Consultants in the field of family enterprise are often faced with families having considerable conflict as they make decisions around wealth, succession, and legacy. Bowen family systems theory informs how to manage conflict so that families can overcome it and move towards their goal. If the consultant can “stay relatively out of the system and be in contact with it, the system itself will begin to settle down” (Bowen, 1979). When anxiety decreases, people can think better. In this call, I will provide some concrete ideas on how to facilitate the shift from conflict to collaboration.
Is the Cloud Finally Lifting? Practical Planning for and Administration of Our Clients’ Digital Assets
This presentation explained how to identify a client’s key digital assets; described how tech companies are coming up with their own private solutions to these issues; reviewed the evolution of contact, cyber-security, and probate law and legislative and lobbying history that led to the widespread adoption of the Revised Uniform Fiduciary Access to Digital Assets Act (“RUFADAA”) across America in 2016 and 2017; and provided practical insight as to how to plan for and administer these assets.
This presentation showed how to help families create comprehensive college funding strategies that maximize financial aid, minimize loans, and save for retirement at the same time. Capstone works closely with families to craft a well thought out and integrated college, retirement, and investment plan.
Legacy families are complex, with various needs and stakeholders to satisfy, both now and over future generations. Advisors serving these families often see only part of the picture, and what they see is rarely clear, even to the family. How can we get everybody in the family on the same page, to then share that with their advisors? We have an open-source tool to share with PPI members, to improve and be used by all. Our Family Continuity BluePrint is a tool that advisors use with families, helping clarify where they are now, and where they want to go.
Michael Cole, president of Ascent Private Capital Management of U.S. Bank, discusses his new book More than Money and shares strategies that can help wealthy families preserve their wealth and strengthen the family bond.