With the aid of farsighted wealth management and a strong family culture, a common understanding can be reached amongst the family - and this engenders stability.
The views on how a family fortune is to be deployed, used and passed on are as varied as the family members themselves. Family culture has the effect of encouraging family members to address consciously and constructively the many issues associated with family leadership and wealth management. For example:
- In which direction do we as a family wish to develop?
- What expectations exist in terms of the family fortune?
- Which values are important to our family?
- How should new family members be integrated into the bigger picture?
As illustrated in our chart below, family culture represents a framework for a value-oriented approach to family and wealth management - especially for widely scattered and large families. It sows the seeds for multi-generational competence in the way wealth is handled. And this lays the essential cornerstone for material security.