Family Advisory
We recognise that as families grow and evolve, they are faced with myriad complex governance, strategic, structural and emotional challenges that cannot be resolved quickly or easily.
Our role as family advisors is to work with families to help improve their family system, making the transformations necessary to build a healthy system that creates an environment for individuals, the family and their wealth to thrive.
Succeeding as a legacy family over multiple generations is a challenge that few families manage successfully. At Waugh McDonald, we specialise in assisting families in developing a robust system for managing wealth across generations.
Succeeding with wealth across generations
By instilling healthy practices and delivering dedicated service, we guide individuals and families to not only prosper with their wealth but also to contribute to family legacies that leave a lasting impact.
Communication
Bringing the family together to talk about and co-design their future sounds simple but can be difficult because of the shadow of past events or strained relationships, and some family members will be comfortable with meetings and workshops, while others may be concerned or sceptical.
Family communication is the foundation of functional family life, and regular family meetings help families communicate clearly and openly building trust, resolving conflicts and creating strong bonds.
We are an experienced facilitator and mediator getting families together regularly, helping them communicate and collaborate productively.
Governance
Wealth creators can make decisions informally but by the second and third generation families need to create policies and practices that enable the family and enterprise to move forward, interconnected but with increasing independence.
Family Governance is the process of creating agreements and structure that organise the family and enterprise to cater for the needs of individuals, households or family branches, business and other stakeholders.
We help client families define their individual and shared values, policies, practices and agreements and put them together into a governance system.
Succession
Successful legacy families renew and transform every generation. For a successful transition it is important that families plan across generations, while respecting the family legacy and values, to serve the individuals, the family, their enterprise and society.
Each generation's expectations need to be clear, and the rising generations need to be supported to help their personal development and learn skills to serve the family in various roles.
As different family members have diverse needs and perspectives, we add value through impartially considering individual family members, households, generations, and the family, helping align the many perspectives and design a plan for their individual and collective future.
Ready to navigate the complexities of family wealth and build a lasting legacy?
Let us guide you through the journey. Schedule a consultation with our experienced family advisors today and take the first step towards creating a thriving family system and preserving your wealth for generations to come.