Why Family Building?
The business of family is a rapidly growing sector. Financial planners, investment advisors and estate planners in their work of wealth creation and wealth transfer for families traditionally occupy this sector.
A survey of the services offered by private banks and trust institutions reveals a heavy leaning toward wealth creation and wealth transfer. The breadth of these services include financial planning, investment tactics and strategies, insurance, estate planning, trusts and fiduciary, family office and finally something called ‘family governance.’ They are clearly lopsided favoring family financial wealth over family non-material wealth.
This is natural ... at first.
But in the years to come, family financial wealth and family non-financial wealth will be equally important. After all, what is the meaning and effectiveness of creating large trans generational wealth when the generations mean little to one another? How is an estranged daughter or grandson any different than a stranger?
The Family Building Institute was created by Dr. Ron Law to offer an integrated and simple 7-Step Guide to Family Building. Dr. Ron Law, himself a beneficiary to family wealth, sees the power of family to be composed of equal doses of financial and non-material wealth. “Only by achieving some degree of parity, does family wealth have any meaning,” says Dr. Law.
Dr. Law believes there are three life phases: Parenting, Family Building, and Grandparenting.
The concept of Family Building is much more important than piecemeal advice or criticism. So what if you know that family wealth is lost over time. So what that there is a dark side of wealth. So what if philanthropy is an alternative. Once you are exposed to Family Building, your whole attitude toward family will change.
The 7-Step Guide to Family Building is something all family leaders should own.