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Family wealth is hard to acquire and highly prized – but it can be just as easily lost if no agility is added to the equation. With the possibility that an affluent family may find itself going from ‘shirt sleeves to shirt sleeves in just three generations’, according to the famous adage. Why should this be the case?
Without careful and cohesive management – money can be lost to tax payments, inflation and bad investment decisions along with fragmentation of the family legacy as it passes from one generation to the next.
It only takes a few individual members with divided views, differing philosophies and a failure to implement a well-thought and flexible strategy to create long term difficulties for the family group as a whole.
First step – building a platform to preserve wealth
Before the family fortune can be secured, its culture and identity need to be protected.
An important early step is to define the heritage that each generation can believe in and aspire to sustain for the future.
In-depth conversations with family members help to identify their goals and ambitions.
Bringing individuals together in this way helps to ensure they work as a team – putting time and commitment into supporting family values and vision.
Making a conservative investment strategy work
With a team-like approach in place, an asset list compiled and an agreed risk profile, the foundations are complete. The next step is to build a successful family investment strategy.
However, the typical family wants safety and peace of mind in its investments as well as a reliable return on investment.
How can these conservative financial goals be matched with the need make significant headway in financial markets?
In fact the pace of change in contemporary financial markets requires a highly pro-active, forthright approach that can be summed up in terms of one key additional ingredient – Agility.
Without the flexibility to change direction in response to sudden market upheavals, the foundations of a solid investment strategy provide limited benefit.
In today’s fast-moving markets – where active stock trading seldom beats the index; online transparency minimizes access to well-priced assets; and low interest rates limit the value of holding cash – an Agile approach is essential to generate reasonable returns and keep a family wealth management goals on track.
Agility: a family office’ sine qua none
Achieving solid returns in a challenging market while ensuring safety and peace of mind for the entire family requires a particular type of partner.
A partner that is not just about money management – but committed to addressing the practical interests of the whole family.
A partner that accounts for individual needs to put all family members on an equal footing.
A partner that measures the expected financial needs for everyone – from school children to retiring seniors.
And a partner with the foresight to take a long-term view of financial investments and with the flexibility to maintain active decision-making to maximize returns within a strategy of conservative returns.
A family office is the best solution to meet these needs: no other type of adviser can provide such a well-matched service for complex wealth management needs.
And a family office that is managed by a team of women provides the additional benefit of a highly rational approach, based on careful planning and deliberate decision-making that is attuned to achieving long term market goals.
Here at the Jia family office we make Agility our watchword.
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