As an individual’s wealth and family grows, it soon becomes necessary to establish a common vision among all family members regarding the family wealth; who should benefit from it, how should it be invested, when and for how many generations should it be securely preserved.
Having this agreed common vision will help to reduce the likelihood of conflicts between family members now and in the future.
Our team will take the time to get to know you, your family, the family’s circumstances and objectives.
Family constitutions and governance
We can advise and guide you through the development of a family governance or a constitution document that will provide a blueprint for the family. We can also help you to identify any next generation education needs relating to the family vision, prepare them for the wealth they will inherit and the stewardship of that wealth for generations to come.
A lack of family constitution or governance procedure can lead to difficulties with:
- the transition of ownership from one generation to the next;
- the execution of decisions after a patriarch’s or matriarch’s death;
- the roles and responsibilities of each family member;
- differing views on the family’s future;
- differing views on how the family wealth should be used; and
- competing interests and rivalries.
Managing your wealth
Whether you are extracting value each year from the family business or have exited the business, realising the value of many years of hard work, we can help ensure that you have the right structure to manage the ongoing wealth of the family.
By gaining a thorough understanding of your needs, objectives and future plans, and combining that with our experience, we will ensure that your wealth is working effectively for you. When developing a wealth management strategy with you, we will consider both the expected and the unexpected.
We work closely with the key UK and global private banks and, if you don’t have a suitable banking relationship, we can introduce you to the right specialist for you.
We can then work with you and your bank to establish plans for the short, medium and long term and create the right structure for your and your family’s needs. Those plans may include the need for an initial investment holding structure, that will yield longer term protection and tax efficiency, or may include areas such as planned charitable giving.
Regardless if your financial affairs are straightforward or highly complex, you will have a dedicated specialist allocated to you. It may be that you require one-off specialist advice or ongoing services. Whichever it may be, RSM will be happy to work with you as part of your team building a long term relationship that can span generations.