White Papers

Your Spouse: Family CEO-In-Waiting

Do you have a sound plan for managing your family’s financial situation if the spouse who is in charge of those issues must suddenly assume that role?

If you are like most couples, one spouse tends to take the lead in managing the family’s financial life. That spouse handles most of the discussions with financial advisors, investment managers, attorneys, and accountants. The question is, if the other spouse had to suddenly assume total responsibility for dealing with all of the family’s financial issues – with no assistance at all from the spouse who is currently in charge (not even being able to have a conversation) – how well prepared is he or she for that role?

The families we serve have more assets and more complicated financial situations than most small businesses. Just as every business needs a succession plan if it is to survive the death or incapacity of its founder, so every wealthy family should plan for the successor management of the family’s financial situation. Failure to attend to this problem can lead to serious consequences for the surviving spouse and other family members.

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