The Transformative Power of Family Wealth: Helping Families and their Communities Capture its Regenerative Potential - Hardcover

Marcovici, Philip

Hardcover

ISBN 10: 1394280505 ISBN 13: 9781394280506

Publisher: Wiley, 2025

Synopsis

"For wealth and business owning families and their advisers, this is the ultimate guide to getting it right."

David Chong, Group President, Portcullis (Singapore) Pte. Ltd., described by the Singapore Academy of Law as The Guru of Asian Family Offices

"Building on his previous work, The Transformative Power of Family Wealth is packed with insight and offers wealth owners powerful tools for channeling their resources into a force for good. Must reading not only for those stewards of family wealth, but for all those striving to serve them."

Amaury Jordan, CFA, co-founder of Avalor Investment (Switzerland) and TriLake Partners (Singapore)

"Philip’s book is a very worthwhile read for those who work with wealthy families. In particular, the paradigm of the Theory of Change as a mechanism to help to shape  a succession planning strategy is fascinating. It is also refreshing to read a positive exposition of the role that private businesses can play in regenerating  society."

John Riches, Partner RMW Law and President of the International Academy of Estate and Trust Lawyers

"With his extensive experience and deep insights, Philip’s latest book is required reading, not only for wealthy families and their advisors, but also for policy makers and thinkers as they ponder the role of wealthy families in tomorrow’s world."

Edmund Leow S.C., Senior Partner, Dentons Rodyk & Davidson LLP, Singapore

A manual for avoiding the common pitfalls of family wealth and businesses with a focus on how families can prosper while governments capture the benefits of wealth owning residents and citizens

In The Transformative Power of Family Wealth, retired lawyer, wealth advisor, and tax consultant Philip Marcovici delivers a startlingly insightful and practical discussion of how family wealth and business owners can navigate internal and external challenges and have a positive and benevolent impact on the communities around them. For governments navigating the challenges and benefits of attracting and retaining wealth owners to their countries, an invaluable resource.

The book explains how to handle the difficulties associated with generational succession, family infighting, growing societal inequality, and complex taxation regimes. It walks you through:

• How to retain and grow your family's wealth through generations so you can continue to have a positive impact on the world
• How to handle internal family “derailing” events, like divorce, mental illness, fraud, and more
• Strategies for mitigating political risk for family-run businesses with international exposure and investments
• Approaches for governments to consider, including the adoption of regenerative tax systems that capture opportunities to create vibrant economies that address growing wealth and income inequality

Perfect for owners of family-run businesses and families with wealth, as well as the professionals, advisors, and consultants who work with them, The Transformative Power of Family Wealth is a must-read for lawyers, accountants, policymakers, legislators, regulators, journalists, and anyone else with an interest in improving their understanding of the issues affecting family wealth.

About this title

About the Author

PHILIP MARCOVICI is a retired lawyer who consults with governments, financial institutions and wealth owning families on tax, wealth management, and related subjects. He is an expert in many of the issues faced by wealth- and business-owning families, including governance, trusts, partnerships, and other ownership and stewardship structures. He is a member of the Advisory Committee of the Hong Kong University of Science and Technology’s Roger King Centre for Asian Family Business and Family Office and is a Founding Advisor to the Multi-Generational Leadership programme created by the University of Cambridge’s Institute for Sustainability Leadership.

From the Back Cover

Avoid the pitfalls of family wealth and business ownership

The Transformative Power of Family Wealth is a uniquely insightful discussion of how wealth and business owning families can secure their futures while contributing to their communities and society at large. Lawyer, wealth advisor, educator and consultant, Philip Marcovici, walks you through the steps you need to take to achieve success and stability for your family and its business and investment interests. You’ll also learn to responsibly steward your business and investments so you can continue to be a positive force in society for the long term.

With a focus on concepts of sustainability and resilience, Marcovici explains the psychology of wealth, how it can become a negative influence on family harmony, and how to harness business ownership and capital to maintain a benevolent impact on society.

An essential resource for wealth- and business-owning families, as well as the advisors, consultants, and professionals who serve these groups, The Transformative Power of Family Wealth is also a must-read for lawyers, accountants, asset managers, and trust company professionals who help wealth owning individuals and families navigate the challenges of asset and business ownership.

From the Inside Flap

Wealth-and business-owning families face significant challenges navigating the many issues they encounter throughout the investment and business lifecycle: generational succession planning, tax planning, wealth management, and more. There are many wrong turns available and much bad advice for the taking that can result in the destruction of wealth and familial harmony.

In The Transformative Power of Family Wealth, veteran wealth management consultant and tax expert Philip Marcovici delivers an incisive and eye-opening new take on the practical steps that wealth and business-owning families can follow to avoid the many common pitfalls that all too often arise.

The book highlights a diverse collection of voices, including women, advisors from different cultures and religions, as well as consultants from around the world, as they discuss the unique challenges faced by wealth and business owning families. You’ll find practical advice for how family wealth and business owners are and can be a constructive force for good―for families, for economies, for communities, and for the planet.

The Transformative Power of Family Wealth focuses squarely on the concept of sustainability. It provides pathways for families of means to achieve success and harmony while maintaining an ability to be a force for good in society as a whole. This requires the maintenance of the wellbeing and mental health of the individuals within those families and Marcovici explains how to achieve those things.

Perfect for wealth- and business-owning families, the advisors who consult with these families, private banks, trust companies, lawyers, accountants, and asset managers, The Transformative Power of Family Wealth will also earn a place in the libraries of regulators, legislators, policy analysts, and journalists who hope to advance their understanding of taxation and its role in addressing inequality.

Edition details

• Publisher: Wiley
• Publication date: 2025
• Language: English
• ISBN 10: 1394280505
• ISBN 13: 9781394280506
• Binding: Hardcover
• Edition number: 1
• Number of pages: 432