Family Wealth Management
Learn the key frameworks for successful wealth management, including how to avoid common mistakes. This program is designed for family members who would like to successfully preserve, grow and transition family wealth.
The effective management of family wealth is a critical skill set in ensuring the long-term financial success of wealthy families. This program will provide the practical insights and knowledge that families need to oversee the management of their wealth and help each family member to be an excellent leader and/or contributor to the wealth management process. Participants will learn the key building blocks and frameworks for successful wealth management, how to create an integrated wealth management strategy that considers the family's complete financial picture, and how to avoid common catastrophic mistakes.
The program is designed for family members who would like to learn more about the wealth management process and how to successfully preserve, grow, and transition family wealth.
Tom McCullough has written several white papers that may be of interest to participants in Rotman's Family Wealth Management Program:
Control What You Can, Conservatively Estimate the Rest
Creating an effective wealth plan involves managing a wide variety of elements, some of which are controllable (e.g. investment costs) while others are not (e.g. investment returns). This article identifies which elements are controllable and how to plan for the unpredictable elements.
The Critical Role of Expenses in Family Cash Flow Planning
Cash flow projections are an essential tool to plan for the amount of capital required to meet a family’s goals. While there are several inputs that impact cash flow projection results, expenses are by far the most important. To illustrate why, this article explores an example and also examines the impact different expense levels has on a family’s investment portfolio.
Tips for Managing Investment Risk
A family’s investment portfolio plays a critical role in helping them meet their financial goals. Unfortunately, many families take on unnecessary risk which could compromise their financial well-being. This article explores the reasons why investors take on excess risk, and steps to take to avoid these pitfalls.
What is a Family Office?
While family offices have really come into their own in the last 30 years, the concept remains unfamiliar to many. This white paper answers some of the key questions about family offices, including what are the differences between single-family and multi-family offices, what are the range of services provided, and what benefits does a family office provide.
What’s Next? Preparing for life after selling your business
Many entrepreneurs are great at running their businesses but are not prepared for the transition that occurs after that business is sold. Managing an operating business and managing the wealth that the sale of an operating business can generate are two different skillsets. This article covers how entrepreneurs can prepare to make the transition from being wealth creators to being wealth owners.
This program will help participants develop the frameworks, tools and skills to better understand and participate in the family wealth management process.
- Goals based wealth management
- Investment planning and strategic development
- Asset allocation
- Portfolio management
- Security selection
- Types of family capital
- Tax and estate planning
- Insurance, wills and trusts
- Integrated financial management
- Family governance and communication
- Risk identification and management
- Selection of investment firms and advisors
- Strategies for the preservation and inter generational transfer of wealth
- Develop a comprehensive wealth management strategy that considers family goals, objectives, values and family circumstances
- Identify the pitfalls and common mistakes to avoid
- Select an investment strategy that is realistic, prudent, tax-efficient and actionable given the time and resources you have to commit
- Learn how to integrate the family business or concentrated family asset into a wealth management strategy
- Identify the key roles, responsibilities, and opportunities for family members in understanding, supervising, and managing the family assets
- Better understand how to effectively manage the personal and social benefits and risks of family wealth
Who should attend
This course is for wealth owners only. Family office executives may attend with principal family members but no other financial services professionals may attend. The course is ideal for those:
- striving to maintain prosperity and a flourishing family through retirement and, for many, across generations.
- contemplating-or recently experiencing-a significant liquidity event, whether through the sale of a company, inheritance, or other major wealth transition.
- committed to engaging their families in more productive dialogue about the challenges and opportunities of wealth.
- seeking added confidence to evaluate and select financial advisors and/or to set strategic direction for a family office.
We have found that multiple members of the same family derive considerable benefit from taking the course together. The program gives them a foundation for continued productive dialogue well into the future.