Family Wealth Continuity: The Role of a Trusted Advisor

Track: Main Stage

Session Number: 168
Date: Mon, Jan 28th, 2019
Time: 11:00 AM - 11:40 AM
Room: Texas Ballroom BC


Many wealth creators and business owners share the dream of perpetuating family relationships and family wealth for generations to come and they turn to trusted advisors for help. Too often, the trusted advisor to one generation loses that relationship when the next generation assumes control of assets and decision making in a family. Governance processes and decision making structures are necessary tools for wealth continuity in multi-generational high net-worth families. Entrepreneurial stewardship is a paradox that needs to be managed. Family success and the long-term productivity of family wealth ultimately reside in the actions of descendants and beneficiaries, not in the success of the wealth creator.

Session takeaways:

• Communicate, communicate, communicate: Goals, dreams, plans and structures cannot be successful when developed in a vacuum
• Enhance, Don’t Enable: Encourage individual growth through effective allocation of family assets and responsibility – To give someone a gift they are not prepared to own is not doing good
• Emphasize Ownership, Not Management: Encourage appropriate responsibility and education to allow beneficiaries to “take ownership” of their wealth by having a voice in trusts and other legal arrangements.
• Tools to evaluate the presence or absence of these building blocks, and to work toward enhancing these qualities in their client families.

Session Type: Main Stage

Target Market: Apply to all
Categories: Premium Finance, Life Insurance & Retirement, Human Interaction Value
Session Type: Main Stage

Target Market: Apply to all
Categories: Premium Finance, Life Insurance & Retirement, Human Interaction Value


Speaker 1
Otis Baskin, PhD
The Family Business Consulting Group

A consultant of The Family Business Consulting Group, Otis Baskin brings extensive international experience to his focus on management and governance/decision-making issues in family businesses.

He has worked with family-owned businesses in the United States, Middle East, Europe, Asia and Latin America over the past 20 years. Otis has spoken on various topic to many organizations including the Family Firm Institute (U.S.), the Family Business Network (Europe), The Conference Board (Mexico) and The World Knowledge Forum (Korea). His primary expertise is in helping business-owning families develop plans for leadership succession, development of next generation leaders, and family/ownership structures/decision processes. He was the founding director of the Family Business Forum at The University of Memphis.

Otis is Emeritus Professor of management at The George L. Graziadio School of Business and Management at Pepperdine University, where he served as dean from 1995 to 2001. His academic career spans more than 25 years, including positions as dean of the Fogelman College of Business and Economics at The University of Memphis; director of the School of Management at Arizona State University, West Campus; coordinator of the management faculty at the University of Houston – Clear Lake; visiting scholar in Family Business at Oxford University, England, and visiting professor for Family Business at ITESM (Monterrey Tech), Mexico.

His scholarly achievements include seven books, in addition to numerous academic articles and published papers in the areas of organizational communication and family business. He is also the co-author of Effective Leadership in the Family Business with Craig Aronoff. He serves on several boards including the board of directors of EMRISE Corp. where he chairs the compensation committee and is a member of the audit committee.
Otis and his wife, Maryan, reside in San Antonio, Texas.

• Governance
• Succession & Continuity
• Leadership & Next Generation Development
• Family & Ownership Structures
• 2002-04 Special Advisor to the CEO of the Association to the Advance Collegiate Schools of Business
• 2004 Special Advisor to the President of Nagoya University of Business and Commerce, Japan
• Executive Editor of The Family Business Advisor
Otis holds a Masters certification from the American College of Corporate Directors; a 2002 Certificate in System Dynamics for Senior Managers, Sloan School of Management, MIT; and a 2007 Certificate of Director Education by the National Association of Corporate Directors.