What does Family Wealth Practices do for its client families?

One of the main benefits of a family office is the office will establish a formal process for defining family goals and creating, implementing and monitoring strategic plans which are necessary in achieving success for current and future generations. Without an excellent family office, most families will succumb to the “shirtsleeves to shirtsleeves in three generations” proverb which denotes the common family saga whereby the older generation, which started with nothing, worked hard and amassed wealth; the second generation divides the wealth and lives a handsome lifestyle, and then eventually the third generation further divides and spends the remainder of the wealth on a lifestyle they cannot support. In essence, the family is now back where they started, with nothing.

Family Wealth Practices believes the best family office is the one that practices servantleadership. Servant-leadership connects a family together in a way in which the members of the family grow taller and stronger than they would otherwise be able. It is one that will help families to a larger and nobler vision and purpose than likely to be obtained or sought after on their own.

Family Wealth Practices serves families by providing leadership towards the dynamic preservation of family wealth. The mission of Family Wealth Practices is to contribute to the success of families in their journey to flourish over a period of at least five generations. Success is defined as each individual family member reaching their maximum potential and the family reaching its maximum potential as a whole as evidenced by each individual:

1. Becoming fully self-aware (healthier, wiser, freer, more autonomous and more likely to become a servant) and achieving personal freedom so as to be able to live an independent life;
2. Achieving the fulfillment of his or her life’s dreams through knowing and fulfilling his or her life’s calling; and
3. Being able to take full responsibility for his or her actions.

In defining success, we also look to Ralph Waldo Emerson who said success is "to laugh often and much, to win respect of intelligent people and the affection of children; to earn the appreciation of honest critics and endure the betrayal of false friends; to appreciate beauty; to find the best in others; to leave the world a bit better whether by a healthy child, a garden patch, or a redeemed social condition; to know even one life has breathed easier because you have lived. This is to have succeeded."