New Capital stands ready to help you and your family members draft your own family mission statement. Let us know how we can help you.
Does your wealth have a purpose?
It’s an important question to consider and, ultimately, to act on. By taking the time to collectively define and document an objective for your family’s wealth, you can lay a foundation for enduring values, a smooth wealth transition, and a lasting legacy across generations.
Family History
Pick a handful of anecdotes that reveal your family’s financial journey and core values. Go back three generations and work forward to events within the memory of all family members.
Emphasize: crucial decisions, hardships that were overcome, mistakes and lessons learned, guiding principles, values to carry over into future generations.
Family Mission
The length of a mission statement varies with each family. It can be a few sentences, a few paragraphs, or even a few pages long. Start by getting some general thoughts on paper, and keep in mind that this is a fluid document you can always amend over time. Most important, your family should work to reach a consensus, incorporating input from everyone
Consider: lifestyle, education, philanthropy, family business, family bonding, entertainment, future generations, asset growth/preservation, accountability, individual initiative, community, religion
Use this worksheet from Vanguard to help draft your family mission statement.