The Three Forms of Governance: A New Approach to Family Wealth Transfer and Asset Protection, Part III

Abstract

This article is the third part in a series adapted from the book, Generational Wealth Management, the first part of which was initially published in the Fall 2007 issue of The Journal of Wealth Management. Part I noted the importance of the hierarchy of the three forms of governance: family governance is the most critical structure governing the three entities. Part II (Fall 2008) positioned the family business in its proper role as the instrument by which the founding generation’s authentic wealth was materialized and explored its ongoing roles and responsibilities as the materializing instrument of the wealth. This third and final offering on family office governance brings together the three forms of governance discussion, showing how all three forms work together to support the family’s optimal achievement of the goals it sets, whether those goals are investment, personal, or business related.