The Family Dynamics
Family Governance: a priority
At Richter Family Office, our work is not just about portfolio construction and asset management, it’s about getting to know the people at the center of all the numbers, issues and assets. It’s about identifying a family’s objectives and core values and working together to achieve their goals guided by their principles. Our job is to participate in the whole story, not just one narrative.
“There’s a lot of value in telling the family history. In most cases this wealth was not created suddenly. By describing that journey of how the business started, grew and encountered difficulties, the patriarch and matriarch can explain how they managed both the company and the family. There’s a lot of learning for the next generation there” Mindy Mayman, Partner, Richter Family Office.
The UBS and Campden Wealth Global Family Office Report 2018 identifies five top governance priorities for families of significant means. They are:
Family enterprises are complex systems, whether their structure includes an operating family business or stakeholders in a large passive investment corporation. It’s in this environment that the intersection between financial wealth and family intersect, and conflict can arise. Having worked with generations of business families through their own unique transitions, we recognize the need to have proper continuity planning in place to ensure that all stakeholders can have a voice in the stewardship of a family legacy. Governance is a key component that allows a framework for open communication among family members and forms the basis of trust and respect.
For most families, a successful legacy is simply ensuring that each member is supported in their quest to succeed. Helping lay the foundation for future family members to be their own wealth creators – be that financial, intellectual, or social wealth – provides members with a purpose and builds self-esteem. It also helps encourage harmony with the family unit.
Working to develop a governance system that addresses the root causes of entitlement and self-righteousness means setting the stage for wealth accumulation across generations and seeks to break the curse of “shirtsleeves to shirtsleeves in three generations.”
- Succession Planning and the Next Generation
- Continuity planning: a trusted advisor is key
- Family Mission Statements
Financial education is the key to being able to make sound investment decisions and provides the foundation upon which families can ensure a lasting legacy. Richter Family Office spends a tremendous amount of time educating its clients and their children to ensure that they are empowered to understand the complexities of their wealth and have the capacity to make well-informed decisions in their own right. As part of its commitment in this area, Richter and Richter Family Office have created bespoke seminars for our families to provide them with a deeper understanding into the areas of:
- Investment management and financial markets
- Financial Planning and cash management
- Financial statement analysis
- Tax planning and structuring
- Basic legal concepts and frameworks
- Family Governance and Values
Successful multi-generational wealth transfer is not simply about the tax efficient transition of wealth, but also the transition of knowledge and family values.
Meet our expertsThe people behind the expertise.
Mindy MaymanB.A., Econ., Fin. PI., FMA, CIM
Sudharshan SathiyamoorthyPh.D., MBA
Justine DelisleCPA, CA, Pl. Fin.
Danny RitterCPA, CA, CFA
Greg MooreCFA, FEA
Richter Family Office
We understand that the transfer of your wealth to future generations is about far more than just the dollars and cents. It’s about the transition of your legacy.
Food for thoughtWhat’s in the news & what you need to know.
Reaching Your Goals with Long-Term Portfolio Management.
Every family’s situation is unique. And if you’ve been at this for a while now, as we have, you’ll know that when it comes to investing, there are an abundance of variables that make that statement true: family, business endeavours, lifestyle, and goals are just a few considerations that differentiate one person’s situation (and portfolio) […]Click to read more.
Beyond Philanthropy: The Art of Impact Investing.
The term “impact investing” was born out of the idea that charitable giving or investing should not only be measured by financial returns, but rather should also consider the social and environmental impact the investment will make on the community. Impact investing is a growing sector with assets worth $502 billion in 2019, according to Campden […]Click to read more.
Research Manager Process.
“Manager research is really about asking the right questions. While we are respectful of managers, we are not overly concerned about asking questions that might be perceived as intrusive. You know areas you want to cover, but you also need to be perceptive regarding what the other person is saying. If you sense they’re uncomfortable […]Click to read more.