For many affluent families, building wealth requires decades of disciplined investing, entrepreneurial risk-taking, and thoughtful decision-making. Yet history consistently demonstrates that preserving wealth across multiple generations is often far more challenging than creating it.
Research has long shown that a significant percentage of family wealth is lost by the third generation. While investment performance and tax planning certainly influence long-term outcomes, they are rarely the primary reasons families fail to preserve their legacy. More often, wealth is diminished because families never establish a framework for making decisions together.
This framework is commonly known as family governance.
Read Family Governance: The Missing Piece in Preserving Multi-Generational Wealth for four essential practices every ultra-high-net-worth family should consider.
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