Viewed through that lens, family governance is actually one of the most optimistic things families do together. It is essentially forward-looking: while we do it today, most often we do it because we are focused on the future, and even believing that there will be a future is a fundamentally optimistic point of view. And when we engage in family governance, we are making a very bold statement, to ourselves and to third parties—we’re saying there is something special about our family; in fact, it’s so special, that it’s worth working hard today to preserve it long into the future.
There are many excellent and well-established programs that help estate planning professionals continue developing their technical skills. While these programs are of undeniable importance, we believe that it is just as critical to have a strong understanding of the complex dynamics that UHNW clients are dealing with so that the advisor can position their client families for long-term success. That’s what this year’s FLAG Institute was all about. Because our job doesn’t only consist of managing financial capital; it’s also our job to help families build a strong foundation that provides the platform for future accomplishment and success.
Glenn Kurlander is head of family governance and wealth education at Morgan Stanley.