Setting a clear mission statement for the overall purpose of your family wealth is a great place to start. You'll want to clearly define the legacy and the impact that your family wants to have on society at large. It is crucial that all members of the family are involved in setting the mission. That way, everybody has their own incentives and opportunities, and the whole family is on the same page. If you have yet to inherit, broach the subject of a family mission statement with your parents and extended family so you can all be on the same page about your family’s purpose.
Transparency is key. Make sure all family members understand the structure of the family wealth and its different sources. Each family member should be fully aware of their role in managing the family wealth. Once everybody understands who’s making decisions and how, communication and collaboration typically improve.
Establish and hold periodic family meetings to talk about wealth, rather than leaving it to be discussed at random. Scheduled meetings give everybody time to prepare in advance, which helps things run smoothly. Make sure the meetings are held regularly enough to adapt and evolve with market cycles or estate changes.
Develop learning opportunities for all family members. Active mentorship and coaching, as well as through external training, can ensure that each family member is prepared for their role in the family succession plan as well as catering to different individual interests and needs.
Engage an independent party to help establish and monitor your family’s mission. This external party can help mediate disputes and bring an impartial point of view to the table.