From Gowdie Family Wealth (Australia)-
My involvement in the Bonner Family Office has provided me with access to a number of interesting and successful people.
Through these contacts, I have learnt that creating wealth, preserving wealth, and the generational transfer of wealth, are multifaceted processes which, on occasion, require professional guidance.
While you may possess the vision, you do not necessarily have all the skills required to make a success of the family office project.
The creation and preservation of wealth will require the input of a qualified investment professional (not your average institutionally aligned financial planner), a strategic thinker (a person who challenges and/or confirms your preconceptions), an accountant (sound tax planning is an investment in itself) and a solicitor (providing guidance on estate planning and asset protection).
Equipping the next generation with the skills to be competent custodians may, from time to time, require the assistance of others. For example, a respected mentor — a voice other than yours to reinforce your principles and/or break down a barrier. You may also require the services of an experienced mediator and/or trained psychologist to unravel and rebuild a breakdown in trust or self-esteem issues, or provide guidance on how to correct a situation before it becomes a major problem.
Dr Joanne Stern PhD is an Aspen-based psychologist whom I have had the pleasure of meeting at two Bonner Family Office conferences, in Nicaragua and France.
Joanne primarily consults with families that are working to resolve complex people problems.
The kind of problems that, according to Joanne, ‘Can often tear families apart and destroy harmony, happiness and sustained financial success.’
Joanne has written the book High Performance Families: Preserving Wealth and Happiness for Generations.
Giving our lives meaning and value is critical to our self-esteem. The same holds true for our children. What constitutes a meaningful life will vary for each of us. The important point is to make the world better for your having been here. To add value and lead by example.
Joanne has four key recommendations for building a meaningful life.