Knowing the best way to get family members onboard with the idea, and what is involved in the process, you can decide who to bring into the fold if you want to look beyond the core family. (And it’s worth mentioning that both my sisters used this strategy to start their own family banks!) I’m not saying it can’t be done, but if you’re looking to keep things simple, start with just your core family members. I didn’t include my sisters in our bank because, with siblings, it’s a little more complicated setup. With my family bank, it’s me, my wife, our kids, and my parents. Obviously, when your family’s collective worth is in the billions, you can support quite a few people. The Rockefeller family has somewhere between 150 and 200 family members who receive benefits from the bank. Here’s what I can tell you from my personal experience and my experience writing my book. The answer to this question is: it depends. Who Should Be Included in the Family Bank? If you want your family bank to endure as long as the Rockefeller family’s bank has, the onus is on you to educate and inspire future generations so they appreciate what’s being built. What we’re doing is bringing our children into these conversations early in their lives and having these experiences together. We also signed up for a family 5K, which we ran together in February. Over breakfast, we were going through our family mission statement together. This is the reason I was in Antigua when I saw Pablo. The third and final ring is the family retreat. What you include will serve as signposts for future generations.Ĭreate this as part of your estate planning, and be sure to designate who will be responsible for instilling these values in your children if something happens to you and the other parent. You also create a family mission statement that points out why you’re trying to preserve, protect, and perpetuate the family’s wealth.
This is a document where you spell out the most important lessons, philosophies, values, and principles that you want to share. The second ring is the family constitution. At Wealth Factory, we created a virtual office that works not just with our family, but with other families that are working to create their own bank. You don’t have to be wealthy to have access to one. The family office is a cohesive team that’s working on your family’s behalf. A family office consists of attorneys, accountants, fiduciaries, investment advisors, and more. This is a concept lifted straight from the Rockefellers, who had so much wealth that they hired their own financial team that only worked for their family. Instead, I want you to focus on what I call the three family legacy rings, which are critical for starting a family bank. Set aside the notion of contracts and agreements for a moment.
What Pieces Do You Need to Have in Place? What matters is that you’re putting away something. It doesn’t matter how much money you’re putting away. So, lead by example and focus on progress, not perfection. When I eventually sat down with my parents to discuss this idea, it took some convincing (especially with my mom), but they bought in because I’d spent years walking the walk.
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