Financial Wellbeing
Helping families align around a shared understanding and approach to wealth planning
The Challenge
The financial welfare of an enterprising family goes beyond a successful business or investment
portfolio and depends critically on the family’s fundamental relationship with money (e.g. behaviors, thought patterns, beliefs, and habits). Examples abound of family members who have an unhealthy relationship to wealth, which can enable self-destructive behavior, cause unnecessary tension, and can even threaten the success of the enterprise.
Even extraordinary wealth won’t provide family members with a sense of security, peace of mind, and personal fulfillment if they aren’t managing their resources in alignment with their core values, lifestyle needs, and financial realities. All families need to build their awareness of these challenges, and develop a shared vocabulary, strategies and tools to manage them. This makes all the difference in sustaining and growing your family’s entrepreneurial legacy for generations to come.
Our Solution
Our clients face a wide range of complex financial and emotional challenges related to wealth. Understanding the need for a comprehensive solution, we developed a holistic model to manage and grow all aspects of your family’s capital – financial, human, social, and intellectual.
At LGA, our advisors will help you:
- Realize the full potential of your family’s financial capital and maintain it for life
- Help the family live alongside money with a sense of security, control and independence
- Protect your family’s unity and maintain harmony and caring among all members
- Preserve your family’s values, traditions, and mission
- Create social impact in areas that are truly meaningful to your family
Given how central financial and wealth planning is to your family’s continuity planning, this work is often integrated with our other advisory services like the Continuity Audit.
How does it work?
We know each family is unique with its own needs and aspirations, so we offer our clients strategic wealth planning solutions that are individually tailored to their personal and organizational realities.
We begin by diagnosing the dilemmas your family faces based on its complex relationship with money, building both on your immediate and longer-term needs. We then work together to define the purpose of the process and agree on an initial plan of action.
Next we work together to examine the gap between your current reality and your aspirations – whether it’s nurturing a healthier relationship to money, building an integrated financial budget to guide corporate strategy and dividend policy, or helping parents build financial literacy and confidence among their children. We gather this information through conversations with family members about needs and wants, alongside methodical financial and behavioral data collection and analysis. We then build a customized strategic plan to fit your family’s lifestyle and values, and embark on a practical process of implementing the strategy to achieve the family’s vision, while monitoring progress and discussing new concerns and needs as they arise over time.
How does your family benefit?
Designing a strategy is only part of the challenge. Launching and ensuring compliance is quite another. That’s why we support our clients every step of the way, ensuring that your unique strategic wealth plan will support your family for generations to come.
One of the added benefits of this process is that it helps families align around a shared understanding and approach to wealth planning. We work together with all family members, finding the right language to speak to each individual regardless of their financial acumen, age, or personal values. As we discuss their hopes, aspirations, and fears, we weave the relevant information into a master plan which engages the whole family in support of their shared legacy.
Your family will emerge with:
- Individual and joint strategic plans for managing the family’s shared capital
- Budgets and scorecards to monitor progress against these plans
- Coordination across your financial, tax and estate planning advisors,
- Improved communication and conflict management related to financial issues
- Greater financial literacy and independence through education and practice
- Coordinated planning with any personal (non-shared) business ventures
- Practical tools for nurturing positive financial habits and eliminating disruptive or destructive financial habits
Learn how we can support your family's Financial Wellbeing
Case Study
Case Study: Establishing a family office.
A successful family office will be a focal point for addressing a broad range of topics for a family.
This will include coordination of work from advisors on tax, legal, investment and other services.
The office should also have a strong risk management perspective.
Case Study: Transitioning a family office
Many family offices were established decades ago. Leaders of many offices are nearing retirement age. Recently an office, established in the early 90s with a non-family leader, engaged LGA to help them deal with executive transition. This office was set up by the wealth creator and operates as a Controlling Owner family office. The patriarch in his 80s had transferred ownership to the siblings in the next generation.
Related Insights
Financing Family Ventures: Challenges and opportunities
Families increasingly use entrepreneurship funds to finance and benefit from new ideas among members.
Preparing for transfer of ownership
The transfer of ownership is one of the most significant events in the life of a family business.
Meeting the future with confidence
A group of Family Business magazine’s distinguished contributing editors offer their best advice on how to get your family company in shape.
Equal isn’t always fair
Parents want to be fair to all their children. When their offspring work together in the business, it isn’t always easy to figure out the best way to do it.
Kids should feel free to follow their bliss
When young people sacrifice their own ambitions in order to live out a parent’s dream, the results can be destructive.
Featured advisors
Galit Philosof
Galit is a strategic financial coach and a trusted advisor to ultra-high-net-worth families and family businesses.
Dimitris Valatsas
Dimitris specializes in helping family enterprises and family offices navigate complex geopolitical, financial, and macroeconomic challenges.
Basma Al Zamil
Basma has been a leader within her family enterprise, Saudi Arabia’s Zamil Group, and advises enterprising families throughout the middle east.
Holly Isdale
Holly Isdale is a trusted advisor to multi-generational families who appreciate her deep technical expertise and industry experience.
Vincent Didkovsky
Vincent is an experienced family office professional with a strong background in tax, estate planning, investment management, and governance design.
