Family meetings are invaluable because they can serve a variety of purposes, to name a few: nurturing family bonds and relationships, promote wealth education and stewardship, to share and provide access to information, and for group decision making. No matter what the purpose, meetings foster an environment of trust and fairness by providing a forum for family members to actively participate in management of shared family wealth by having his or her voice heard. Still, while the act of holding consistent and formal family meetings is a first essential step, to ensure the family’s long term vision is sustained family members must learn how to hold effective meetings – that is, meetings that continually advance the ball forward. It is all too easy among a large group of diverse individuals who hold various interests, needs, goals, desires, and attention spans to go down a rabbit hole of issues and conflicts that have no direct relevance to the purpose of the meeting. Luckily, there are best practices which can be implemented every time that will increase the effectiveness of every family meeting.
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