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Embracing the role of a family steward | Key qualities for success

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By Capital Partners Lifestyle

To be a successful family steward, it takes a genuine commitment to transparency and communication. It’s a role built on the desire to protect your family and instil them with knowledge of the structures in place to help them flourish. For many, the role comes naturally. If you can relate to the myriad of qualities that go into being a successful family steward, you may have found your natural duty. To explore this pivotal role in greater detail, our team have outlined the qualities of a family steward, how to be one and create true success in the process.

Who is a family steward?

Family stewards are typically responsible for the management of the entire financial house. They thrive from setting goals and are motivated to protect their family’s financial security. Stewards will be on the front foot with other family members to establish a long-term plan for their wealth, often including goals, spending and investing rules.  As a steward, you will take ownership of developing the skills of your children and grandchildren by passing down your knowledge as a commitment to the discipline and prosperity of the next generation. Looking after and protecting your family financially is at the heart of everything we see our steward clients do.

Why does stewardship matter?

Money will not lead to a better, happier life unless it is managed purposefully. A family steward endeavours to do just that; manage and safeguard. A dedicated steward will be motivated to ensure that all decisions will reflect your family’s best interests, driven to protect and preserve the security of current and future generations, enabling your family to flourish well into the future. Stewards also take on the role of wise teachers, passing down their knowledge and wishes to the next generation. Perhaps most poignant, stewards often create a stronger sense of family unity, given they build a space for family members to come together and have meaningful conversations. When families share their goals and envision bigger futures together, so begins a healthy relationship with wealth.

How you can be a successful steward

Everything a steward does is in service of their family. Therefore, as a successful family steward, you should understand the values and aspirations of each family member. Successful stewards value harmonious relationships and endeavour to make decisions that ensure everyone is happy and secure. The most successful stewards our team have met want to take advice on wealth management matters, particularly in creating long-term financial security, estate planning and developing financial capacity for their children. As a steward, you will want to understand, plan and relay your strategy to other family members, particularly emphasising how it will relate to everyone’s needs. More than anything, successful stewards are selfless and serve as figureheads for a role that is so much bigger than one person.

Many families have a key figure who makes most of their financial decisions. If you sleep easier at night knowing your family is looked after, you might be this person. While it is not guaranteed to be easy, a successful steward can create clarity, certainty, and unity where wealth is involved. Family and money are not always happy companions, but in your journey to successful stewardship, your adviser can share their wisdom on how you can best collaborate with and guide those who mean the most to you.

The information provided on this site is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different and you should seek advice from a financial planner who can consider if these strategies and products are right for you.

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