Family wealth management is just not an issue that may simply be discussed briefly in this sort of writing because of its very broad nature. The Concise Oxford Dictionary of Current English defines wealth as riches, massive possession, opulence, being wealthy, abundance, a profession or great amount or show of it. Management is invariably the administration of business issues or public undertakings.
The first individual to be the richest on this planet, according to historical records was, King Solomon who was a son and direct successor to King David's throne. He was said to have owned, among other riches, more than 23,000 kilograms of gold, a fleet of sea going vessels that yielded an uncountable amount of money, silver, ivory including various animals.
If he had been to be financially assessed right now, his net worth can be in a number of billions of dollars. His wealth was excess of that of any human being that lived on this planet then to an extent that everyone from far and near would come to listen to the his words of wisdom and brought him presents including ropes, weapons, spices, horses and mules every year. It was a matter in fact that his family wealth management on the material time was quite unparalleled.
He simply woke up at some point and pondered of what would become of his big wealth if he were to answer the ultimate call asking himself if there could be proper family wealth management by his heirs and successors. That was what made him to say at a point that "vanity upon vanity, all is vanity" simply as if he knew what would happen after him. The records, in fact, proved him right as a result of the riches that took him long to amass simply went with the winds and his once united kingdom were divided into two by his children.
While it is true that a number of billions of dollars will be transferred to the younger generation by their rich parents in the next few years as it has all the time been the case, there is no doubting the truth that recipients of such inherited wealth will almost definitely fail to preserve and pass on the inheritance intact if not squandered. It is because every succeeding generations, apart from just a few, normally lavish the large fortunes rather than preserving the family wealth management like their parents who sweated for them...
A very good case in point is that of late Moshood, Kashimawo Abiola the Nigerian business mogul whose visible assets were worth several billions of dollars with huge interests in all areas of business endeavor including telecommunication, banking, transport, crude oil, newspaper publishing and so on. At a point a number of heads of state and governments in several parts of the world were at his beck and call as a result of his own nature of philanthropy knew no bounds both within and outside the shores of Nigeria.
At a point he vied for the presidency of Nigeria, though he won the election by landslide but lost to the power game of the then powers-that-be. He had, ultimately, died of mysterious circumstances and after that, little or nothing is heard of his large enterprise and financial empire again as a result of his successors cared much less about household wealth management and went on a spending spree and at the moment, the as soon as very thriving companies at the moment are shadow of themselves whereas the banks seized some of his actual estates since they might not be maintained.
The common mistake normally made by some rich folks in their life time is that they do not normally integrate their youngsters into the family wealth management thinking that merely satisfying the financial necessities of those young ones would give them adequate satisfaction. They usually lavish them with undue love and care in order that these children would not see any have to sweat on their own forgetting that an issue for which one does not endure will never last.
Author Resource:-
I am Ade Adenekan, formerly a Conference Officer with the erstwhile Organization of African Unity (now the African Union) for over half a decade. I have also, all along, been a Communications Consultant.
This piece, no doubt, is my widow's mite contribution to resources on economic self-reliance particularly for the grassroots populace these days of global economic meltdown through the Internet.
For more articles of this nature and the derivable benefits just visit this site and my blog
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