Role of family in managing wealth

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In my personal view, and based on my learnings and interactions with multiple stakeholders over the last many years, here are my key takeaways w.r.t. Family Role in managing Family Investment.

1. In order to get similar attention as for any business run by the family , it would be a great idea if similar discipline or processes are enforced while managing Family Wealth, i.e managing wealth should be seen as Business of Investing.

2. The decisions should be aligned with the Values, Purpose, Philosophy, Risk Cash Flows, Governance, etc. This will ensure Family does not act in haste during times of volatility as there will be complete alignment with the Philosophy behind Investing. Harmony will minimize friction or stress in the decision process.

3. While Family must take advise from external Advisors but it is important that they take complete ownership of the decision through deeper engagement in the process of Investing, monitoring, and exit. While some of you may have seen the video, but wanted to highlight key takeaways.

8 May 2019