Family Business Belfast
Family Business Belfast
Friends and family members often turn to lawyers (and other professionals like accountants and wealth managers for wealth management Belfast) they know in because they naturally trust a lawyer who is close to them rather than a stranger. But is this the best approach to manage intergenerational wealth Belfast?
Advisors can provide the best services when they are objective and are governed by reason and not by emotion. Often, and especially in a family situation, they specifically need to be the voice of reason while clients are the ones whose decisions may be driven by passion and emotions.
For lawyers in particular, the issue of ‘who is the client?’ is important. Initially, the client is usually the patriarch / matriarch as the family business Belfast wealth owner. But as the family grows, things can get complicated. It may not be possible for the lawyer to act ‘for the family’. Where there is a ‘family office’, consideration will be needed as to what the family office actually is and who is, in fact, the client.
Similarly, wealth managers may not be permitted to talk to the children of their client without a formal engagement. And of course, don’t engage a wealth manager if you’re going to be uncomfortable sacking them if they don’t perform well.
A family’s relationship with its wealth management Belfast team is a delicate one. On the one hand, it’s important for the family to feel comfortable communicating openly with its advisors about sensitive topics like finances. But on the other hand, there needs to be a certain degree of “emotional distance” in order to maintain a healthy relationship. A family business Belfast is a complex organism, and advisors need to be able to make objective decisions in the best interests of the company—even if that means challenging the family’s assumptions or pushing them out of their comfort zones. Ultimately, it’s up to the family to decide how much emotional distance they’re comfortable with, but it’s important to find a balance that works for everyone involved.
Consider This: How close are you to your advisors? Are they too close that you can’t get rid of them if you needed, or adequately assess their performance? Do you have genuinely independent voices at the table?
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His market in Belfastis two-fold:
Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income
Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.
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