This Client Alert was originally published in the July issue of IFC Review and is reprinted with permission.
In the realm of private wealth, a “resourceful family” is commonly understood as one that is financially affluent, often categorised as an “ultra-high-net-worth family.” From this perspective, the emphasis primarily lies on how to structure and operate complex entities such as family trusts, family offices, family funds and multigenerational businesses. This perspective, however, is largely technical and transactional, focusing on the mechanics of wealth preservation and growth.
Yet, a deeper and arguably more meaningful understanding of family resourcefulness emerges from the field of family systems theory. According to Bowen family systems theory, “a resourceful family is one that effectively and efficiently resolves problems, challenges, and other difficulties” (Papero, 2020, p. 39). In other words, a resourceful family functions well, both as a unit and on an individual level, when confronted with significant life events and challenges. This concept is not necessarily linked to financial status; indeed, financially affluent families are not always resourceful from Bowen’s perspective.
This article explores the true meaning of family resourcefulness in wealthy families, drawing on original qualitative research and the theoretical lens of Bowen family systems theory. It examines the lived experiences of ultrahigh-net-worth families, the unique challenges they face, and the patterns that emerge in their attempts to navigate complex family dynamics.
