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Family Wealth--Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations Hardcover – June 1, 2004


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Family Wealth--Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations + Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values + Family: The Compact Among Generations
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Product Details

  • Hardcover: 240 pages
  • Publisher: Bloomberg Press; 2nd, Revised and Expanded Edition edition (June 1, 2004)
  • Language: English
  • ISBN-10: 157660151X
  • ISBN-13: 978-1576601518
  • Product Dimensions: 6 x 8.7 inches
  • Shipping Weight: 14.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (41 customer reviews)
  • Amazon Best Sellers Rank: #90,431 in Books (See Top 100 in Books)

Editorial Reviews

Review

"A must read for those we call patriarchs and matriarchs, their key intermediaries, all trustees and beneficiaries" -- Michael J. A. Smith, Head of Wealth with Responsibility Program, U.S. Private Wealth Management, Deutsche Bank

"An approach to wealth preservation that values not only money but people." -- Peter White, Managing Director, Family Advisory Practice, Citigroup Private Bank

"Brilliant case statement for the importance of the nurturing of character, of self-confidence, and of respect forthe value of work." -- H. Peter Karoff, Founder and Chairman, The Philanthropic Initiative, Inc.

"Essential reading for insightful families" -- Sara S. Hamilton, Founder and CEO, Family Office Exchange, LLC

"Invaluable direction… an essential guide for the creation of legacy families." -- Lee Hausner, Ph.D., Author of Children of Paradise: Successful Parenting for Prosperous Families

Review

"Family Wealth is a brilliant case statement for the importance of the nurturing of character, of self-confidence, and of respect for the value of work. . . . A must-read."
—H. Peter Karoff
Founder and Chairman, The Philanthropic Initiative, Inc.

"Essential reading for insightful families."
—Sara S. Hamilton
Founder and CEO, Family Office Exchange, LLC

"Jay Hughes's work with families, including his own, gave him the gift of learning the history of many, many families. Within that context he has written a book that illuminates previously only dimly lit concepts."
—Charlotte B. Beyer
Founder and CEO, Institute for Private Investors (IPI)

"An approach to wealth preservation that values not only money but people. Hughes shows us why that approach matters and how it works for the family that wants a better future for itself and the world at large."
—Peter White
Managing Director, Family Advisory Practice, Citigroup Private Bank

"Invaluable direction . . . an essential guide for the creation of legacy families."
—Lee Hausner, PhD
Author of Children of Paradise: Successful Parenting for Prosperous Families
Partner of IFF Advisors, LLC

"Incredibly provocative, thoughtful . . . a must-read for those we call 'patriarchs' and 'matriarchs,' their key intermediaries, all trustees and beneficiaries, and everyone who aspires to earn the title 'trusted adviser.'"
—Michael J. A. Smith
Head of Wealth with Responsibility Program,
U.S. Private Wealth Management, Deutsche Bank


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Customer Reviews

4.3 out of 5 stars
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Clear and concise.
Eugene C.
As someone who deals daily with great family wealth, it is invaluable to learn from the experiences of others.
L. H. Peebles
We highly recommends this book of sage advice to anyone who hopes to keep it all in the family.
Rolf Dobelli

Most Helpful Customer Reviews

45 of 47 people found the following review helpful By Rolf Dobelli HALL OF FAME on June 3, 2004
Format: Hardcover
Reading James E. Hughes Jr.'s book is like sitting down in an easy chair with brass rivets gleaming in burgundy leather, in a trusted old family friend's parlor, to obtain a kindly word of advice. You can almost smell the pipe tobacco and taste the brandy as you read. Hughes gently and wisely guides people who want to preserve their family's wealth on how to think beyond the current fiscal year. This book is genuine and straightforward, with insights gained over many years. Hughes covers creating a family mission statement, instituting a family bank or private trust company, mentoring the next generation, family governance, philanthropy and much more. His most important contribution, however, is the perspective he offers on the human side of the equation. Even the richest families are doomed to squander their inheritances, he cautions, unless they recognize the importance of the intellectual and human development of their family members. We highly recommends this book of sage advice to anyone who hopes to keep it all in the family.
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44 of 46 people found the following review helpful By Richard Buck on August 4, 2005
Format: Hardcover Verified Purchase
Studying this book and sharing copies of it with some of my cousins really opened my eyes to the potential in my extended family. We don't have substantial financial wealth, though there are a few deep pockets. We have several people in my generation who have achieved outstanding success in life, including one who's a major general in the Army and another who is a star on Broadway.

More than that, we have six generations of people who are used to knowing each other and working together because of a piece of recreation property that my great-grandfather bought 100 years ago.

That property has kept us together for 100 years but it won't be enough for another 100 years. This book got me thinking about what we can do for the next 100 years, and I see lots of opportunity to develop the "human capital" in this family and to back those things with financial strength.

Most of all, this book stimulated my thinking "outside the box" and provided the springboard for family discussions that will let my siblings and cousins and I create something with the potential to keep making this family stronger for another half-dozen generations.

For that, I think buying this book was probably the very best family investment I could make.
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30 of 31 people found the following review helpful By Donald Mitchell HALL OF FAMETOP 500 REVIEWERVINE VOICE on August 12, 2004
Format: Hardcover
Most financial planners are very talented at finding ways to avoid, reduce and defer taxes. The better planners can also do a wonderful job of steering your money towards investments that will have appropriate risk-rewards characteristics for your preferences. Beyond that, some kind planners will also help you talk through the problems of your drug addict son and alcoholic daughter. But no one, in my experience, will help you think you how to nurture your family in all of its dimensions.

Family Wealth breaks through those limitations to suggest that those who head a family should be concerned about all aspects of future generations . . . especially their human, intellectual and social developments . . . as well as being sure that the resources will be there to nurture them. Mr. Hughes suggests a time frame of at least 100 years for this perspective. Otherwise, the global fear that the family will arise from one downtrodden existence to fall down into the same existence in only 3 or 4 generations will turn out to be true.

In Family Wealth, Mr. Hughes poses the questions you should be asking about your family and proposes processes to help you turn the answers to those questions into reality.

Beyond that, the book informs those who are donors, trustees, advisors and beneficiaries of financial planning what their roles should be with one another and how those roles can be developed through cooperative effort.

A hundred years is a long time to see how this theory works out, so Mr. Hughes will not live long enough to see if his ideas work over several generations. But he has done his best to draw on well-known examples of families who have prospered for a long time.

I highly recommend this book to those who want to be responsible to their families, advisors to families, those who provide services to family trusts and those who benefit from inherited money and trusts. Your life will be changed very much for the better!
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32 of 35 people found the following review helpful By J. Dretler on September 9, 2004
Format: Hardcover Verified Purchase
"Family Wealth" by James E. Hughes, is a sensitive, detailed blueprint for families who have acquired wealth and want to use it to create a dynastic organization that will preserve their family and its wealth for many generations to come. This book explains in detail the steps necessary for long-term success and guides the reader through the creation of mission statements, plans for family governance, creating a mutually rewarding relationship between trustees and beneficiaries, philanthropy, mentoring, and the establishment of private trust companies. Hughes emphasizes the need for long-term thinking as well as short-term relationship management within the family since decisions made regarding personal and intellectual development will be just as important as financial decisions to the long-term future of the family organization. This book offers an excellent starting point for financial planners as well as estate and trust attorneys who want to address and serve the interests of the wealthy. I recommend it heartily.
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