What is Wealth for?

 

Families or family members who believe wealth is of intrinsic value Families or family members who believe wealth is of instrumental value
Need:

  • Income stream to support family
  • Confidence that other meaningful activities will be available
  • A family legacy independent of wealth story
  • Time and process to adjust to change
 NEEDS Need:

  • Income stream to support family and other activities
  • Process to hear other family members’ perspectives on value of wealth
Typically have:

  • Tenaciousness and commitment
  • Influence in family
  • Cooperation of others
  • Motivation to protect family members and family
 CAPACITIES Typically have:

  • Objectivity Ability to quantify needs accurately
  • Willingness to let go
  • Willingness to take action and involve outsiders in process
But may be constrained by:

  • Lack of objectivity
  • Need to “hold on”
  • Obligation to family, either real or illusory
  • Fear of loss
 CONSTRAINTS But may be constrained by:

  • Unwillingness to acknowledge family legacy
  • Irresponsibility
  • Not being on the same page as family

Bloomberg Press Copyright 2009 Cultivating Change LLC and Gwen Griffith. Adapted and used with permission.