Episode 5

Published on:

23rd Mar 2021

Advance Your Wealth - A Family Constitution

One of the biggest concerns facing affluent families today is how to manage their wealth so that it achieves many goals. Their focus could be continuing to grow their wealth as it is transferred to younger generations, or aligning the use of that wealth with the values and ideals the family holds dear, or even protecting that wealth from creditors and others who might seek to take it unjustly.

Often the best place to start, is to ensure that your family members are aligned and “on the same page” when it comes to key issues. A family constitution can be a great way to get that process going.

In this episode, Homer and Ryan explore the inter-workings of a family constitution and how it can play such a vital role in a family's financial planning. Perhaps it's something you should consider?

So sit back, relax, and enjoy another insightful conversation surrounding family asset management.


00:37 - Overview on the episode's topic

02:00 - Unique challenges that arise when families work together to manage their assets

03:20 - The biggest wealth-related issue that pops up for affluent families

04:25 - What families can do to ensure all are aligned when it comes to their finances?

05:03 - How a family constitution can promote better family relationships

07:15 - The process of drafting a family constitution

09:15 - How many people from a given family should be involved in the financial discussions?

10:50 - Additional advice to ensure the family constitution remains relevant over time

11:40 - Who can families turn to in order to ensure the family constitution is adhered to

13:12 - Summary of reasons why an affluent family should consider a family constitution

14:53 - Closing remarks

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About the Podcast

Advance Your Wealth With Homer Smith
Financial advice to generate the results you expect and desire
Advance Your Wealth With Homer Smith provides you and your business with the financial advice needed to make calculated decisions moving forward. With over 18 years of industry experience, Homer Smith, Private Wealth Advisor with Konvergent Wealth Partners, understands the importance of a commitment to customer service and strives to help clients pursue their financial goals towards aspirations and retirement.

Each episode we'll take a deep dive into a different complex topic surrounding personal and business wealth management. So sit back, relax, and enjoy enlightening conversations that highlight an array of financial questions and topics.

Investment advice offered through Integrated Financial Partners, doing business as konvergent wealth partners, a registered investment advisor.