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The Family Compass by Jerry Nuerge
Families often lack a compass for navigating through potential distractions. Most high net worth people believe that if they have signed all their trust documents and wills, they have taken care of their future. After all, their attorneys and CPAs have assured them that the maximum amount of financial assets will be transferred to their spouse and then to their children with as little loss to the tax man as possible. Unfortunately, research shows that only ten percent of financial assets make it to the fourth generation.
A family’s values are just as important as those of a corporation, but they receive far less attention. I have found it more beneficial to families to focus on three often ignored components that have the potential to extend a legacy indefinitely:
1) What are your values?
2) What virtues will we pursue?
3) What do we want our family story to be?
Collectively, these are family brand equity, the core of a family’s culture. The values define the family, the virtues build the family, and the story describes the family.
Rather than elevate whatever human values are currently in vogue in our culture, we identify our family’s values based on the evidence of our calendar and pocketbook.
Virtues are frequently underestimated in importance. Aristotle argued that substantial happiness and human flourishing could be grasped only through the virtues. King Solomon stated it this way: “My son, do not forget my teaching, but keep my commands in your heart, for they will prolong your life many years and bring you peace and prosperity. Let love and faithfulness never leave you.” (Proverbs 3:1-3)
The battle of morality is not so much about knowing what is right as it is doing what is right.
The family story is a crucial component. Think of the family story as an ongoing stream of past, present, and future stories of family members woven together. These stories, infused with the family’s values and virtues, provide a sense of identity as well as motivation to not be the generation that weakens the heritage.
Imagine the priceless joy when family brand equity is the focal point of our transfers to the next generation! These assets empower families to live intentionally productive lives for multiple generations.
WHY YOU SHOULD LISTEN TO JERRY?
Jerry Nuerge is founder and owner of the Financial Independence Group. He is also the creator of the Wealth Integration and Transfer System™, the Generation Connection Process™, as well as the Revenue Retrieval System™. Jerry holds a BBA and MBA degree, holds the Chartered Advisor in Philanthropy (CAP), is a Chartered Life Underwriter (CLU), a Chartered Financial Consultant (ChFC), a Certified Family Wealth Counselor (CFWC), and a Registered Investment Advisor (RIA). He is a lifetime member of the Million Dollar Round Table (MDRT), and has qualified for its “Top of the Table.” He also belongs to the National Estate Planning Council, the Society of Financial Service Professionals, the National Association of Insurance and Financial Advisors (NAIFA), and is a past-president of the local chapters of these organizations.
Jerry is a member of Kingdom Advisors (KA) and a charter member of the Int’l Association of Advisors in Philanthropy (AiP), which he served as president in 2009.
Jerry has been married to his wife, Sharon, since 1967, and has three children and eight grandchildren, all living in the Fort Wayne, IN area.
Co-author of Family Wealth Counseling: Getting to the Heart of the Matter and author of The Priceless Gift, Jerry is active as a consultant and national speaker.
The Power of Yes and the Wisdom of No: Jose Gerald Suarez
How Words Create Worlds: Sebastien Christian
Andrew Solomon: How the worst moments in our lives make us who we are
Writer Andrew Solomon has spent his career telling stories of the hardships of others. Now he turns inward, bringing us into a childhood of struggle, while also spinning tales of the courageous people he’s met in the years since. In a moving, heartfelt and at times downright funny talk, Solomon gives a powerful call to action to forge meaning from our biggest struggles.
The Magic of Words: What We Speak Is What We Create: Andrew Bennett
Andrew Bennett is a Transformational Magician. He began his career as Ross Perot’s personal assistant and for over three decades he has been a leadership consultant and coach to organizations of all shapes and sizes around the world. A member of The Magic Circle, the oldest and most prestigious society of magicians in the world, Andrew uses magic to enable leaders to simplify and accelerate organizational transformation.
The Most Dangerous Four-Letter Word: Dick Simon
Dick Simon is a serial entrepreneur, passionate photographer and has spent the past twelve years traveling throughout conflict regions of the world, including North Korea, Iran, Syria, Israel/Palestine, Cuba and others, learning about and combating the most dangerous four-letter word in the English language, THEM.
The power of words: Grace Taylor – Lugen Family Office
The virtues of gossip: Richard Weiner – Lugen Family Office
Richard Weiner is the author of 23 books, including Webster’s New World Dictionary of Media and Communications, found in major libraries around the world, and Professional’s Guide to Public Relations Services, a textbook at many colleges.
Dare to become subjective!: Edward Harris
What role and relevance does religion have in a secular world? Edward (Ted) Harris is a priest, philosopher and author who has spent much time pondering questions like this.