By Vern Gowdie – Gowdie Family Wealth (Australia) –
Thanks to QE (quantitative easing) and zero-bound interest rates creating an enormous asset bubble, the ranks of wealthy families are increasing.
Firms specialising in family wealth — especially in the US, UK and Canada — are finding their services in greater demand.
The benefit for us is that these firms have invested time and resources into offering a holistic approach to family wealth.
These firms recognise that wealth management is of secondary importance to family management. If the family implodes, then the money walks.
While it is fairly obvious that no family wants to self-destruct and become part of the ‘shirtsleeves to shirtsleeves’ statistic, the reality is that money can do strange things to relationships.
Wall Street-based firm Brown Brothers Harriman (BBH) undertook research on HNW (high net worth) and UHNW (ultra high net worth) families.