Houses of Gold: Family Book Club


Want to avoid the shirt sleeves to shirt sleeves proverb? Consider starting your own “book club” and having everyone in your family read and then discuss thoughtful books as a way of ensuring that there is a shared vocabulary of basic concepts important for the long-term preservation of family wealth.
This article by Christian Stewart in the April 2017 Offshore Investment Magazine highlights some key practices advocated in the books Family Wealth, Keeping it in the Family and Family, the Compact among Generations, by Wise Counsel’s James E. Hughes Jr., as well as Family Trusts, A Guide for Beneficiaries, Trustees, Trust Protectors and Trust Creators 1 by Hughes and Wise Counsel Associates Hartley Goldstone and Keith Whitaker.
It is written in the context of family offices in Hong Kong but the suggestions made are applicable anywhere. It concludes that the single-family office of the future will have evolved so that family Human and Intellectual Capital – the qualitative issues - are being addressed in a professional, systematic manner and the family office has its own Chief Learning Officer, alongside the more traditional management of Financial Capital and Social Capital.