its intellectual capital (defined as everything that each individual member knows), and secondary of its financial capital." I find fascinating that in a world where every single thing tends to be quantified and often reduced to its monetary market value, a famous specialist in coaching families on how to preserve their wealth begins by saying that the financial capital is SECONDARY to the physical and emotional well being, the ability to pursue happiness and the education/knowledge of EACH of the family members. The author goes on to say that every family he has observed was successful in preserving its wealth when it followed "the five virtues of truth: BEAUTY, GOODNESS, COMMUNITY and COMPASSION" (capital letters are mine). "Families who preserve their wealth successfully", says James Hughes, "reflect these virtues in their relationships both with family members and with all persons outside the family. I am convinced that without this spiritual component a family cannot succeed in preserving itself, since its values system will fail and with that failure will come its disintegration." I could give a workshop only about the immense value of this book, but I am aware that amazon customers would rather read the book itself, rather than read a long review about it. I would like to end my review by pointing to what is, in my opinion, one of the crucial issues in family wealth preservation: the family governance. James Hughes has the brilliant idea of using Aristotel's description of various forms of government: aristocracy/kingship/queenship; oligarchy; democracy; and dictatorship. In my own work with family members who have difficulties relating to each other, and consequently fail to preserve their wealth, I am very much interested hearing the answer to the following question: what is the form of governance used in your family? In conclusion, I highly recommend James Hughes' "Family Wealth-Keeping It in the Family". It is a source of inspiration for all families, as well as for counselors, consultants and executive coaches.

Family Wealth is an area in small and meduim size business that has lept to the front of issues facing their firms. As the baby-boom generation decides how an when to step aside Family Wealth should be a must read book on the topic of asset protection and family relationship.

Good info

This is a rather different and important book about wealth. The philosophy of keeping wealth, in its many forms is discussed and suggestions made as to how this may be achieved. The role of the family and the importance of all members of the family and of the extended family each bringing their skills to the meetings which are held on a regular basis is explained. Many books are written on how to make money, with few concentrating on the vital importance of keeping wealth which a family already possesses. Each member of the family can contribute by bringing their own ideas and strengths to these meetings. Children can be brought up learning about the importance of family wealth and the need to work together for the benefit of all. It is a book which provokes much thought. I found it to be repetitious to some extent, but the author may have used this technique to emphasis the importance of bringing different skills which each member of the family possesses to benefit themselves and all members of the family. In the world of today we, especially in the west, have moved away from the extended family thereby loosing the benefits of often huge concentration of skills present amongst family. Family Wealth is about each member of a family contributing their individual and special skills. These may be skills other than making money. To survive and prosper, families need to have many attributes such as good health, street wisdom, detailed interest in the wider world, interest in the geo-political world and the impact which this could have on family. It suggests looking to the future and preparing younger members of family to hold positions of gradually increasing responsibility whilst learning the wisdom of the elders. All members of the family may move through life bringing their special strengths. Doing this, aids accumulated wealth to remain in family hands. It allows the strengths and knowledge of the younger family members to be valued and the strength of the family to continue. This method of family unity promotes strength of a solid foundation against an increasingly difficult world.

If passing wealth along to seven generations is your goal, then this is a good book. Somewhat repetitive, but some really good ideas. I liked the history lessons.

"Family Wealth" by James E. Hughes, is a sensitive, detailed blueprint for families who have acquired wealth and want to use it to create a dynastic organization that will preserve their family and its wealth for many generations to come. This book explains in detail the steps necessary for long-term success and guides the reader through the creation of mission statements, plans for family governance, creating a mutually rewarding relationship between trustees and beneficiaries, philanthropy, mentoring, and the establishment of private trust companies. Hughes emphasizes the need for long-term thinking as well as short-term relationship management within the family since decisions made regarding personal and intellectual development will be just as important as financial decisions to the long-term future of the family organization. This book offers an excellent starting point for financial planners as well as estate and trust attorneys who want to address and serve the interests of the wealthy. I recommend it heartily.

Libro fantastico

Libro buenísimo. Aún voy por la mitad pero me están gustando muchísimo. No trata de inversiones financieras directamente pero da mucho que pensar sobre la educación a tus descendientes una vez que tu patrimonio es elevado.

Good condition. Great book

James Hughes presents a very inspiring way of thinking about families, and of thinking about wealth. Most importantly, it helped me start to see things from a very long term perspective, which is the exact opposite, of course, of living hand-to-mouth. As well as many practical details, the book outlines a structure for planning the long term security, prosperity and fulfilment of your children, grandchildren and beyond, and thus at the same time creating an extremely empowering context for the things you are doing TODAY. Much recommended.

Great info on the Family Wealth Cycle and how to work with High net worth families. Would highly recommend it