The family council needs to acknowledge that family capital comes in other forms than just money, such as the human, intellectual and social capital of each of the members, according to the white paper.
The council also can be instrumental in passing on the family legacy to succeeding generations.
"Preserving and passing on wealth is vitally important, of course, but most [families] are equally concerned with philanthropy and the readiness of the next generation to be good stewards of their inheritance," the authors said.
"Creating a solid family governance structure is one of the most effective tools for sustaining a meaningful family legacy-one that honors and preserves both wealth and core values."
-Karen DeMasters
On The Move
CBRE Global Investors has hired David Morrison as global head of strategy. He will also serve on both the global executive committee and global leadership team. Prior to joining the CBRE, Morrison held senior level positions for Morgan Stanley Real Estate and Prime Property Fund.
Mariner Wealth Advisors of Leawood, Kan. has hired Brian O'Regan to lead the firm's nationwide growth initiative. O'Regan, a 20 year financial services industry veteran, joins Mariner from Fidelity Investments.
BNY Mellon's wealth management business has appointed Ron Bruder as managing director of its family wealth advisory team. Based in Newport Beach, Calif., Bruder brings over 25 years of financial services experience, most recently serving as director and vice president at Goldman Sachs.
The Connors Group of Jersey City, N.J., announced that James Lonergan will succeed the company founder, Larry Connors, as chief executive officer. With over 20 years of experience in managing and growing information businesses, Lonergan has held various senior level positions for Synaptic Digital, Sports Information Group and TheStreet.com.
Washington Wealth Management continues its expansion strategy with the opening of two new offices located in Las Vegas and San Diego. Mitchell and Jessica Horst, formerly of Morgan Stanley Smith Barney, will anchor the Las Vegas office. David Allen, also from Morgan Stanley Smith Barney, joins the San Diego office.
Philadelphia Financial Group announced its plans to acquire the private placement insurance operations unit from The Hartford Financial Services Group. Philadelphia Financial will service the $35 billion business previously serviced by Hartford Life Private Placement, extending their market into the bank and corporate owned arena.
-Kathy Lynch