Stewardship of Wealth
From our work with families who have been financially successful, we have developed a model for understanding the key characteristics that contribute to a prosperous and sustainable family. We refer to these four characteristics as family "capital." Each form of capital adds value in a unique way; and all four types of capital must be present for the family to be strong, to flourish, and to leave a legacy for generations to come.
We work with families to optimize:
- Human Capital. Human capital refers to the shared vision and values of the family built upon each individual's passions and goals, as well as the quality of the interpersonal and family relations.
- Intellectual Capital. Intellectual capital refers to activities such as educating family members about responsible wealth management, life and career choices, as well as coaching and mentoring for greater personal and professional development.
- Financial Capital. Financial capital involves defining and understanding the responsibilities of managing money, parenting children of prosperity, the psychological ramifications of high wealth, as well as garnering sophisticated financial knowledge. Families with significant wealth can explore sharing resources and optimizing their returns by pooling certain resources and establishing a family office.
- Social Capital. Social capital refers to the value the family creates in society. These philanthropic endeavors involve family members' donations of time and money to various activities and organizations that align with the family's values and mission.
A Doud Hausner & Associates strategic advisor will work with your family to establish a plan for leveraging your family's human, intellectual, financial, and social capital and bring in the appropriate trusted advisors to help you meet your goals. |
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