Do you have a mission statement that defines your family’s purpose, goals and values? All family members should take part in defining their mission statement.
IGWP will be successful when all members of the family are engaged and working towards common financial goals.
Taking the time to establish a mission statement (a common purpose of wealth) can help ensure the family have a clear sense of direction and a concrete understanding of the values underpinning the family wealth goals.
Families that succeed in sustaining wealth often take a step back from dollar amounts to asking key questions. They are transparent in their communication of intention and welcome differing perspectives of stakeholders. This builds trust and rapport and helps prevent issues down the road.