This is a question we are asking nearly all our clients right now:

 

Have you ever heard of a family mission statement?

 

(We assume the answer is most likely “no.” But it’s actually one of the most important documents anyone can have when it comes to protecting your family’s financial future…not to mention ensuring financial harmony in the home.)

 

A family mission statement is a written declaration that cements an agreed-upon purpose for your family’s wealth. It affirms what that wealth should be used for, how it should be protected, and how it should grow over time. In many ways, it also asserts the common code of values that everyone in your family should hold when it comes to enriching their lives and the lives of those around them.

 

You may be wondering what we mean by “family wealth.” Generally speaking, your family’s wealth not only consists of your financial assets, but also your time, reputation, personal contacts, status in the community, and ability to make a positive difference in the world around

you. In other words, your family wealth is not just money.

 

It’s everything you value about yourself and one another.

 

In our experience, having a family mission statement gets everyone on the same page regarding finances. It enables the entire family to work together, using the same means and methods, towards the same goals. It also adds purpose, coherence, and long-term stability, not just to your finances, but to your relationships.

 

It helps siblings, children, grandchildren, and others understand that your family name means

something. That you are all part of something bigger than yourselves. And that the wealth you and your family share can add tremendous joy and meaning to your lives when used, saved, and expanded wisely.

 

Here is a great example of a family mission statement:

 

“We are committed to the growth and preservation of our family wealth, and to

the promotion of financial wisdom. We understand the immense responsibility

that comes with the stewardship of our family wealth and will work to add, not

withdraw, from this balance. We will use this wealth to aid our community,

provide for family experiences, and increase financial education for generations to

come, ensuring that our family will be taken care of and be seen as a force for good

for generations to come.”

 

Here is another example. It’s shorter, but equally meaningful to the family who wrote it:

 

“We are committed to family bonding, community outreach, and fun. We will

consistently seek to grow our family’s assets, provide for our family’s

education, and ensure financial security for every family member.”

 

A family mission statement is designed to be a living document. Your loved ones may amend and add to it as the years go by and as your family’s goals and needs change over time.

 

As your Investment Advisor, we recommend having a family mission statement. The best way to start crafting one is to gather your loved ones around in your home, or some other treasured meeting spot. (Some people choose to do this at a reunion or family retreat.) Have a conversation about what money means to each member of the family. Discuss the goals and values you all have in common. Brainstorm ways to use your family’s wealth that makes

everyone feel fulfilled and enriched. And be sure to write all these items down!

 

The next step is to have a conversation with us. Our team can help you craft a statement that encapsulates the financial goals, values, and ideas your family has discussed. We can even help you write multiple statements that the family can vote on.

 

By doing this you will be able to instill a new sense of confidence and togetherness in your entire family. More practically, you will also be able to reduce the risk of family conflicts in the future…and better preserve your own wealth in the present.

 

Open conversations between loved ones ensure the “big picture” always remains in view. A family mission statement transforms that picture into words to live by. It engraves your financial hopes, values, ideals, and your legacy into an example that will last for generations to come.

 

Please let us know if you have any questions about family mission statements, or if you would ever like our help with crafting your own!

 

Sincerely,

 

The Omell Financial Group

 

Original from Bill Good Letter’s Library

 

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc.

 

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change.

 

If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.

 

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