Description
Book SynopsisThe lifelong guide to effective family wealth management strategy Family Capitalprovides a unique and practical lesson on wealth management. Instead of lectures and dry discussion, this engaging book follows an archetypal wealthy family through several generations and collateral family units to show you what effective family capital management looks like long-term. You will actually listen in on meetings between the family and its wealth advisor as they grapple with the many challenges family investors face. Expert wealth advisor Gregory Curtis provides advice and insight along the way, explaining why each strategy is effective, and how you can put it to work for you. You''ll learn how to find an advisor you can trust, how to evaluate their performance, and how you can take the lead role in managing your wealth with the right advisor by your side. Estate planning and portfolio design are explored thoroughly to help you understand what makes sense for your family, and t
Table of Contents
Preface ix
The Titan Family x
Organization of the Book xi
A Note to Middle-Income Investors xiii
Acknowledgments xv
Prologue: The Titan Family in America xvii
Preparation and Use xvii
The Extended Titan Family xxii
The Titan Family Tree xxvi
Summary xxvi
Note xxvi
Chapter 1 George Titan III and His Catastrophic Mistake 1
Preparation and Use 1
How Not to Manage Your Family’s Money 1
The Mistakes George Made 9
What a Good Advisor Could Have Done for the Titans 12
Summary 17
Notes 17
Chapter 2 Ned and Rose Succeed Jake as Co-Heads of the Family 19
Preparation and Use 19
Ned and Rose React to George III’s Decision to Sell Equities 19
Jake Picks Ned and Rose as Co-Heads of His Branch of the Titan Family 21
What the Regional Brokerage Firm Could Have Done Better 35
Summary 38
Chapter 3 The Titans Search for and Engage a New Financial Advisor 39
Preparation and Use 39
How the Titans Conducted Their Search 39
Concluding the Search 46
Summary 50
Notes 51
Chapter 4 First Meeting: Governance, Investment Strategy, and Other Introductory Matters 53
Preparation and Use 53
First Meeting with the Titans’ New Advisor 53
Summary 62
Note 62
Chapter 5 The Titans Create an Investment Policy Statement 63
Preparation and Use 63
The Titan Family Meeting 65
Summary 91
Notes 95
Chapter 6 Establishing the Titan Family’s Investment Objectives 97
Preparation and Use 97
The Titan Family’s Version of Their Investment Objectives 97
Summary 121
Notes 122
Chapter 7 The Titans Grapple with Asset Allocation 125
Preparation and Use 125
The Asset Allocation Meeting 126
Summary 164
Notes 165
Chapter 8 The Manager Search Meeting 167
Preparation and Use 167
The Manager Selection Meeting 168
Summary 206
Notes 207
Chapter 9 Reviewing the Performance of the Investment Accounts 209
Preparation and Use 209
The Performance Reporting Meeting 210
Summary 244
Notes 245
Chapter 10 Miscellaneous Investment-Related Discussions 247
Preparation and Use 247
Family Investment Education 247
Adding Value to the Titan Family Portfolio 256
Investment Committees 263
Socially Responsible Investing 266
Summary 270
Notes 272
Chapter 11 Miscellaneous Non-Investment Discussions 275
Preparation and Use 275
Hiring a Custodian 275
Family Limited Partnerships 280
Family Philanthropy 281
The Family Office 290
How Much to Leave the Kids 292
Inequality and Wealth 295
Summary 307
Notes 308
About the Website 311
About the Author 313
Index 315
