Episode 5

Published on:

27th May 2021

Advice You Can Trust - Episode 5 (A Family Constitution)

One of the biggest concerns facing affluent families is how to manage their wealth so that it achieves many goals. Their focus could be continuing to grow their wealth as it is transferred to younger generations, or aligning the use of that wealth with the values and ideals the family holds dear, or even protecting that wealth from creditors and others who might seek to take it unjustly.

Often the best place to start, is to ensure that your family members are aligned when it comes to key issues. A family constitution can be a great way to get that process going.

In the fifth installment of the show, James and Ryan explore the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing family wealth.


00:05 - Overview on today's topic

02:05 - The challenges arising when wealthy families work together to manage their wealth

04:08 - Specific wealth-related issues among families with significant assets

05:50 - What families can be doing to make sure everyone is aligned

09:50 - How a family constitution works

12:20 - How a family should go about drafting a family constitution

15:40 - Who from the family should be involved in the financial discussions

20:21 - Additional advice to ensure the family constitution remains relevant over time

23:00 - Who families should turn to for help with this entire process

26:17 - Final remarks regarding the importance behind establishing a family constitution

Connect with James Nichols:



Show artwork for Advice You Can Trust

About the Podcast

Advice You Can Trust
Let's Move Forward. Together.
Welcome to Advice You Can Trust, where we explore an array of topics surrounding wealth management and the lessons that can be learned from super rich individuals, families, and businesses as a whole.

Listen as James Nichols, Wealth Manager at Cumberland River Group, taps into years of experience in working with clients to provide highly customized advice, investment solutions, and financial planning services. Dedicated to his clients, James prides himself on the relationships he has nurtured over the years.

Each episode we'll dive into new financial topics and provide enlightening conversations full of advice you can ultimately trust and apply to your own best practices.

Thanks for joining us. Now, let's move forward together.