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What can families do to navigate the new reality and optimize time together? Navigating the new reality – A family governance perspective
We are living through an unprecedented time of uncertainty which has ushered in a new reality impacting our daily lives. For a large proportion of families, the new reality has also brought something a bit unusual in today’s fast-charging, interconnected world – time to reflect and to spend together. We at the Merrill Center for Family Wealth™ have the privilege of working with hundreds of families in helping them navigate the opportunities and challenges of wealth. While each family is different, one factor that remains a steady force in empowering families is intentional communication. We invite families to use this time as an opportunity to embrace connection rooted in family values, purpose, and bonding. See below for tips, reading, and activities to help you do so.
Stepping back to define your operating principles and driving motivations can be helpful to inform broader life decisions, particularly in times of uncertainty.
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Reach out to your Private Wealth Advisor to obtain a deck of the Merrill Values Cards, a tactical, unique exercise for individuals and families to identify their values, to inform financial, lifestyle, relationship and philanthropic decision-making
We are all impacted by a host of different biases (subconsciously or consciously) and can act irrationally, particularly when under stress. Having a decision-making process anchored in a process is prudent.
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Being intentional about communication and active listening models key principles that are applicable to family members at all ages and stages and helps reinforce a strong family culture.
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Identifying opportunities for experiential learning can enhance family members’ knowledge and also fuel individual and collective personal grow and development.
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Having important information organized in case of emergencies helps take stock of critical details and enables a more effective communication process with key family members.
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