The Destructive Power of Family Wealth: A Guide to Succession Planning, Asset Protection, Taxation and Wealth Management - Hardcover

by Philip Marcovici (Author)

Wealth owners are responsible for more than just assets

The Destructive Power of Family Wealth offers thoughtful, holistic planning to ensure that your wealth remains a positive force for your family. While today's families have become global and the world has become smaller and more mobile, we have not yet become immune to the problems wealth poses to the family unit. This book provides authoritative guidance on family wealth management, with an emphasis on both family and wealth. Global taxation regimes, changing bank secrecy laws, asset protection and other critical issues are examined in depth to assist wealth owners in planning, and the discussion includes details on the essential tools that aid in the execution of any wealth management strategy. More than a simple financial planning guide, this book also delves into the psychology of wealth, and the effect it has on different family members; wealth destroys families every day, and smart management means maintaining the health of the family as much as it means maintaining and expanding wealth.

Family wealth brings advantages, but it also carries a potential for destruction. Wealth owners have a responsibility to their families and to themselves, and this book provides the critical guidance you need to get it right, whether you are part of a wealth-owning family or are an advisor to wealth-owning families.

• Learn how careful planning can prevent family strife
• Protect assets from risks ranging from divorce to political upheaval
• Explore the many tools that facilitate secure wealth management
• Discover how changing global regulations affect wealth
• Understand how private banks and other advisors work
• Uncover challenges faced by the wealth management industry
• Find out how to work with advisors and to manage costs while ensuring efficient and effective outcomes

Families at all levels of wealth are vulnerable to shifting economic climates, evolving regulatory issues, asset threats and more. Any amount of wealth is enough to shatter a family, but deeply intentional planning based on thoughtful consideration is the key to keeping destructive forces at bay. The Destructive Power of Family Wealth provides expert guidance and a fresh perspective to help you maintain both family and wealth.

For those in the wealth management industry and for other advisors to wealth-owning families, The Destructive Power of Family Wealth contains insight on the needs of today's wealth-owning families, ways in which the tools of wealth planning address those needs and guidance on what it takes to be a successful, trusted family advisor.

Front Jacket

The Destructive Power of Family Wealth offers thoughtful, holistic planning to ensure that your wealth remains a positive force for your family. Global taxation regimes, changing bank secrecy laws, asset protection and other critical issues are examined in depth to assist wealth owners and their advisors in planning, and the discussion includes details on essential tools for any wealth management strategy. This book also delves into the psychology of wealth, and the effect it has on different family members; wealth destroys families every day, and smart management means maintaining the family as much as it means maintaining and expanding wealth.

• Learn how careful planning can avoid family strife
• Protect assets from risks ranging from divorce to political upheaval
• Explore the many tools that facilitate secure wealth management
• Understand how changing global regulations affect your wealth
• Understand the changing business of wealth management and the need wealth owners have for the right advisors

The Destructive Power of Family Wealth provides expert guidance and a fresh perspective to help you maintain both family and wealth.

Back Jacket

"Read this book! Don't allow wealth to destroy your family." --Benedikt Kaiser, Kaiser Partner

Praise for THE DESTRUCTIVE POWER OF FAMILY WELTH

"In The Destructive Power of Family Wealth, Philip Marcovici shares his perceptive insights about how families can avoid allowing the psychology, complexities and dynamics of wealth from poisoning family relationships. Drawing upon decades of Philip's work as a leader in this field, this book is full of rich perspective, critical lessons learned and practical guidance. The Destructive Power of Family Wealth will be deeply valued by both family members and their advisors." --Richard Weisman, Hong Kong/China head, Baker & McKenzie

"Already one of the leading lights in the field of international wealth management, Philip Marcovici has now written a superb book on how wealthy families can protect themselves and their wealth. It clearly reflects his passion and long-held views about what's wrong with the wealth management industry - too much secrecy, a self-serving orientation and a lack of objectivity - as well as the many dangers within families themselves. Drawing on his vast experience as an advisor to wealthy families around the world, Philip shows us a better and safer way forward. It is an engaging and much-needed piece of work which should be required reading for all wealth owners and wealth advisors." --Tom McCullough, Chairman and CEO, Northwood Family Office; Adjunct Professor, Rotman School of Management; Co-Author, Family Wealth Management

"Marcovici's timely and authoritative book lucidly shows how the destructive force of money in families can be channelled constructively. This book is a comprehensive review of legal, financial and human aspects of wealth management from one of its most seasoned practitioners." --Nigel Nicholson, Professor, London Business School; Author, Family Wars and The 'I' of Leadership

"A lifetime practitioner's experience in one insightful volume, this book is required reading both for wealth owners and for those that advise or hope to advise wealth owners. Marcovici's advice is to hope for the best but plan for the worst. As well as offering a clear way forward for the global wealth management industry, he also shows how asking the right questions, enlisting suitable advisers and seeking the truth, enable wealth owners to enjoy their wealth and exert a wide helpful influence in the world, as opposed to the unappealing but often tragic alternative of watching wealth destroy the thing wealth owners purport to care about most: their own family and their family legacy." --Michael Morley, Former Chief Executive, Coutts & Co

"During his years as a practicing tax lawyer, Philip Marcovici was one of the few voices to warn the comfortable world of private banking of the regulatory tsunami about to engulf it. As the wealth management industry now struggles to reinvent itself, Marcovici, lucid and provocative, holds up a mirror to both the owners and the managers of private wealth, posing often uncomfortable questions and framing important issues. Full of real-life examples, The Destructive Power of Family Wealth is a better investment of time and money than any number of private banking seminars." --Amaury Jordan, Founding Partner, Avalor Investment AG

Author Biography

PHILIP MARCOVICI is actively involved in education and strategy across the legal and tax spectrum. He has extensive experience advising multinationals, financial institutions and families on the international and domestic aspects of Canadian, Hong Kong and U.S. taxation, as well as on commercial issues relevant to cross-border transactions. He advises clients on issues related to the use of trusts and insurance products and continues to work with governments and international agencies on strategy and treaty negotiations. Among others, a recipient of the Lifetime Achievement Award from the Society of Trust and Estate Practitioners, he teaches widely and is an adjunct faculty member at the Singapore Management University.