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Sky Business News Interview
August 26th, 2015 – Sydney Australia
The Scone Project is a Haven for Heirs to Learn Their Trade
May 3rd, 2017
The leadership programme offers a ‘safe space’ for the soon to be very rich.
William Murray, the Viscount Stormont, dressed in a smart three-piece suit, folds himself into a chair at the Balmoral hotel in Edinburgh. He looks the part of the modern finance professional — alert, with a neatly trimmed beard, as he sits forward in his seat. The only hint of his heritage is his signet ring and, here in Scotland, a conspicuously English accent.
He’s here to talk business — not the usual “aristo-chat” about shooting and fishing, but inheritance. Heir to the Earl of Mansfield, the 28-year-old Lord Stormont has launched a project for people like himself — that is, those in line to inherit an enormous fortune. It is, he admits, a kind of self-help guide.
Empowerment: A Conversation with Francesco Lombardo
July 1st, 2015
In a recent interview with Franco Lombardo, we learn more about how to create empowerment in family businesses, in particular amongst the rising generation. After defining empowerment and analysing the behavioural risks within family dynamics, Franco tell us about the 3 key things that one can do to help empower themselves and those around them.
One Part Investment Manager, One Part Family Therapist
June 1st, 2015
Franco Lombardo found that many of his clients’ financial needs were actually about family relationships, deep down.
If family offices manage the finances of the 1%, Franco Lombardo’s caters to the 1% of the 1%. Most of his clients have a net worth north of $500 million, he says. And if you believe him, the ultra-rich have problems—problems with money, no less.
For example, one of Lombardo’s clients hoped to pass his billion-dollar business down to his daughter, but he wanted her to work in the firm first. The daughter felt guilty, because she was only working part time and was set to become the boss. “She was going to make decisions with feelings of guilt that she didn’t deserve this,” Lombardo says. “So what kind of decisions would she make? That’s an example of behaviour risk.”
Veritage Shortlisted for the Family Wealth Report Awards 2015
December 22nd, 2014
Francesco Lombardo of VERITAGE, one of the world’s foremost Business Family advisory firms has been shortlisted for the Family Wealth Report Awards, in the category of “Outstanding Contribution to Wealth Management in Thought Leadership (Individual)”.
Showcasing ‘best of breed’ providers in the global private banking, wealth management and trusted advisor communities, the awards were designed to recognise companies, teams and individuals which the prestigious panel of judges deemed to have ‘demonstrated innovation and excellence during 2014’.
A Successful Estate Plan Involves
Some Uncomfortable Questions
December 15th, 2014
Chances are you’ve seen them on TV: self-centred, self-absorbed “trust fund babies.” The children of the wealthy, they’ve inherited their parents’ money, but not their parents’ drive or ambition. Instead of feeling humble about their life of privilege, they feel such a life is owed to them.
This is the image we normally associate with the phrase “entitled brat.” And it’s true, they are many out there. But spoiled kids aren’t the only ones who suffer from “entitlitis.” Case in point: the parents of NHL defenceman Jack Johnson, who allegedly bought luxury cars, beachfront property, and borrowed almost $15-million against their son’s future earnings, forcing Johnson to declare bankruptcy.
Family Office: The Rolls Royce for Family and Wealth
July 3rd 2014
On Monday 30 June 2014 Luxembourg for Family Office held its first event – Family Office: the Rolls Royce for Family and Wealth at the Chateau Septfontaines in Luxembourg.
Research shows that only 8% of the wealthy transmit their fortune to the next generations with success. The major reason for this was a lack of preparation and planning by the family. A Family Office can help families to preserve their wealth over the generations. Those that have professional, high calibre staff who are independent and understand the long term needs of their families will have success.
Are Children Emotionally Financially Fit? NO!
The 2011 BC Securities Commission “National Report Card on Youth Financial Literacy” uncovered some alarming statistics.
- 51 per cent of students that graduate from high school carry an average debt of $8,000
- 48 per cent of those put money aside to pay down the debt, yet ¼ do nothing!
- Only 44 per cent have a budget to record income and expenses.
What contributes to these statistics?
There are two main culprits. The first one is ‘entitlement’. We live in a society where we (adults and children) all want instant gratification. It seems we have forgotten the rewards that come as a result of having to earn something.
Expoert’s Podium: What worries the wealthy? The kids
June 26th, 2012
When I ask wealthy people I know (clients; friends; TIGER 21 members) what they worry about financially, I get the usual answers: their business, the economy, the stock market, interest rates, and so on.
But when the conversation opens up and goes deeper, they eventually come around to tell me what really keeps them awake at night: the kids. Specifically, whether it’s possible to transfer significant wealth to the next generation without causing permanent rifts between family members, or ruining their kids’ values, drive, and work ethic.
Great White Elephants: Those Things Nobody Wants to Talk About
September 22nd, 2013
Do you know how to be real? According to Franco Lombardo, as human beings, we don’t. “How we treat our money is exactly how we treat those closest to us, including ourselves,” Lombardo said.
Lombardo is a renowned speaker, author and adviser to some of North America’s wealthiest families and their family offices, work he has been doing for 20 years now.
Why Rich Kids Hate Their Parents
June 28th, 2012
Money is a magnifier, especially when it comes to family tensions. Just ask the Pritzkers or the Astors.
A new book by a Canadian wealth advisor says that the anger between kids and their parents is especially strong in wealthier families.
The book, “The Great White Elephant: Why Rich Kids Hate Their Parents,” by Franco Lombardo, lays out the dark, intergenerational struggle that’s playing out behind the mansion gates in many of today’s richest homes.
On the Rocky Shoals of Business-Family Relationships
October 26th, 2014
Fueled by coffee and bagels, the breakfast business session at St. Joe’s could have been moderated by Dr. Phil – so full it was of emotion and longing.
There was David J. Bean, 62, president of MCS Records & Reporting, wondering if his three adult children really want to take over the document business he had built from age 28.
Had he, inadvertently, so sheltered them from life’s harsh realities that they weren’t prepared?
More Money, More Problems? Why Rich Kids Hate Mom, Dad
July 6th, 2012
Money is a magnifier, especially when it comes to family tensions. Just ask the Pritzkers or the Astors.
A new book by a Canadian wealth adviser says that the anger between kids and their parents is especially strong in wealthier families.
The book, The Great White Elephant: Why Rich Kids Hate Their Parents, by Franco Lombardo, lays out the dark, intergenerational struggle that’s playing out behind the mansion gates in many of today’s richest homes.
Why Rich Kids Hate their Parents
October 16th, 2012
“Holding onto anger is like grasping a hot coal with the intent of throwing it at someone else; you are the one that gets burned.” – Buddha
As a successful small business owner, it can be hard to balance your busy working life with what can be an equally busy family life. Failure to achieve that balance can cause long-term issues in your relationships, especially when it comes to your kids. In my opinion and experience in working with some of the world’s wealthiest families, there are three main reasons that contribute to children hating or resenting their parents and the wealth they have been blessed with (but don’t see it as a blessing).
Book Review: Great White Elephant
May/June 2013 Issue
