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Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations

Family Wealth: Keeping It in the Family–How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations

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The landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations–now revised and expanded.
Every family, looking at the next generation, hopes to confer advantages that are more than just material and financial–to inculcate character and leadership, to inspire creativity and enterprise, to help all family members find and follow their individual callings, and to avoid the financial dependency and loss of initiative that can all too often be an unwanted consequence of financial success. Yet many families never succeed in realizing that vision, much less sustaining it for three, four, or five generations and beyond.
James Hughes has thought deeply about these challenges, and his insights are at once practical and profound. For more than three decades, he has personally guided multiple generations of families in creating strategies to preserve their human and intellectual capital as well as their financial assets. His teachings synthesize insights from psychology, anthropology, political history, philosophy, economic theory, and the law, with examples ranging from Aristotle to cutting-edge social science theory. His ideas have been taken up by numerous exceptional families, by their advisers, and by scores of authors, practitioners, and academics who have found value in the methods he pioneered.
The first edition of this book, privately published, became a word-of-mouth classic. Now, Hughes has updated and substantially expanded it with new chapters that challenge conventional notions of wealth and offer guidelines for conserving family assets in the broadest senses. Filled with tested principles and practices for family governance and joint decision making, it is a rich source of workable wisdom that family members can put into practice today, to the enduring benefit and gratitude of future generations.
Publisher ‏ : ‎ Bloomberg Press; 2nd, Revised and Expanded edition (June 1 2004)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 256 pages
ISBN-10 ‏ : ‎ 157660151X
ISBN-13 ‏ : ‎ 978-1576601518
Item weight ‏ : ‎ 426 g
Dimensions ‏ : ‎ 14.73 x 2.79 x 21.34 cm
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10 reviews for Family Wealth: Keeping It in the Family–How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations

  1. Fresh –

    The strategies here are very smart for setting yourself and your family up for long …
    So interesting to think about how you would manage large amount of income over the generations. The strategies here are very smart for setting yourself and your family up for long term wealth and smart money management.

  2. Donald Mitchell –

    All Encompassing Look at Nurturing a Family for 100+ Years
    Most financial planners are very talented at finding ways to avoid, reduce and defer taxes. The better planners can also do a wonderful job of steering your money towards investments that will have appropriate risk-rewards characteristics for your preferences. Beyond that, some kind planners will also help you talk through the problems of your drug addict son and alcoholic daughter. But no one, in my experience, will help you think you how to nurture your family in all of its dimensions.Family Wealth breaks through those limitations to suggest that those who head a family should be concerned about all aspects of future generations . . . especially their human, intellectual and social developments . . . as well as being sure that the resources will be there to nurture them. Mr. Hughes suggests a time frame of at least 100 years for this perspective. Otherwise, the global fear that the family will arise from one downtrodden existence to fall down into the same existence in only 3 or 4 generations will turn out to be true.In Family Wealth, Mr. Hughes poses the questions you should be asking about your family and proposes processes to help you turn the answers to those questions into reality.Beyond that, the book informs those who are donors, trustees, advisors and beneficiaries of financial planning what their roles should be with one another and how those roles can be developed through cooperative effort.A hundred years is a long time to see how this theory works out, so Mr. Hughes will not live long enough to see if his ideas work over several generations. But he has done his best to draw on well-known examples of families who have prospered for a long time.I highly recommend this book to those who want to be responsible to their families, advisors to families, those who provide services to family trusts and those who benefit from inherited money and trusts. Your life will be changed very much for the better!

  3. Philip V. –

    Excellent read for wealth managers
    Great info on the Family Wealth Cycle and how to work with High net worth families.Would highly recommend it

  4. Kingdom Trader –

    Keeping it Simple
    A good general introduction to wealth management. This is now dated but information is still useful to contribute to your understanding. The newer edition by the Author delves much more into this highly complex subject.

  5. Rolf Dobelli –

    Insightful!
    Reading James E. Hughes Jr.’s book is like sitting down in an easy chair with brass rivets gleaming in burgundy leather, in a trusted old family friend’s parlor, to obtain a kindly word of advice. You can almost smell the pipe tobacco and taste the brandy as you read. Hughes gently and wisely guides people who want to preserve their family’s wealth on how to think beyond the current fiscal year. This book is genuine and straightforward, with insights gained over many years. Hughes covers creating a family mission statement, instituting a family bank or private trust company, mentoring the next generation, family governance, philanthropy and much more. His most important contribution, however, is the perspective he offers on the human side of the equation. Even the richest families are doomed to squander their inheritances, he cautions, unless they recognize the importance of the intellectual and human development of their family members. We highly recommends this book of sage advice to anyone who hopes to keep it all in the family.

  6. Michele –

    Libro fantastico

  7. Farmarioja S.L. –

    Libro buenísimo. Aún voy por la mitad pero me están gustando muchísimo. No trata de inversiones financieras directamente pero da mucho que pensar sobre la educación a tus descendientes una vez que tu patrimonio es elevado.

  8. Cosmin I. Gheorghe –

    As member of a family that is spread on three continents (North America, Europe, and South America), as well as a professional who works on restoring communication and relationship, I highly appreciate and recommend the integrative, intelligent and compassionate approach of James E. Huges Jr. to family wealth management.It is the only book I have found that addresses wealth management in holistic and systemic manner.James Hughes makes sure from the very beginning of the book that the reader understands that:”A family’s wealth consists primarily of its human capital (defined as all the individualswho make up the family) and its intellectual capital (defined as everything that eachindividual member knows), and secondary of its financial capital.”I find fascinating that in a world where every single thing tends to be quantified and often reduced to its monetary market value, a famous specialist in coaching families on how to preserve their wealth begins by saying that the financial capital is SECONDARY to the physical and emotional well being, the ability to pursue happiness and the education/knowledge of EACH of the family members.The author goes on to say that every family he has observed was successful in preserving its wealth when it followed “the five virtues of truth: BEAUTY, GOODNESS, COMMUNITY and COMPASSION” (capital letters are mine).”Families who preserve their wealth successfully”, says James Hughes, “reflect these virtuesin their relationships both with family members and with all persons outside the family.I am convinced that without this spiritual component a family cannot succeed in preserving itself,since its values system will fail and with that failure will come its disintegration.”I could give a workshop only about the immense value of this book, but I am aware that amazon customers would rather read the book itself, rather than read a long review about it. I would like to end my review by pointing to what is, in my opinion, one of the crucial issues in family wealth preservation: the family governance.James Hughes has the brilliant idea of using Aristotel’s description of various forms of government: aristocracy/kingship/queenship; oligarchy; democracy; and dictatorship.In my own work with family members who have difficulties relating to each other, and consequently fail to preserve their wealth, I am very much interested hearing the answer to the following question:what is the form of governance used in your family?In conclusion, I highly recommend James Hughes’ “Family Wealth-Keeping It in the Family”. It is a source of inspiration for all families, as well as for counselors, consultants and executive coaches.

  9. K. Burch –

    James Hughes presents a very inspiring way of thinking about families, and of thinking about wealth. Most importantly, it helped me start to see things from a very long term perspective, which is the exact opposite, of course, of living hand-to-mouth. As well as many practical details, the book outlines a structure for planning the long term security, prosperity and fulfilment of your children, grandchildren and beyond, and thus at the same time creating an extremely empowering context for the things you are doing TODAY. Much recommended.

  10. Lady –

    This is a rather different and important book about wealth. The philosophy of keeping wealth, in its many forms is discussed and suggestions made as to how this may be achieved. The role of the family and the importance of all members of the family and of the extended family each bringing their skills to the meetings which are held on a regular basis is explained. Many books are written on how to make money, with few concentrating on the vital importance of keeping wealth which a family already possesses. Each member of the family can contribute by bringing their own ideas and strengths to these meetings. Children can be brought up learning about the importance of family wealth and the need to work together for the benefit of all. It is a book which provokes much thought. I found it to be repetitious to some extent, but the author may have used this technique to emphasis the importance of bringing different skills which each member of the family possesses to benefit themselves and all members of the family. In the world of today we, especially in the west, have moved away from the extended family thereby loosing the benefits of often huge concentration of skills present amongst family. Family Wealth is about each member of a family contributing their individual and special skills. These may be skills other than making money. To survive and prosper, families need to have many attributes such as good health, street wisdom, detailed interest in the wider world, interest in the geo-political world and the impact which this could have on family. It suggests looking to the future and preparing younger members of family to hold positions of gradually increasing responsibility whilst learning the wisdom of the elders. All members of the family may move through life bringing their special strengths. Doing this, aids accumulated wealth to remain in family hands. It allows the strengths and knowledge of the younger family members to be valued and the strength of the family to continue. This method of family unity promotes strength of a solid foundation against an increasingly difficult world.

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