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Wealth is the world's most valuable guide to wealth management for individuals, families, business owners, and the "upwardly affluent." In the six years since Stuart Lucas wrote this book, however, the financial world has changed dramatically. Throughout the financial crisis and beyond, Lucas has led the University of Chicago's Private Wealth Management program, teaching 500+ members of the world's wealthiest families. Now, he brings together extraordinary insights informed by this experience. Wealth, Updated and Revised Edition retains its core advice, now tested and proven by the worst financial crisis in 70 years. However, Lucas has updated his exclusive Strategic Wealth Management Framework to help even more individuals, families, and entrepreneurs aspiring to wealth or seeking to protect it. Lucas highlights key drivers - family purpose, the economic engine, and leakage management - that mark the difference between family enterprises that succeed for generations and those that fail. He offers updated, sage advice on making financial decisions, evaluating "expert" advice, running a family business office, tax/estate planning, philanthropy, wealth preservation, and more. Since developing a family's human capital is the best antidote to Wall Street excess, this edition adds even more robust, actionable guidance for building a culture of Entrepreneurial Stewardship: one that enables and encourages all family members to flourish, and improves the odds of sustaining wealth.
The definitive guide to strategic wealth management, now completely updated: indispensable for everyone who possesses or aspires to wealth.
Foreword to the Second Edition viii
Foreword to the First Edition xi
Chapter 1: Protecting and Growing Your Wealth 15
Chapter 2: Eight Principles of Strategic Wealth Management 37
Chapter 3: Start with Your Family Purpose 57
Chapter 4: Defining Your Financial Objectives 85
Chapter 5: The Enchanted Forest, the Secret Society, and the Capital Kibbutz 127
Chapter 6: Picking Your Investment Strategy 161
Chapter 7: Making Your Most Important Hire 211
Chapter 8: Taxes Can Be Your Ally! 249
Chapter 9: Promoting Entrepreneurial Stewardship 275
Chapter 10: Making Philanthropy Part of Your Strategic Wealth Program 305
Chapter 11: Putting It All Together: Multigenerational Planning and Wealth Transfer 331
“As a fourth-generation heir of E. A. Stuart, founder of the Carnation Company, Stuart Lucas knows first-hand the privileges, challenges, and responsibilities of wealth. His family’s approach is a backdrop to this book: a peek through the window that you rarely experience. This gives Wealth unusual credibility. The author is practicing day-to-day--with real dollars--the lessons he prescribes.”
--JOE MANSUETO, Founder, Chairman, and CEO, Morningstar, Inc.
“There just are not very many people like Stuart.... He wears his wisdom lightly and is a joy to have in the mix. I have enjoyed working with and learned a lot from Stuart. I think you will, too.”
--G. GARVIN BROWN IV, EVP and Chairman, Board of Directors, Brown-Forman Corp.
The Definitive Guide to Strategic Wealth Management: Completely Updated for Today’s Realities--Financial and Personal
Living with wealth, managing its complexities, investing it for the long run, using it to advance worthy causes, and perpetuating his family’s legacy are all topics Stuart E. Lucas knows a great deal about. For over 30 years, he’s lived a double life, both as a member of one of America’s wealthy families and as a senior executive in prestigious wealth management and investment firms.
Lucas is a fourth-generation heir of E. A. Stuart, founder of the Carnation Company, best known as the maker of such all-American food products as Carnation evaporated milk, Friskies pet food, Coffee-Mate nondairy creamer, and Contadina food products. In 1985, the Stuart family sold Carnation to Nestle, the Swiss-based global food giant.
Today, Lucas is Chairman of Wealth Strategist Partners LLC, an investment advisory firm that provides an outsourced Chief Investment Officer service for individuals and families (including his own) of significant net worth. An accomplished speaker and educator, Lucas designed and teaches the Private Wealth Management program, exclusively for wealth owners, at the University of Chicago Booth School of Business.
Lucas has a long-standing commitment to public service. He serves as a Director of the Stuart Foundation, which supports public education and child welfare programs in California and Washington. He also serves on the Investment Committee of National Public Radio in Washington, D.C.
Lucas was formerly Senior Managing Director of the Ultra-high Net Worth Group within Private Client Services at Chicago-based Bank One. During the 1980s, Lucas worked for Wellington Management Company, serving for three years as General Manager of the firm’s European business operations and before that as Assistant Portfolio Manager of a Forbes Honor Roll mutual fund.
Lucas has a bachelor’s degree with high honors from Dartmouth College, has an M.B.A. from Harvard Business School, and is a Chartered Financial Analyst. He is married with three children.