Wealth

Description

The definitive guide to strategic wealth management, now completely updated: indispensable for everyone who possesses or aspires to wealth.

• Comprehensive, strategic, actionable wealth management advice from leading expert Stuart Lucas, heir and wealth manager for one of America’s wealthiest families
• Updates the author’s Strategic Wealth Management Framework to serve an even wider audience of wealthy individuals, families, and business owners
• Offers deeper coverage of Entrepreneurial Stewardship: the best way to help descendants of wealth flourish, and sustain wealth across generations

Discover the best ways to build, protect, and sustain family and business wealth across generations! Wealth is the world’s most valuable guide to wealth management for individuals, families, business owners, and the “upwardly affluent.” In the six years since Stuart Lucas first wrote this book, however, the financial world has changed dramatically. Throughout the financial crisis and beyond, Lucas has led the University of Chicago’s Private Wealth Management program, teaching more than 500 members of the world’s wealthiest families. Now, he brings together extraordinary insights and constructs informed by this experience. Wealth, Updated and Revised Edition retains its core advice, which has been tested and proven by the worst financial crisis since the Great Depression. However, Lucas has updated his exclusive Strategic Wealth Management Framework to help even more individuals, families, and entrepreneurs aspiring to wealth or seeking to protect it. Lucas highlights key value drivers – family purpose, the economic engine, and leakage management – that mark the difference between family enterprises that succeed for generations and those that fail. He offers updated, sage advice on making financial decisions, evaluating “expert” advice, running a family business office, tax/estate planning, philanthropy, wealth preservation, and more. Since developing a family’s human capital is the best antidote to Wall Street excess, this edition adds even more robust and actionable guidance for building a culture of Entrepreneurial Stewardship: one that enables and encourages all family members to flourish, and improves the odds that families can sustain wealth. This book is for all successful business owners and anyone who possesses (or aspires to own) substantial financial assets, whether earned or inherited. It will also be of keen interest to investment advisors, business consultants, business brokers, wealth industry practitioners, lawyers, accountants, tax advisors, and others who counsel the wealthy (and upwardly affluent) about wealth management.

The definitive guide to strategic wealth management, now completely updated: indispensable for everyone who possesses or aspires to wealth.

• Comprehensive, strategic, actionable wealth management advice from leading expert Stuart Lucas, heir and wealth manager for one of America’s wealthiest families
• Updates the author’s Strategic Wealth Management Framework to serve an even wider audience of wealthy individuals, families, and business owners
• Offers deeper coverage of Entrepreneurial Stewardship: the best way to help descendants of wealth flourish, and sustain wealth across generations

Living with wealth, managing its complexities, investing it for the long run, using it to advance worthy causes, and perpetuating his family’s legacy are all topics Stuart E. Lucas knows a great deal about. For over 30 years, he’s lived a double life, both as a member of one of America’s wealthy families and as a senior executive in prestigious wealth management and investment firms.

Lucas is a fourth-generation heir of E. A. Stuart, founder of the Carnation Company, best known as the maker of such all-American food products as Carnation evaporated milk, Friskies pet food, Coffee-Mate nondairy creamer, and Contadina food products. In 1985, the Stuart family sold Carnation to Nestle, the Swiss-based global food giant.

Today, Lucas is Chairman of Wealth Strategist Partners LLC, an investment advisory firm that provides an outsourced Chief Investment Officer service for individuals and families (including his own) of significant net worth. An accomplished speaker and educator, Lucas designed and teaches the Private Wealth Management program, exclusively for wealth owners, at the University of Chicago Booth School of Business.

Lucas has a long-standing commitment to public service. He serves as a Director of the Stuart Foundation, which supports public education and child welfare programs in California and Washington. He also serves on the Investment Committee of National Public Radio in Washington, D.C.

Lucas was formerly Senior Managing Director of the Ultra-high Net Worth Group within Private Client Services at Chicago-based Bank One. During the 1980s, Lucas worked for Wellington Management Company, serving for three years as General Manager of the firm’s European business operations and before that as Assistant Portfolio Manager of a Forbes Honor Roll mutual fund.

Lucas has a bachelor’s degree with high honors from Dartmouth College, has an M.B.A. from Harvard Business School, and is a Chartered Financial Analyst. He is married with three children.

Wealth is the world’s most valuable guide to wealth management for individuals, families, business owners, and the “upwardly affluent.” In the six years since Stuart Lucas wrote this book, however, the financial world has changed dramatically. Throughout the financial crisis and beyond, Lucas has led the University of Chicago’s Private Wealth Management program, teaching 500+ members of the world’s wealthiest families. Now, he brings together extraordinary insights informed by this experience. Wealth, Updated and Revised Edition retains its core advice, now tested and proven by the worst financial crisis in 70 years. However, Lucas has updated his exclusive Strategic Wealth Management Framework to help even more individuals, families, and entrepreneurs aspiring to wealth or seeking to protect it. Lucas highlights key drivers – family purpose, the economic engine, and leakage management – that mark the difference between family enterprises that succeed for generations and those that fail. He offers updated, sage advice on making financial decisions, evaluating “expert” advice, running a family business office, tax/estate planning, philanthropy, wealth preservation, and more. Since developing a family’s human capital is the best antidote to Wall Street excess, this edition adds even more robust, actionable guidance for building a culture of Entrepreneurial Stewardship: one that enables and encourages all family members to flourish, and improves the odds of sustaining wealth. Foreword to the Second Edition     viii
Foreword to the First Edition     xi
Introduction     1
Chapter 1: Protecting and Growing Your Wealth     15
Chapter 2: Eight Principles of Strategic Wealth Management     37
Chapter 3: Start with Your Family Purpose     57
Chapter 4: Defining Your Financial Objectives     85
Chapter 5: The Enchanted Forest, the Secret Society, and the Capital Kibbutz     127
Chapter 6: Picking Your Investment Strategy     161
Chapter 7: Making Your Most Important Hire     211
Chapter 8: Taxes Can Be Your Ally!     249
Chapter 9: Promoting Entrepreneurial Stewardship     275
Chapter 10: Making Philanthropy Part of Your Strategic Wealth Program     305
Chapter 11: Putting It All Together: Multigenerational Planning and Wealth Transfer     331
Index     359“As a fourth-generation heir of E. A. Stuart, founder of the Carnation Company, Stuart Lucas knows first-hand the privileges, challenges, and responsibilities of wealth. His family’s approach is a backdrop to this book: a peek through the window that you rarely experience. This gives Wealth unusual credibility. The author is practicing day-to-day–with real dollars–the lessons he prescribes.”
— JOE MANSUETO, Founder, Chairman, and CEO, Morningstar, Inc.

“There just are not very many people like Stuart…. He wears his wisdom lightly and is a joy to have in the mix. I have enjoyed working with and learned a lot from Stuart. I think you will, too.”
— G. GARVIN BROWN IV, EVP and Chairman, Board of Directors, Brown-Forman Corp.

The Definitive Guide to Strategic Wealth Management: Completely Updated for Today’s Realities–Financial and Personal

• Help your descendants flourish and sustain family wealth across generations
• For everyone who has inherited wealth, created wealth, or aspires to wealth

This remarkable guide brings together all the tools, principles, frameworks, and pragmatic advice you need to manage wealth effectively: for years, for decades, for generations. Drawing on his remarkable life experience as both heir and investor, Stuart Lucas offers a complete, up-to-date, and actionable framework for sustaining, growing, productively using, and enjoying family wealth.

Lucas helps you take charge of your family’s investment process; hold advisors accountable; control spending; and plan taxes, estates, and philanthropy. But this plain-spoken book covers far more than money. Drawing on his work with hundreds of wealthy individuals, Lucas helps you build a flourishing family culture: one that inspires your descendants to remain productive, useful, and fulfilled.

Stuart Lucas’s Wealth has proven itself as the world’s most valuable guide to wealth management for individuals, families, business owners, and the “upwardly affluent.” Now, Lucas has extensively revised Wealth to fully reflect the recent dramatic changes in the financial world in order to help even more people protect and grow their wealth.

Singularly well positioned to write this book, Lucas is an heir to the Carnation Company fortune and is Chairman and Chief Investment Officer of Wealth Strategist Partners. As designer and leader of the University of Chicago’s Private Wealth Management program, he has taught more than 500 members of the world’s wealthiest families how to manage their family enterprises through challenging times.
Wealth highlights the key drivers that help family enterprises substantially improve the odds of success. Lucas offers up-to-date, sage advice on integrating business and family, taking charge of your investment process, and evaluating “expert” advice with confidence and appropriate skepticism. In plain language, he explains how the interplay of spending, tax, estate planning, philanthropy, and investing can help you achieve a prudent mix of growth and spending for your lifetime, even multiple generations.

Recognizing the crucial importance of developing family “human capital,” this new edition of Wealth includes robust and actionable guidance for building a culture that encourages each family member to flourish, while reinforcing shared family values.
 
Develop an investment strategy to accomplish your objectives
Maximize the odds of achieving financial security and growth after fees and taxes
Navigate the treacherous waters of the wealth management industry
“Buyer beware” and beyond: what wealthy people must know to get what they need
Master all eight key principles of strategic wealth management
Take charge now–and start developing tomorrow’s family leaders
Manage wealth holistically, focusing on your entire family enterprise
Relationships, values, legacies: it’s about human capital, not money
Build a virtuous circle of family wealth
Leverage success and stability to overcome conflict and strengthen your family system

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