More Than Money, authored by Michael Cole, president of Ascent
Private Capital Management of U.S. Bank, shares strategies that can help
wealthy families preserve their wealth and strengthen the family bond
MINNEAPOLIS--(BUSINESS WIRE)--Apr. 24, 2017--
A new book published by Wiley and Bloomberg Press titled More Than
Money: A Guide to Sustaining Wealth and Preserving the Family explores
the strategic tools that wealthy families and their advisors can use to
help maintain wealth, preserve their legacies and most importantly keep
the extended family unit intact. Authored by Michael Cole, president of
Ascent Private Capital Management of U.S. Bank, which serves
ultra-high-net-worth clients with $75 million or more in net worth, this
book is the culmination of Cole’s more than 30 years of experience
working with wealthy families and the insights and experiences he has
gleaned on how wealthy families can best preserve their legacies.
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More Than Money, authored by Michael Cole, president of Ascent Private Capital Management (Photo: Business Wire)
Traditional wealth management firms typically concern themselves only
with offering services like investment management, tax planning, estate
planning, and cash flow management. However, the reason most family
fortunes evaporate over time is because the family communicates poorly,
lacks trust, has divergent visions, and does not prepare succeeding
generations to sustain the hard-won resources.
“Nearly two-thirds of family wealth is lost by the third generation… not
because of poor investment strategy, but because of failures in trust
and communication between family members,” Cole explains. “I wrote this
book to share the strategies that wealthy families can employ to help
ensure that their wealth has the long-term impact they desire, and that
the family bond is stronger in the end. I, and all of us at Ascent,
truly believe that wealth is more than money.”
Wealthy families face unique challenges, including multiple generations
involved with a family business or sharing the resources resulting from
the sale of a business, as well as a multitude of legal entities,
passive investments, operating businesses, interests, viewpoints, and
opinions. Confronted with this complexity, this enlightening and
practical book takes the reader step-by-step through the conversations
that should happen to determine how to manage the family enterprise and
resources, the roles each family member should play, how various family
groups can best communicate with each other, and more. Representative
examples culled from actual family scenarios bring concepts to life in
illustrative case studies, including a model of a firm and family that
got it right.
Specifically, More than Money provides wealthy families and their
advisors with guidance on how to:
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Draft a shared family vision and mission, complete with guiding
questions to cover key details.
-
Implement dependable strategies for governance, risk management,
education, stewardship, family leadership, and communication.
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Properly balance strategic and tactical planning to generate the most
wealth impact for the family.
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Earn a reputation for making wealth last by knowing it takes more
than money to keep families affluent.
“Michael gives the wealth owner a comprehensive tour of the challenges
that every family faces. Think of this as a guidebook for learning how
to address the impact of wealth on the family. His examples are unique
but universal in the lessons they convey, and the questions he presents
in every chapter are valuable for fortunate families who contemplate the
purpose for their wealth. He helps us understand what will make wealth a
source of satisfaction, and not a source of stress,” said Sara Hamilton,
founder and CEO of the Family Office Exchange.
More than Money is available on Amazon and other online retailers
and through the Wiley
website.
About U.S. Bancorp
Minneapolis-based U.S. Bancorp (NYSE:
USB), with $450 billion in assets as of March 31, 2017, is the parent
company of U.S. Bank National Association, the fifth largest commercial
bank in the United States. The Company operates 3,091 banking offices in
25 states and 4,838 ATMs and provides a comprehensive line of banking,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
About Ascent Private Capital Management of U.S. Bank
Ascent
Private Capital Management serves individuals and multigenerational
families with significant resources who aspire to make an impact with
their wealth. Clients can expect highly personalized advisory services
that combine traditional wealth planning offerings with cutting-edge
wealth impact planning and communication tools. For more information,
visit www.ascent.usbank.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170424006010/en/
Source: U.S. Bancorp
U.S. Bancorp
Michael Walsh, vice president of public relations
612-303-9122,
michael.walsh@usbank.com