Welcome to the Family: Part 1


When I started my job at Legacy Trust, they provided me what I would call a welcome packet.  It talked about the values of the company, its history and culture as well as the expectations of its employees.  The welcome packet is very important because it helps to give me direction on how I present myself, not only within the company but in the community.  It establishes clear expectations of my behavior and helps to protect the Legacy Trust brand and identity.

As a new employee, I can understand this for a company but a welcome packet for a new member to a family?  Really?

As I read a recent article in the Wall Street Journal (link below) it started to become more apparent that all we do at Legacy Trust to protect our reputation should also hold true to families with significant wealth.   Just as Legacy Trust has a brand and name that needs to be protected, so do wealthy families.

As a new member comes into a family by marriage, they may not be accustom to that family’s community involvement, philanthropy, business dealings, investments, governance, history, financial planning, etc.  Through a thoughtful onboarding process, the family can smooth out potential intra-family relations and safe guard their fortunes for future generations.

The only drawback to all of this is, that it may be a bit overwhelming for the new spouse.  Particularly if they are not accustom to wealth and the responsibilities that comes with it.