‘ Family Conferences ’ Category

Last weekend, while sitting on the Acme brick beach over looking the back 40, the following pithy line popped out from a Spencer Johnson book, One Minute Sales Person. 

“We all know a good deal; but we don’t always use what we know.”

Oftentimes, family leaders comment on my presentation, “Look, Neil, everyone knows about this “common knowledge”.  What is special and unique about your investment management that I am not getting where I am.” 

My response is usually, “Nothing save the questions asked, identifying how to apply the “common knowledge” and implementing its active and consistent use.”  Followed by, “Are your investment advisors asking questions about the family’s total wealth; and are they listening to identify a successful implementation agent to fulfill the family vision?”

At FUTR’s Board of Governors conference in June, we mimicked a family meeting that included branches of the same family.  The first day included team building and communication problem solving challenges.  This opened eyes to what they knew and experienced about team work.  It broke the ice for traveling down a new path out of the woods.

The previous day’s experience was applied the next day when the family teams were requested to build a vehicle to protect their raw “nest egg” from an eight-foot ladder drop.  Boy, did the communication begin as the successful and failed drops were witnessed.  A lot of time, effort and money were expended on the project.  What was missing was a clear picture shared in common by respective team members.  Perusual, ego got in the way of the best solution.

That set up the development of clear family visions and decision making values that each member could see and adopt.  At the end of the program, both sides of the family were able to appreciate the deep, common relationships among them through a picture of future success they shared. 

It just goes to show that everyone is looking for:

Something to Believe in . . . a vision, mission, purpose and values

Someone to Believe in . . . a role model who walks the talk

Someone to Believe in them . . . practices that empower people to act.

We all know a great deal; how do we apply what we know?

FUTR is sponsoring “Family Responsibilities of Leadership Workshops” in Los Angeles  and San Diego on Thursdays, September 23 and September 30 (respectively).  Email your request for more information . . . Lengthen your family’s investment time horizon and reduce risk by thinking beyond one’s lifetime.

Definitions are important; therefore, before I begin let me define or explain two:

The Next First Generation are the successive generations who adopt the vision and values of the initiating or first generation.  For example, the first generation may have definite views or formulae for their success.  The next and successive generations become the Next First Generation if they adopt the independent, creativity and management style of the first.

FUTR’s Board of Governors is unique in this business.  While they are all golf buddies save one, each knows me well and does not mince words nor comment. After all we play golf together!  If you click on the link, it will take you to our Biographies for the Board of Governors.  Now for the real reason for writing this blog without further interruption.

A few comments from last week’s blog came over the transom . . . the nature was “why did you give up 15% of the fee?” . . . My response was “I see the fee as belonging to the client until it is earned.” . . . FUTR is different because of executing this value when no one is looking. FUTR’s team sees our relationship with our clients as a long-term partnership with each Next First Generation of family members and committed to their family’s vision and values.

At the last Board of Governors Conference in June, the Governors experienced first hand FUTR’s commitment by becoming a proxy for two families linked together by a common relative and separated by competing goals. These goals kept them from seeing a common Family Vision and Governing Values. During the conference, they discovered teamwork, the responsibilities of leadership and the ever changing roles as a participant. What a surprise for them to learn that the two “family proxies” had compatible visions and congruent core, governing values. The Family Leadership Conference was acclaimed a valuable resource!  No other financial services company has ever presented such a program to this group of sophisticated, worldly people . . . the best line was “I have an adventuresome spirit personally; I don’t want that adventuresome quality to become part of the family’s core values when managing our wealth.”  Another commented, “This program would help any family understand one another, their goals and value better . . . alignment and focus with a common goal or vision.”

Family wealth is financial and human capital. Each member has a role to play and a role to step into. The great question is ‘who is ready for what?’. Family leadership is responsible for recruiting members to the Family’s Vision and mentoring the adoption of the family’s core Governing Values.

One prospective client called FUTR’s paradigm a “game changer” in the management of family wealth: financial portfolios, portfolio risk and cash flows required to sustain the family’s lifestyles.

This Fall, FUTR is sponsoring and presenting a series of five to six Family Responsibilities of Leadership Workshops. These workshops will be a “brown bag” luncheon feature a presentation about leadership’s responsibility for family investment policies. You will learn about leadership, management and communication styles and how to make them work for your family productively.

Let us know if you have an interest in receiving more information about this Family Responsibility of Leadership Workshop series . . . there is value in a common vision and bringing a family together.

The Leadership rests on three responsibilities everyone wants from people who give them direction.  First, everyone is looking for SOMETHING TO BELIEVE IN,  Vision, Mission, Purpose and Values.  Second, everyone is looking for SOMEONE TO BELIEVE IN, a person who “Walks-the-Talk” or Role Model.  Third, everyone is looking for SOMEONE TO BELIEVE IN THEM which is practices that Empowers the Individual to take action to achieve personal and organizational goals.

Consider the picture taken in Chile on a very cold and rainy day.  Our VISION was a roaring fire created by the MISSION of getting fuel, heat source and intelligence to create fire for the PURPOSE of  personal solace and comfort.  Jake, seated on the cooler, was definitely the leader since he knew how to start a no-match fire and identified and demonstrated the selection criteria for fuel and he wanted to get warm without further delay.  We, FIVE-Doers, followed the leader who encouraged us as we collected dry tinder, kindling and wood for the fire . . . each of us had a try at the one match fire until Jake wisely ordered up stronger fuel from the boats and lit the pictured blaze.

FUTR Family Management believes these Three Responsibilities of Leadership can be developed and nurtured as a culture to improve investment discipline and extend the family’s legacy through development of family members as leaders and advocates of the Vision.  This summer look for our Family Leadership Workshop schedule for September and October . . . consider enrolling in a workshop . . . you will be glad you did.