TOM McCULLOUGH is Chairman and CEO of Northwood Family Office, a multi-family office which serves the comprehensive financial needs of families of significant net worth. Northwood was founded in 2003 and has quickly risen to prominence as an international leader in its field. Tom has spent over 30 years in the field of family wealth management and is also an adjunct professor of Private Wealth Management at the University of Toronto’s Rotman School of Management, and co-author of Family Wealth Management (Wiley, 2013). DR. KEITH WHITAKER is President of Wise Counsel Research, a think tank and consultancy focused on families with significant wealth. He served as Managing Director at Wells Fargo Family Wealth and currently serves on the board of directors of the National Association of Scholars. For many years, Keith has helped enterprising families develop their rising generation, organize their estates, and plan leadership transitions.

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• Foreword xiiiDirk JungéAcknowledgments xviiIntroduction xixSECTION 1 THINKING THROUGH WHAT MATTERS MOST 1Chapter 1 Are You Wealthy? 3Patricia AngusChapter 2 What Are the Most Important Factors in Living Well? 9Scotty McLennanChapter 3 What Are the Key Considerations in Crafting Your Legacy? 15Thayer WillisChapter 4 What Does Passing on Values to the Next Generation Really Look Like? 23Ellen Miley PerryChapter 5 How to Think Through Using Resources That Exceed My Personal Needs? 31Paul SchervishChapter 6 Does Family History Matter? 39Heidi DruckemillerSECTION 2 PLANNING THOUGHTFULLY 45Chapter 7 Is It Worth Having a Financial Plan? 47Scott HaymanChapter 8 What Is the Right Balance Between Saving and Spending in Retirement? 55Meir StatmanChapter 9 How Do You Start a Family Conversation About Prenuptial Arrangements? 63Charles CollierChapter 10 How Can You Preserve a Beloved Family Vacation Home or Estate? 67Jamie ForbesChapter 11 How Can You Prepare for Longevity and Mental Incapacity Among Family Members? 75Patricia AnninoChapter 12 How Do You Prepare for a Good Goodbye? 81Kathy WisemanSECTION 3 INVESTING WISELY 85Chapter 13 How Can You Make Sure Your Portfolio Lines Up with Your Actual Goals? 87Ashvin ChhabraChapter 14 What Return Should You Expect from Your Investments? 93Christopher BrightmanChapter 15 What Should Your Asset Allocation Be? 101Jean BrunelChapter 16 Does Investing Have to Be Complicated? 107Robert MaynardChapter 17 How Should You Understand and Deal with Investment Risk? 115Howard MarksChapter 18 What Is the Most Useful Definition of Risk for Family Investors? 119James GarlandChapter 19 Is Active Management Still Worthwhile? – I 125Charles EllisChapter 20 Is Active Management Still Worthwhile? – II 133Randolph CohenSECTION 4 RAISING THE RISING GENERATION 141Chapter 21 How Do You Raise Responsible, Independent, and Productive Children (versus Entitled Trust Fund Babies)? 143Jill ShipleyChapter 22 How Can You Help Children Thrive in a World Focused on Success? 149Suniya Luthar and Nina KumarChapter 23 How Much Money Should You Leave Your Children, and When? 157Peter EvansChapter 24 How Do You Start a Family Conversation About Financial Inheritance? 161Charles CollierChapter 25 How Can You Avoid the Negative Impacts of Giving Money to Family Members? 165Lee HausnerChapter 26 How Can Your Family Encourage Financial Literacy in Every Member? 169Coventry Edwards-PittChapter 27 How Can Families Support Both Individuality and a Shared Dream? 173Kelin GersickSECTION 5 MAKING SHARED DECISIONS 181Chapter 28 What Are the Best Ways for a Family to Make Decisions Together? 183Barbara HauserChapter 29 How Can You Improve Family Communication? 187Jennifer EastChapter 30 What Are Practical Tools for Building Healthy Families? 193Christian StewartChapter 31 What Is the Point of Family Enterprise Governance? 203Katherine Grady and Ivan LansbergChapter 32 Should You Have a Family Meeting? 211Mary DukeChapter 33 How Can You Best Manage Conflict in Your Family? 219Blair TrippeChapter 34 Should You Stay Together as a Family or Go Your Separate Ways? 225Doug BaumoelSECTION 6 COMBINING FAMILY AND BUSINESS 233Chapter 35 How Can You Engage Your Children in the Management of Your Family Wealth or Business? 235Dennis JaffeChapter 36 How Can Your Family Develop Leaders Ready to Face the Many Challenges of Business and Family? 243Greg McCannChapter 37 How Can You Ensure the Success of Your Successors? 249Dean FowlerChapter 38 Why Is Family Unity So Important and How Can You Achieve It? 257Andrew Hier and John DavisChapter 39 What Are the Signs You’re Losing Control of Your Family Business? 263Josh Baron and Rob LachenauerChapter 40 Can a Family Stay Together After the Operating Business Is Sold? 269Alex ScottSECTION 7 GIVING WELL 275Chapter 41 What Is the Difference Between Charity, Philanthropy, Strategic Philanthropy, and Impact Investing? 277Ellen RemmerChapter 42 How Can You Encourage Generosity in Your Family? 285Alasdair Halliday and Anne McClintockChapter 43 How Do You Engage Children and Grandchildren in Philanthropy? 291Lisa ParkerChapter 44 How Can You Wisely Develop a Long-Term Strategy for Your Philanthropy? 297Barnaby MarshSECTION 8 SEEKING SOUND ADVICE 303Chapter 45 What Types of Advisors Should You Consider? 305Susan MassenzioChapter 46 How Can You Find Trustworthy Advisors? 311Philip MarcoviciChapter 47 How Can You Avoid the Next Bernie Madoff? 317Stephen Horan and Robert DannhauserChapter 48 Should You Choose a Single-Family Office or a Multi-Family Office? 323Kirby RosplockChapter 49 How Do You Choose a Good Trustee? 331Hartley GoldstoneSECTION 9 FACING THE FUTURE 339Chapter 50 What Does the Future Hold for Families with Significant Wealth? 341James HughesChapter 51 How Can You Chart Your Own Path, No Matter What Everyone Else Says You Should Do? 345Fernando del PinoChapter 52 How Do You Balance Family Stability with Resilience Over the Generations? 351James GrubmanChapter 53 How Can We “Lift the Small Boats” Too? 355Christine LagardeConclusion 363About the Editors 365Index 367