Why Family Wealth Should Be Run Like an EnterpriseInterview with: Maria ElenaLagomasino, Chief Executive Officerand Foundi...
The Investment Network –marcus evans Summits groupdelivers peer-to-peer informationon strategic matters, professionalt r e...
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Why Family Wealth Should Be Run Like an Enterprise - Interview: Maria Elena Lagomasino, WE Family Offices - Latin Private Wealth Management Summit

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For more information contact: emailus@marcusevans.com

An interview with Maria Elena Lagomasino, a speaker at the marcus evans Latin Private Wealth Management Summit 2013, on applying best business practices in private wealth management.

The marcus evans Latin Private Wealth Management Summit is the premium forum bringing elite buyers and sellers together. As an invitation-only event, taking place behind closed doors, the Summit offers service providers and family from Latin America an intimate environment for a focused discussion of key new drivers shaping institutional asset allocations.

For more information contact: emailus@marcusevans.com



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Transcript of "Why Family Wealth Should Be Run Like an Enterprise - Interview: Maria Elena Lagomasino, WE Family Offices - Latin Private Wealth Management Summit"

  1. 1. Why Family Wealth Should Be Run Like an EnterpriseInterview with: Maria ElenaLagomasino, Chief Executive Officerand Founding Partner, WE FamilyOfficesFamilies who are able to successfullymanage their wealth often use the samebest practices that are used to run abusiness enterprise, says Maria ElenaLagomasino, Chief Executive Officer andFounding Partner, WE Family Offices.They think of their wealth as they wouldany other business – managing it with adistinct purpose, focusing on bestpractices, succession planning,governance and decision making – theycreate a wealth enterprise. The result isthat all the family members becomeengaged, constantly learning, and thelikelihood of success is much greater,she elaborates.A speaker at the marcus evans LatinPrivate Wealth ManagementSummit 2013, in Panama City,Panama, September 26-27, Lagomasinoshares her observations on well runprivate wealth portfolios.How can wealthy families maketheir wealth last for manygenerations?When I consider the families who arethe most successful and how they havemanaged their wealth, whatever theirdefinition of success, they have typicallymanaged their family wealth using thesame best practices and resources thatwere used to create the wealth in thefirst place.The good news is that most wealth iscreated through a business enterprise.Someone invests capital, builds abusiness, creates value, jobs andwealth. Managing, protecting andnurturing private wealth requires a verysimilar skill set.Statistics show that most wealth doesnot make it past two generations. Whatoften happens is the family sells thebusiness, makes the wealth liquid andgives it to someone else to take care ofit because they feel they cannot. As aresult, the learning stops.What happens next? What goeswrong?Some wealth managers throw big wordsand concepts at families, and it canseem daunting, but it is not overlydifficult. It is actually more businesscommon sense than it is touted to be.For example, when running a company,there is a mission and a strategic plan.The same should apply for privatewealth. That means understanding howmuch you are spending, putting theright professionals on the right activitiesand managing them, communicatingwith stakeholders and putting the rightprocesses in place to achieve thecompany’s objectives.It should be exactly the same whenmanaging private wealth.How should they train the nextgeneration of family leaders?A family of wealth needs to educate thenext generation of wealth owners asearly as possible. There has to be a planaround what they can expect, what rolethey will play, and what they need toknow to manage the family wealth.Some of that may be technical skills, oninvesting or budgeting, while othersmay be values-driven.If part of the wealth is to be usedphilanthropically, the best way to helpthe next generation is for the wealthcreators of the family to start rolemodeling the desired behavior, perhapsby starting a foundation and puttingaside money for that purpose.To teach the technical skills, educationis necessary around accounting, legal,tax or investing, to make sure the nextgeneration of enterprise owners makethe right decisions. The earlier theystart honing these skills, the easier itwill be for them when they get older. Itis like learning a new language.In a company, the top of the housecoaches and mentors the nextgeneration of managers - it should bethe same in a family.A family ofwealth needsto trainthe nextgeneration ofleaders ofthat wealth
  2. 2. The Investment Network –marcus evans Summits groupdelivers peer-to-peer informationon strategic matters, professionalt r e n d s a n d b r e a k t h r o u g hinnovations.Please note that the Summit is aclosed business event and thenumber of participants strictlylimited.About the Latin Private Wealth Management Summit 2013This unique forum will take place at the Trump Ocean Club, Panama City, Panama,September 26-27, 2013. Offering much more than any conference, exhibition ortrade show, this exclusive meeting will bring together esteemed industry thoughtleaders and solution providers to a highly focused and interactive networking event.The Summit includes presentations on jurisdiction management, family governance,portfolio construction and risk management, and preparing the next generation.http://latinpwm.marcusevans-summits.comAbout marcus evans Summitsmarcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discussstrategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity toindividually tailor their schedules of keynote presentations, case studies, roundtables and one-on-one business meetings.For more information, please visit: www.marcusevans.comUpcoming EventsFoundations & Endowments Investment Summit - www.foundations-endowmentssummit.comUS Pensions Summit - www.uspensions-summit.comTo view the web version of this interview, please click here:http://latinpwm.marcusevans-summits.com/MariaElenaLagomasinoContactSarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, SummitsDivisionTel: + 357 22 849 313Email: press@marcusevanscy.comFor more information please send an email to info@marcusevanscy.comAll rights reserved. The above content may be republished or reproduced. Kindlyinform us by sending an email to press@marcusevanscy.com

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