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"ונתת לבנך ביום ההוא" DC Finance Regional Family Wealth Conference Daniel Goldman

"ונתת לבנך ביום ההוא" DC Finance Regional Family Wealth Conference Daniel Goldman. May 1 st , 2014. Wealth Across the Generations. Goldrock – family o ffice serving the Goldman family Spanning 3 active generations Wealth created in entrepreneurial business

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"ונתת לבנך ביום ההוא" DC Finance Regional Family Wealth Conference Daniel Goldman

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  1. "ונתת לבנך ביום ההוא" DCFinance Regional Family Wealth Conference Daniel Goldman May 1st, 2014

  2. Wealth Across the Generations • Goldrock – family office serving the Goldman family • Spanning 3 active generations • Wealth created in entrepreneurial business • Family office active since 1999 (before we realised we were a family office!) • Daniel, son of David and Cynthia, married to Debra-lee, brother of Andrew and father of 5 (plus dog)

  3. What does Goldrock do? • Ask the questions nobody else will ask • Consider Family Risk Management • Plan for life cycle events and trans-generational change • Global asset allocation and unified reporting for family and connected entities • Active in philanthropy

  4. 1st to 2nd Generation • 1999 – the Oh Sh*t Moment! • Several years of adjustment • Main concern now for 3rd generation • Wealth creator had NO idea what was going to be created! • Some age protections around transfer • “You are the trustees for the coming generations”

  5. Daniel’s insights: • Don’t do it on your own • If you love them set them free; or • Don’t use the money to trap your kids • A broader financial background (if you are going to be the one to take responsibility) • Beware of long term trusts/planning • Don’t leverage

  6. והגדת או ונתת? • What protects the kids – family, money, rules, knowledge, values? • More than the wealth protecting the family, the values protect the wealth. In some cases the family needs to be protected from the wealth • Differences between 1st, 2nd and 3rd gen mindset • Creation of a “false reality” to protect the 3rd generation – is this a sustainable solution, and can it work for others? • What happens to people that don’t “need” to get up in the morning?

  7. והגדת או ונתת? • Know your strengths and weaknesses with money • Encourage responsibility as early as possible • Connect the next generation with the previous generation • Teach by actions, not by words • Philanthropy is not a luxury

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