Risk Management for Wealthy FamiliesRisk Management for Wealthy Families

It’s not all about the money. Working together as a family while investing or operating a business can enhance financial outcomes, but that kind of success doesn’t, by itself, ensure that the family will continue to work together and flourish. Wealthy families who have long-term aspirations devote at least some attention to the softer issues as well. Many of these efforts tend to be more reactive than proactive, waiting until the issue is defined by the oncoming course of events. Waiting identifies the need and simplifies the choice of a response. When a succession plan is called for or personal frictions surface, for example, the family engages a suitable expert for that particular issue—and keeps the other advisors close at hand, but f...