When it comes to leadership, a breadth of perspectives is a huge benefit in preserving wealth across the generations, according to Matthew Fleming, Head of Family Governance & Succession.
“Having a range of different voices at the table is so important, especially when it concerns a multigenerational family,” he told listeners on the launch episode of Stonehage Fleming’s new podcast, Family Futures, Wisdom & Wealth.
“The right person to lead a family business is not necessarily the right person to lead a family, or be at the helm of a family’s wealth. Selecting the right leader for the right phase and the right area of a family’s life is critical.”
Host, Guy Hudson, interviewed Matthew and Head of Family Office UK, Priyanka Hindocha, on a wide range of themes arising from their family office practice including the relative merits of a multi-leader structure for guiding the direction of a family.
“We encourage families to democratise their leadership model in a way that engages the whole family.” Referring to Stonehage Fleming’s latest Four Pillars of Capital research, Matthew recommends representation from each pillar – cultural, intellectual, social and financial – as a simple model for achieving leadership diversity. “Ideally, there should be one leader for each pillar. It is rare for one person to have the skillsets to lead in every one.”
On his own route to leadership, Matthew cited his early bumps in the road. “I only thought about the army once I’d tried to be a professional cricketer and failed dismally,” he said. “I learned about leadership, pressure and how to bring your best to a situation when the odds are stacked against you. When I stopped being a soldier, I had the chance to go back and play cricket. The skills I’d developed enabled me to have a successful career because, although I hadn’t got any better, my ability to produce my best under pressure meant that I got lucky and scratched a career.”
‘Family Futures, Wisdom & Wealth’ is out now. Listen to episode one here to find out more about the significance of leadership structures within a family.
