By: Mark McMullen
Two minutes with Mark McMullen, Group Deputy CEO
We start by asking clients what the purpose of their wealth is. It gets to the heart of the issues. It’s no good starting with a product. We first identify what a family is trying to achieve and what their values are, then build a narrative around their history. In doing that we can begin to understand the ‘DNA’ of the family and what their mentality towards assets and risks is. From there we are able to start to structure things.
The two biggest risks to long-term wealth are a lack of purpose and failure to plan.
No matter where you are in the world, if you are a wealthy family, you need a governance and succession structure built around your purpose and philosophy. This structure identifies what success looks like, whether it is financial, non-financial or a combination of the two. Never assume that everyone wants the same outcome. If you don’t plan ahead, your chances of success are lower.
Education is often a catalyst for a family to emigrate. Regardless of nationality, culture or religion, clients want the very best for their children. We work with a number of high net worth Asian families, almost all of whom send their children to school in the US, Canada or the UK. It is a growing trend.
It is easier than ever for families to be ‘global’. People talk about a ‘fourth culture’ and we see it among our clients - a new cohort emerging, particularly in Asia, where the children may have been born in one part of the world but educated in another. They have a mix of western and eastern values which creates really interesting dynamics within the family.
Many of the families that we have worked with over the years are immigrants from all over the world including South Africa, the US and Asia. Where we add value for new clients is around story telling, sharing the practical wisdom we have collected in helping these families face a variety of issues and achieve success.
Mark is a Partner and the Group Deputy Chief Executive Officer. He joined Stonehage Fleming in 2001 and now oversees Stonehage Fleming’s offices in Jersey, Israel, Luxembourg, Switzerland, the US and Canada.
Find out more about Stonehage Fleming's Family Office
Find out more about Stonehage Fleming's Wealth Planning offering