What criteria, then, might an evaluator apply in assessing…

What criteria, then, might an evaluator apply in assessing the financial competency of third-generation members? First, does he or she have an excellent process for evaluating possible advisers in all fields, not just financial? How well is he or she choosing mentors and using them? Second, does he or she understand the double helix of the interweaving of risk and reward? Third, does he or she understand the twin concepts of stewardship of generational financial wealth and dynamic preservation of financial capital? Fourth, does he or she feel and accept the reciprocal obligation to the family and its financial capital that grows out of the first-, second-, and other third-generation family members' investments of their human and intellectual capital in his or her individual pursuit of happiness? Does he or she actively work to instill financial knowl-edge in the next generation of the family? Fifth, does he or she participate in family governance by undertaking the lifelong learning that a family engaged in dynamic preservation offers him or her? Sixth, does he or she actively seek competence, and eventually excellence, in managing financial relationships as a beneficiary, as a limited partner, as a shareholder, as an owner, as a member of vari-ous family boards both for profit and not for profit, or in any other financial relationships within the family?

— from The Flight Plan (Purpose/Wisdom/Risk) · Family Wealth: Keeping It In the Family: How Family Members and Their Advisers Preserve Hu

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