A Practical Family Wealth Conversation
Families avoid money conversations until a crisis writes the agenda. A better approach is a short annual meeting with a one-page policy: purpose of the capital, who decides what, how education of the next generation will happen, and which advisors are in the room. You do not need a formal office to behave like a responsible steward.
Investment policy is easier when the family has already answered “what is this money for?” Charitable intent, business succession and personal independence pull in different directions. Naming the tension is kinder than pretending it does not exist.
Raymond Sachs facilitates these conversations with a bias toward documents over folklore. Folklore cannot be audited. A two-page policy can.
