Helping The Ultra-Wealthy Establish Family Dynasties

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“In a survey of 403 ultra-wealthy family enterprises, about three out of five participants are interested in creating a family dynasty,” says Cliff Oberlin, chairman and CEO of Oberlin Wealth Partners and co-author of Family Fortunes: How Family Enterprises Thrive Across Generations, “By a family dynasty we mean a cohesive economic entity where the perpetuation of family wealth, values, and objectives lasts for five or more generations. To be clear, it’s not only the wealth of the family that has to be maintained or grown over the generations but the values of the family must be maintained.”

Because of these shared moral standards and objectives, there is a solid ongoing commitment to the ultra-wealthy family. “For a family dynasty to exist, each generation must transfer the family wealth in one form or another to subsequent generations as well as their core belief systems. Very often having a well-formulated succession plan is therefore essential to achieve both the aims,” says Vince Annable, CEO, and Founder of VFO Advisory Group and author of The Household Endowment Model: Wealth Planning for Affluent Families.

Foundation Source’s Chief Marketing Officer Hannah Shaw Grove shares her insights in this Private Wealth article.

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