Wealthy families spend significant sums monitoring and managing financial, operational, and other risks, yet mental health issues are equally as dangerous when they affect key family members or principals
“Rags to riches and back again in three generations.” We’ve heard it more times than we can count, but the sad truth is, the old adage is true far too often. Great wealth is earned by the hard-working first generation, only to disappear by the third.
There is bound to be plenty of finger-pointing when family wealth trickles away. Some blame economic downturns, bad investments, regulatory changes, shifts in business or industry, and dilution of wealth spread among more family members. In the quest to preserve family fortunes, traditional risk management can involve anything…
