Family wealth governance

Families with significant resources have a lot to be thankful for. But there’s also a lot at stake, especially when you’re sharing wealth across multiple generations. You and your children’s goals might not always align. And ideas about how to achieve them often differ. Getting everyone around the table in a formal setting to talk it through can be invaluable. That’s what family wealth governance is all about. Crafting a mission statement. Establishing policies for handling complex situations. Educating younger family members so they can effectively manage their finances. And one day take the reins.

When things get complex, it makes sense to formalize communication and decision making

When a lot of money is at stake, family wealth governance can be critical to family harmony. Establishing rules and setting boundaries for managing and meeting shared financial goals. Putting in place a formal framework around who makes decisions, how they’re made, and how they’re discussed and debated. These and other guidelines can help families focus their financial resources. And bring structure and discipline to what can often be emotional discussions. 

What are your family’s current resources, investments and goals? What are your family’s shared values? What are your attitudes toward charitable giving? How will this knowledge be passed on to the next generation, and the one after that? Are your children fully prepared to take on your responsibilities?

Discussing and documenting what matters most to you and your loved ones is the first step. From there, it’s important to set up a framework for clear communication, planning and decision making.

How we work with you to create an effective family wealth governance framework

We encourage families with complex balance sheets to establish robust family wealth governance procedures and policies. This is especially important as you plan to transfer assets across generations. Our wealth advisors work closely with you to establish, document and manage the process. Including helping you set up and manage regular family meetings.

Family meetings are an important way to keep your family united around your agreed-upon plan, check in on progress, discuss concerns and evaluate potential changes in strategy. 

Successful meetings require careful planning, efficient organization and engaging content. Your J.P. Morgan wealth advisor can assist you from end to end:

  • Selecting and arranging for an appropriate date and location
  • Helping set objectives and creating an agenda
  • Arranging complementary social events
  • Including and coordinating with your other advisors
  • Preparing materials and lining up featured presenters
  • Documenting action items and next steps
  • Gathering feedback and brainstorming ideas for future meetings
  • Family office advisory
    Our Institutional Wealth Management practice delivers the firm’s robust capabilities to family office executives with the advice, experience, ideas and bespoke service of the Private Bank to support institutional level investing.
  • Family wealth governance
    When a lot of money is at stake, family wealth governance can be critical to family harmony. We can help you put the right policies and procedures in place.