"Family Governance--turning new wealth into old money" is front and center on Jason Howell's website, and the concept of family governance is not one I was familiar with from a financial planning standpoint. From the quote, you can determine that the act of turning new wealth into old money is accomplished by involving the entire family. But what exactly does family governance mean, what does it look like, and how can we implement without families, even if we don't have the ultra-high net worths usually associated with this type of planning?
I've known Jason for a few years now as we are both members of the XY Planning Network, and I as I explain early in the conversation, I had a very instrumental conversation with Jason over dinner one evening during the 2018 XYPN Live conference, so I asked him to join me for a conversation to learn more about the planning he is doing with his clients, why he decided to make Family Governance the foundation for his firm, and share a few "secrets" with us so we might be able to implement the principles in our firms (advisors) or families (clients).
In addition to listening to the conversation, I want to encourage you to grab a copy of Jason's new book, which will be out in a few weeks!
I hope you enjoy!
Book: The Joy Of Financial Planning 7 Strategies For Transforming Your Finances And Reclaiming Your American Dream
Jason Howell Co. Wealth Advisors
Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.