Private sector Programmes - Malaysia: Abacus Family Wealth Legacy Creation, Abacus For Money

Programme:

ABACUS FAMILY WEALTH LEGACY CREATION - It is about planting more Wealth Trees in Your Family Wealth Estate!

 Malaysia

Date of creation: 2005

Sector, Sponsor,  Responsible body(ies):

Private sector: The Abacus For Money team of Kuala Lumpur, Malaysia, is made up of financial professionals.

Audience/Coverage:

For general public, SMEs and entrepreneurs, family with children and matured adults, family business owners, family with stepchildren, family with siblings and relatives.

Tools & Programmes:
Workplace

The Abacus For Money Family Wealth Legacy Creation Program is designed to help your family to:

1. Analyse and understand family dynamics and family systems that is unique to your family
2. Develop personal reflection of life philosophy towards a trusting relationship with family members of different generation gaps, i.e. Baby Boomers, Generation X and Y
3. Create personal values and “Wealth of Life” for your family
4. Examine personal behaviour and emotions towards money as a family member and collectively as a family
5. Analyse personal financial skills individually and collectively as a family
6. Bring about awareness of different influences in life that affect each family member’s money self
7. Understand the 4-steps money skill process for the family
8. Analyse each members self-needs and wants vs the family's needs and wants
9. Create the family philosophy, values, beliefs, culture and traditions
10. Create family money beliefs, wealth goals and affirmations
11. Create the Oath & Quote of Arms for the family
12. Clarify each family members' roles and responsibilities and effectiveness in working with family members of different generations
13. Create the Family Financial Contingency Plan to ensure a continuous support system to maintain family unity.

See: http://www.abacusformoney.com/family-wealth-legacy-program.htm

Description (Aim & Needs):

Each family nucleus is unique. No one family member is the same though may have the same family name. Because personality, character and experience differences, there are personal and family issues, be it implicit or explicit, that need to be resolved before they become complicated and difficult to resolve in the family.

Many heartbreaking and painful encounters will arise and cost great fortune for the family, losing family values that could have been preserved and family wealth that could have been multiplied if family members can work in harmony with a guided family blueprint.

As one generation makes way for another in a family that is made-up of grandparents, parents and children, there are always issues around leadership, family future and continuation of generation ownership − who will continue to carry on the family values and legacy, especially with the younger generation who is living in this New Millennium Age?

For family-owned businesses, there is a need to focus on strategic planning for the family future, installing an effective family team that allows appropriate ownership and involvement, not forgetting that family business needs to continue evolving with the younger generations.

There are many strategic questions that need to be addressed in a family, including:

1. What are the assets the family wants to enhance or preserve?
2. What are the family values you also want to see preserved?
3. What is the time period for working together on wealth management issues?
4. Which family members are interested in serving in a leadership capacity?
5. What roles could individual family members play in the family wealth management?
6. How will decisions be made concerning investments and other financial alternatives?
7. What financial governance structure is appropriate for the family?
8. How will the family financial wealth structure be owned?
9. How will the financial mission of the family be defined?
10. What scope of financial benefits will be provided to the family members?
11. How will the financial wealth be distributed from one generation to the next?
12. What can the family do to ensure the financial success instead of failure or bankruptcy?
13. What’s the family financial contingency plan?

In the program, the family will get to look in-depth into issues such as:

1. Transferring wealth and illuminating issues of power and control in families of different generation gaps like Baby Boomers, Generation X and Y.
2. Issues in intimate relationships that caused money problems among family members
3. Difficulties in trusting family members to manage family wealth
4. Difficulties of raising children and grandchildren in a materialistic society
5. Developing and managing governance structure for family businesses and foundations
6. Successfully negotiating the complexity of blending families and wealth
7. Complexity of Extended Family with Wealth
8. Uniqueness of aging towards retirement for senior members in the family
9. Changes of culture, ethics, socio-economics, Internet, digital technology and globalization these days that are affecting family unity and security

Assessment of Financial Literacy/Capability:

n.c.

Evaluation of the Programme:

n.c.

Resources/Available Material:

‘Smart Money-User’ book and ‘Money Rules’ book.

Weblink:

www.abacusformoney.com

Contact:

Carol Yip
Founder & CEO
Abacus Advisory Sdn Bhd
Suite 305, Block E, Phileo Damansara 1
9 Jalan 16/11 (off Jalan Damansara)
46350 Petaling Jaya, Selangor
Malaysia
Mobile phone Malaysia: 012 208 5090
Phone international: +60 1 2208 5090
Email: info@abacusformoney.com
Skype: carolyipkairong