Lessons From the Field #15:
Hope is Not a Strategy
Being an effective family fiduciary takes a lot more than good intentions. You are responsible for making things happen. As you watch today’s 55 seconds, you may want to ask yourself:
Healthy family wealth development depends on the inclusion, engagement, and collaboration of as many family members as possible, and the leadership necessary to deploy them all for the common good.
When you think about it, most of what happens in your life is beyond your control.
One of the first things Marines are taught is their area of control is within three feet of their body.
Stephen Covey goes on to describe it as your circle of control with respect to your larger circle of influence and an even larger circle of concern, where your big-picture longer term goals are.
Successful family fiduciaries understand how little control they have, but also appreciate how much influence they can introduce along the way.
Protecting and developing your family wealth over time is not a “set it and forget it” activity.
It calls for vision, planning, mindfulness, engagement, working with who and what is available, reflection, and continuous learning and adaptation.
Where do you think you could best apply your influence?