From Complexity to Coherence: Stewardship in a Changing World
Inspired by a recent reflection on EarthforAll and Jay Hughes’ Five Capitals

A recent post caught our attention. It drew a powerful parallel between EarthforAll a global sustainability scenario framework and Jay Hughes’ Five Capitals model of family wealth. The insight was simple but profound: families flourish when individuals flourish, and individuals flourish when they have a healthy, integrated relationship with money, purpose, and each other.

This idea is more than a metaphor. It’s a blueprint.

At Waugh McDonald, we’ve spent years walking alongside families across East Africa, helping them navigate the complexities of wealth. What we’ve learned echoes this reflection: wealth is not just capital to be managed it’s a legacy to be stewarded. And that stewardship rests on two interdependent pillars: fiscal stewardship and family stewardship.

When these two are misaligned, legacy becomes fragile. But when they’re integrated when financial capital is aligned with human, intellectual, and social capital families don’t just preserve wealth. They amplify it.

Why the Gap Exists and Why It’s Closing

In more mature markets, families often embrace structured advisory frameworks. They value governance, education, and scenario planning as much as investment returns. In East Africa, the story has been different not due to a lack of interest, but a legacy of informality and a focus on survival and growth.

But a generational shift is underway. Much of the region’s private wealth was created in the decades following independence. Many families are now entering the third generation a stage globally recognised as the most vulnerable. Without systems, shared purpose, and structured planning, this is often where wealth fragments.

A New Standard for Stewardship

Globally, the wealth advisory profession is evolving. The emerging paradigm often called Wealth 3.0 moves beyond technical advice. It’s about helping families flourish by aligning their financial capital with their values and vision.

This approach is something we’ve embraced in our work bringing it to life through:

• Institutional-grade investment strategies

• Globally recognised family systems thinking

• Scenario planning tools that help families imagine the future they want and avoid the one they don’t

Our clients often hold diverse, cross-border portfolios operating businesses in Kenya, real estate in Kenya and other countries such as the UK, and family members across jurisdictions. We help them bring coherence to this complexity.

The Results of Alignment

When families embrace both fiscal and family stewardship, the results are transformative:

• Quantifiable: Cost-efficient, globally benchmarked portfolios aligned with long-term goals. We encourage families to move beyond the legacy model of private bank–driven structuring and management, toward institutional-grade strategies that offer greater transparency, oversight, and resilience.

• Intangible: Stronger family cohesion, clearer governance, and a shared sense of purpose.

In a region where trust must be earned, our approach is grounded in transparency, evidence, and long-term partnership. It’s about empowering families to make informed, values-aligned decisions supported by systems that are built to last.

We’re Not Alone

We’re proud to be part of a growing ecosystem of professionals raising the bar for family enterprise in East Africa:

• Dr. Jean Meeks-Koch, founder of Positively People, is a leading expert in family enterprise systems. Her work focuses on applying systems thinking to help families build trust, resolve conflict, and design governance structures that endure across generations

• Joe Okello, founder of AFBE, has built a platform for education and excellence among family-owned businesses in Kenya

Together, we’re not just advocating for change, we’re building the infrastructure to support it.

An Invitation to Reflect

This is not a critique of where families are it’s a celebration of where they can go. Stewardship is not about complexity. It’s about clarity. It’s about asking:

• Are we managing our wealth, or is it managing us?

• Are we preparing our family, or just protecting our assets?

• What kind of ancestors do we want to be?

Closing Thought

At Waugh McDonald, we believe wealth is not just a resource it’s a responsibility. And when families embrace both fiscal and family stewardship, they don’t just grow wealth. They grow wisdom, resilience, and legacy.

John McDonald
Waugh McDonald Private Office

Ready to align your wealth with your values?
Let’s start a conversation about building a legacy that lasts, reach out to us at info@waughmcdonald.co.ke.