What do you do when your initial generosity towards a family member has resulted in long-term financial dependence? How do you break this vicious cycle and still maintain family relationships? This is a very tricky area and a common challenge for affluent families.
Claudia Sangster, the Director of Family Education & Governance Services at Northern Trust, has prepared a detailed, step-by-step process to move this discussion forward in a respectful and proactive way. Ms. Sangster advises to:
- Recognize that this is a process and not a one-time event;
- Learn to say “no;”
- Know when to bring in a neutral third party; and
- Anticipate points of contention.
Click to read Ms. Sangster’s full article “Setting Financial Boundaries: Breaking the Cycle of Financial Dependence.”
Northern Trust is a wealth management firm widely regarded as best-in-class by third parties: 129+ years of unwavering stability and organic growth; comprehensive legal fiduciary; counting a quarter of the Forbes 400 as clients; considerable esteem among complimentary professional advisors and industry news media; and a history of making large investments in technology to innovate through changing social landscapes and market cycles. Northern Trust has been named the “Best Private Bank” in the US by Financial Times for 8 of the last 9 years, including the current 2017-2018 award, and “Best Private Bank” in the US by Global Finance for the past two years.
Bill Weigand is the chair of DWT’s family business group and serves as a trusted advisor to many multi-generational, family-owned businesses. He provides strategic counsel to businesses, particularly in the food, agribusiness, manufacturing, and distribution industries. Contact Bill at 206.757.8164 or firstname.lastname@example.org.
Jordon Voss is a Vice President, Wealth Strategist, and client relationship manager in Northern Trust’s Pacific Northwest Office in Seattle. Additionally, he leads the firm’s wealth management efforts in Portland and Boise, travelling to each on a monthly basis. For families facing complex, disruptive life events like business ownership transition or sudden liquidity, Jordon provides advice and context about how other families have approached similar situations. Northern Trust’s role is to ensuring that the families’ assets serve their best purpose and provide multi-generational continuity. Contact Jordon at 206.381.8339 or email@example.com.