recentpopularlog in

jerryking : northwood   22

Why wealthy families lose their fortunes in three generations - The Globe and Mail
AUGUSTA DWYER
Special to The Globe and Mail
Published Thursday, Jan. 26, 2017

Among the causes of the phenomenon are taxes, inflation, bad investment decisions and the natural dilution of assets as they are shared among generations of heirs.

Yet among the most compelling causes are younger family members who are ill-prepared or unwilling to shoulder the responsibility of wealth stewardship. They have grown up with plenty of money and are a step or two removed from the work ethic and drive of the people who made it for them.

“There is a risk of entitlement that comes to the fore, and that is where things tend to go off the rails,” says Thane Stenner, director of wealth management at Vancouver-based StennerZohny Investment Partners, part of Richardson GMP.

The key to overcoming that, he adds, is communication, which means “family discussions, family meetings, and trying to be very proactively engaging with the next generation, rather than reactive.

“Successful families are basically talking a lot to them about what the previous generation has done and engaging them by asking about their own dreams and aspirations. And really helping to enlighten them, or get them excited about their own future and how the family can help fund that future, but in a very responsible, business-like way.”

According to Mr. McCullough, almost as much time and effort should be spent in preparing the heirs to receive the wealth as actually investing and managing it.

“That involves understanding what your family’s set of values is,” he says.
attrition_rates  wealth_management  family  values  stewardship  generational_wealth  Tom_McCullough  Northwood  family-owned_businesses  family_business  Communicating_&_Connecting  mission_statements  entitlements  mindsets  family_office  work_ethic  heirs 
january 2017 by jerryking
ÜBERRICH PROFITS FOR SMALL FIRMS
November 19, 2007 | Financial Post | Jonathan Ratner.

“We certainly think the market is big enough,” he said, highlighting the more than 7,000 Canadians with investable assets in excess of $20-million and 444,000 with between $1-million and $20- million. “We’re seeing a lot of liquidity events on both sides of the border of privately held companies being sold.” BMO estimates that in the
family_office  wealth_management  Northwood  Tom_McCullough  statistics  liquidity_events 
august 2012 by jerryking
Family Investment Funds Go Hunting for Wall St. Expertise - NYTimes.com
April 4, 2012, 3:50 pm Investment Banking | Special Section Spring 2012
Family Investment Funds Go Hunting for Wall St. Expertise
By AZAM AHMED
family_office  high_net_worth  Northwood  Wall_Street  wealth_management 
april 2012 by jerryking
Your own private CFO
October 05, 2011 | CanadianBusiness.com |By Jeff Beer |
Northwood  family_office  Tom_McCullough  high_net_worth  Canada 
october 2011 by jerryking
If you can't beat 'em, join a family office
jchevreau@nationalpost.com

Only 7,000 Canadians have investable assets of even $20-million, says Graham Parsons, executive vice-president of BMO Financial Group. But 444,000 have between $1-million and $20-million, and may well want to share the services of a multi-family office. A handful of boutique Canadian firms are branching out from serving a single core family to embrace the MFO model, which means multiple unrelated families can, in effect, share a chief financial officer, legal, trust, tax and insurance professionals.
Canada  Canadian  family_office  Northwood  high_net_worth  boutiques 
october 2011 by jerryking
Business For A Plan
October 2006 | Advisor's Edge Report | by Heidi Staseon. "He
reached an epiphany when his own family required specific
estate-planning expertise. McCullough was trying to help his father, a
reasonably affluent real estate entrepreneur, put his estate in order
but he couldn’t find the appropriate services within his firm or
elsewhere. “Nobody had put it in context for me, so I thought, if I’m
like this, there must be lots of other people who need to get some
direction and perspective on their situations.”
Northwood  family_office  Tom_McCullough  motivations 
september 2011 by jerryking
Keeping it Real
Nov. 2007 | Advisor.ca | by Heidi Staseson. So what type of
prospect does McCullough look for? It’s
simple: people who want advice; who are willing to pay for it; and who
share basic values of integrity. There shouldn’t be a
grimace when the phone rings. “You want to feel good about all your
clients. And we do,” McCullough adds.
While some view life as a work in progress, McCullough seems to view it
as a work in lessons. He’s much more
evaluative now than in his early days in the brokerage industry.
Although never exactly a people pleaser, he says he was perhaps a bit
naive at the beginning. “I early on believed people had the best of
intentions before checking the facts. I learned over time it’s amazing
how people spin things,” he says. “Now I don’t automatically believe
people. I listen to them, and then I check facts.” Building a family
office has an actual value,” says McCullough. For him, value comes with
integrity, initiative, & the ability to challenge--yes men are a big
no.
Northwood  Tom_McCullough  family_office  tips  prospecting  individual_initiative  due_diligence  integrity  speak_truth_to_power  independent_viewpoints  skepticism 
september 2011 by jerryking
Application game
February 2010 [Monocle] Christopher Frey
citizenship  Canadian  Northwood 
may 2010 by jerryking
A Culture of Emigration
April 1991 | Atlantic Monthly | by Cait Murphy
Northwood  citizenship 
may 2010 by jerryking
Rich Chinese Businessmen Want Hong Kong Homes
May 13, 2010 | BusinessWeek | By Bruce Einhorn. Wealthy
from stimulus money pumped into the Chinese economy, they are driving up
residential real estate, in a slump since the 1997 post-takeover crash.
real_estate  China  high_net_worth  Hong_Kong  passports  immigration  citizenship  Northwood 
may 2010 by jerryking
Have the passport, pay the tax
August 17th, 2009 | Tax Research UK | by Richard Murphy. The Wealth Bulletin
high_net_worth  United_Kingdom  taxation  Northwood 
may 2010 by jerryking
Keeping your funds in the family
Jun 7, 2005. | Financial Times. pg. 10 | KEVIN ALLISON.
TAXATION: A relative who gets US citizenship can make problems for
wealthy foreigners seeking to manage their inheritance

http://www.ft.com/cms/s/0/96ffda3c-d6f0-11d9-b0a4-00000e2511c8.html
ProQuest  high_net_worth  Northwood  citizenship 
may 2010 by jerryking
Good Value
Saturday 8 August 2009 | The Guardian | by Giles Foden who reviews book by Stephen Green.
book_reviews  banking  Northwood  HSBC 
april 2010 by jerryking

Copy this bookmark:





to read