From Gowdie Family Wealth (Australia) –
‘Don’t count money. Make money count. This was the advice my father gave me,’ said Louis.
Louis is a wealthy Englishman. He’s the second generation of family wealth.
Louis divides his time between the family home in Chelsea (one of London’s most expensive suburbs) and their estate in the country.
A mutual friend, who thought we may have a lot in common, introduced me to Louis.
Louis kindly spared a few hours of his day to have a chat. This week I would like to share with you the scribbled notes (taken with permission) from our meeting.
Louis’ father made the family fortune in the healthcare industry. During his business life, Louis’ father invested primarily in property — houses, commercial property and land. Louis now manages the family’s extensive real estate portfolio.
The family business has been sold and the proceeds were divided into five — unequal — portions.
The parents retained some for their personal needs.
An amount of money was divided between the three children (Louis and his two siblings) for their personal use and the balance (the majority) remained in trust structures for generational wealth.
In addition to the property holdings there’s a passive share portfolio managed by the wealth division of a major bank, precious metals, and cash (held in various currencies).
Louis (aged 56) has an older brother and younger sister. All siblings are married and have adult children.
According to Louis, the challenge for their family’s wealth is coming in the third generation…his children, nieces and nephews. Other than to state that not all of them are on the same page, he did not want to elaborate on the personal issues the family are dealing with.
Our conversation started with his father’s words of advice. This simple statement has been the foundation upon which Louis and his siblings have conducted their lives.
It provides a clarity of purpose for their family wealth. Money is to be used to add value to peoples’ lives. Each generation has the responsibility to invest in the next generation of both family and society.
-Learn More at Port Phillip Publishing (English)-