In many affluent families, wealth creators are concerned about structuring wealth for future generations. The greatest risk to family wealth is actually the family itself, often through conflict or overspending. Taking steps to protect this wealth can be a difficult but important task — and deciding who will manage it can be just as difficult. This is where identifying a “family champion” can come into play — a competent leader whom family members trust to be unbiased and focused on stewarding the family culture, to ensure the family's long-term success.

What is a family champion?

A family champion is someone who cares deeply about sustaining the family and has the capacity and competency to hold the family together. This person helps to preserve the family culture, which can be seen as the “software” that drives family dynamics — including the values, beliefs, power dynamics, communication patterns and behavioral responses that make up the life of the family when it gathers.

Common traits of family champions

Family champions aren’t looking to seize control, but rather to help a family communicate effectively and make decisions together. Some common traits shared by successful family champions include:

• The ability to earn and maintain trust
• Strong communication and listening skills
• An interest in educating the rising generation
• The ability to mediate disputes and push for resolution
• A reputation for fairness and impartiality

Applying research to families of wealth

At the Merrill Center for Family Wealth® , we use our experience helping families navigate the complexities of wealth to bring attention and understanding to the crucial role of the family champion. The Center’s whitepaper, The critical role of the family champion, draws from the direct experiences of two families in need of a champion — and how this person emerged into the role of keeping the family’s best interests in mind, while also protecting their wealth. This piece also highlights the ways that a family champion can act as an impartial liaison between family members to promote unity, strategies to address challenging situations and how family members can support their family champion.

The bottom line

If you’d like to receive support as a family champion or feel like your family may need help identifying a family champion, contact your Merrill Private Wealth Advisor, who can connect you with the Merrill Center for Family Wealth® .