Private foundations can be instrumental in helping wealth families stay together and aligned while benefiting others. “Aside from being great charitable vehicles, private foundations can be used to help ensure the family stays and works together to make a difference,” says Homer Smith, Private Wealth Advisor and Founder of Konvergent Wealth Partners and Director of the Integrated Business Owners Solutions team. “What’s usually essential is for the wealthy family to be clear about their charitable goals and how they will be able to continue doing good generation after generation. This usually involves bringing family members into the giving process early and providing the resources—including educational resources—to help them grow as people and as philanthropists.”
Probably the most critical decision ultra-wealthy families have to make if they want to create a family dynasty is selecting the appropriate professionals. “All too often, the ultra-wealthy as well as a great many successful entrepreneurs and leading visionaries end up satisfying instead of maximizing when it comes to the professionals they engage,” explains Justin Breen, the driving force behind the exclusive BrEpic Network and co-author of Superior Results: Maximizing the Value of Your High-Performing Multi-Family Office. “The difference is astronomical outcomes when the right professionals are used as opposed to those who are second rate. That’s why ultra-wealthy families and everyone—for that matter—should make the effort to make certain they are indeed working with the best of the best.”
