Businesses have mission statements, why not families?

This has been the thinking for a long time among many of those who serve wealthy families. While families of all income levels could benefit from devising a mission statement, this is often more critical when a family’s wealth significantly exceeds its needs. In some cases “no one will be able to spend all this money in their lifetimes, so they need some guidance as to how to use this money in other ways,” says Keith Whitaker, a counselor at Wells Fargo Family Wealth. “The family mission statement focuses on the purpose of the wealth, what the family wants to accomplish and how to accomplish it.”

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