Roles of Trust in Consulting to Financial Families

Abstract

Trust is not only crucial to success among the owners of substantial wealth, it is also the sine qua non for successful teamwork among professionals who work with them. There can be dangers, however, in too much trust and too little healthy confrontation, just as there are in mistrust and chronic conflict.

Trusted advisors in a family business's succession-planning process—An agency perspective

“…A careful preparation of such aspects is crucial in order to ensure the continuity of the business as well as family harmony (Le Breton- Miller et al, 2004). Often, major challenges occur within this phase because expert knowledge in areas such as tax and law or process knowledge is required (Kaye & Hamilton, 2004;Strike, 2012;Upton et al, 1993)-knowledge which incumbents, the potentially available successor candidates, and their respective firms often do not possess.…”

Determinants Linked to Family Business Sustainability in the UAE: An AHP Approach

“…According to Craig and Moores [88], a family firm requires advisors to solve issues such as developing the family's personal, financial, succession and strategic plans; aligning family goals with business objectives; and conflict resolution. Previous research has demonstrated that family firm advisors are important resources for family businesses [19,87,89,90]. Additionally, family business advisors differ from non-family business advisors in their approach toward working with family, business and ownership by considering overlaps, content and complex emotions and using multidisciplinary strategies to solve personal and business conflicts [91,92].…”

How Does Knowledge Sharing Among Advisors From Different Disciplines Affect the Quality of the Services Provided to the Family Business Client? An Investigation From the Family Business Advisor’s Perspective

“…As family businesses grow, they face a number of increasingly complicated issues (Kaye & Hamilton, 2004). To resolve these issues, it is necessary to seek out a total solution that integrates the different perspectives gained from having accessed multiple advisors.…”

“…External advisors play an instrumental role in the growth of family businesses, especially in the early stages of a business's development. However, as the family business becomes more complicated-for instance, as the family expands, the business grows, and ownership transitions from one generation to the next-many of the issues encountered become increasingly difficult and multidimensional (Kaye & Hamilton, 2004). Oftentimes, individual advisors tend to feel constrained by the limited knowledge they possess of the family business and find it difficult to provide effective recommendations and solutions to their client.…”