Family wealth transition planning : advising families with by Bonnie Brown Hartley

By Bonnie Brown Hartley

"In family members Wealth Transition making plans, Hartley and Griffith consultant advisers to households with small companies in the course of the complex technique of getting ready and shifting wealth to heirs. The authors take a holistic view of transition making plans, concentrating on resources that fall lower than the umbrella of monetary capital, in addition to different undervalued assets of wealth: human and social capital"--Provided via publisher.

summary: "In family members Wealth Transition making plans, Hartley and Griffith consultant advisers to households with small companies during the difficult technique of getting ready and moving wealth to heirs. The authors take a holistic view of transition making plans, targeting resources that fall less than the umbrella of economic capital, in addition to different undervalued assets of wealth: human and social capital"--Provided by way of writer

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Family members need to know, early on, how they can (and cannot) call upon their adviser for help in this challenging journey. An adviser who thoroughly under­ stands the advisory role and explains it clearly to the family will be a helpful model for family members, who will likely struggle with defining their own roles as the family business constellation changes. Moreover, such an adviser is less likely to make a serious misstep that brings the process to a halt so the participants can redefine their relationships and resolve conflicts.

In order to be clear about roles, an adviser must be able to identify the client and ensure that all team members un­ derstand who their own client is. When functioning in their traditional roles, this is a familiar and solvable problem for most professionals. But in the FWTP process, identification of the client is more difficult be­ cause of the complexity of the family wealth system. How Will the Adviser Manage Conflicts of Interest? In FWTP engagements, the question is not whether there will be con­ flicts of interest, because they will always be present.

Before taking on this kind of broad engagement, a professional must understand the 29 30 Family Wealth Transition Planning FWTP adviser’s role and the ethical duties associated with that role. The adviser must ensure that everyone connected to the process un­ derstands that role prior to the commencement, and once the process is under way, the adviser must diligently stay within the boundaries of that role. For any professional involved in the FWTP process, role confusion can bring very real dangers.

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