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      “In the wealth management industry, there are many charlatans: people who think they know the theory; but cannot actually manage wealth. Philip Marcovici not only knows the theory; he has been an eminent practitioner of it. One can only believe those who have experienced what they preach. All families should read his book.”

      “Philip has lived through and helped shape an era unlike any other in the creation and management of private wealth over the past 50 years. This is a time of great global private wealth, of recognition that private wealth can help fund governments, that wealthy families can be global, multi-cultural, migratory and opportunistic.

      Philip's book is a wise reflection on what he has seen and contains profound observations with respect to the distractions of family wealth and how they obscure the fundamental human needs for life's meaning. He lucidly explains technicalities and details all wealth holders need to know.

      Philip reminds us that life is about living. This book should be read by wealth holder and wealth advisor alike; and it will be a lasting historical reflection of the challenges and failures of our era.”

      “Philip is one of the few honest voices in the area of wealth planning. He highlights the importance of finding the right advisors and aligning their interests with yours, and always having checks and balances in place. The pitfalls of not doing so are well illustrated with many colourful stories; reading this book will ensure your family does not suffer a similar fate. A must read for anyone who has any amount of wealth (no matter the amount) and wants to ensure harmony within the family.”

      “Congratulations to Philip Marcovici for a well-written and very easy-to-read book which has incorporated much of his personal experiences in dealing with a vast client base, especially Asian. Much of the material he has covered is consistent with my teaching syllabus. It will definitely be on my recommended reading list when it is released.”

      “Philip is a long-time friend but more importantly a professional that I often seek guidance from for my ultra-high-net-worth clients. His expertise is not just his technical knowledge, but also the essential practical experience in how to manage or ‘suffer’ from wealth. This book illustrates many real life stories and should be read by all who have worked their entire lives to create wealth or a legacy for the family.”

      “Other than wealthy families, this new book will also be useful to private wealth management practitioners and other professionals, such as tax advisors, accountants, lawyers, as well as law and business/finance students who are interested in learning about the basic tools of wealth and estate planning and issues related to cross-border taxation for high-net-worth individuals. In fact, I plan to use part of this book as reference material for my Private Banking and Wealth Management Course at the University of Hong Kong in the future. As Hong Kong continues to grow as an important wealth management hub in Asia, this book will be welcomed by wealth owners and people working in the financial services industry.”

      “Very interesting! A must-read for everyone working in or anyone looking to enter into the world of Private Wealth.”

      “This is a fantastic book and all families should read it. It is an education on wealth management entertainingly written. Well done! This book provides great guidance for any wealth owner and their advisors. Complexities are made understandable. Laughing is also included. Read this book and don't destroy your family.”

      “Forget about complex family governance books, start with this read! The Destructive Power of Family Wealth contains a deep insight into the needs and psychology of the wealth owner and the challenges they face. It should be mandatory for every private banker and wealth adviser who wants to survive over the next 5 years and for every wealth owner who is concerned about what will happen if they are no longer around.

      “Who knew that philanthropy was not only about helping others? This book shows you how it can be a fantastic tool for family cohesion and to educate the next generation.”

      “My initial reaction to Philip Marcovici's new book: I like it!”

      “I thoroughly enjoyed reading this book as Philip Marcovici's style is very natural and ‘colloquial’ (in the best sense of the word) and conveys difficult technicalities across in a way that targeted families will understand as well; I can just picture him speaking on the subject of this book in public. The content is very relevant to any young wealth planner and anyone looking at a career in wealth management and planning will get absolutely nowhere without reading this book.”

      “This is fantastic stuff. Well done!”

      On the Needs of Wealth Owners

      “Wealth owners have latent needs – they have needs, but don't know what they are. Knowing the right questions to ask is the key – no one has all the answers, but if a wealth owner does not understand their own succession plan, whether this involves the use of wills, trusts or otherwise, it can be very dangerous. Who has the power to make decisions if we are disabled or die? Who can replace the trustee? Who will monitor conflicts of interest, including how asset managers and others charge for their services? What can be done to manage the risks of divorce and other risks to wealth?”

      On Succession Planning and Asset Protection

      “The first step in succession planning is to understand that having no succession plan in place is a succession plan. If I die, something will happen to my assets, and this notwithstanding that I may not actually have thought about my succession or planned it at all.”

      “I have run into a number of cases over the years where trusts and foundations established by wealth owners were not disclosed to family members, something quite common in times when wealth owners in Europe and elsewhere were led to believe that good planning involved hiding their assets from the tax authorities and others. In too many situations, advisors ranging from lawyers to trustees to protectors and others ended up helping themselves to all or part of the assets involved. When families finally discovered the structures their deceased parent had created, it was often too late to recover the full value involved.”

      On Changing Demographics and Aging

      “Do failing memories put assets at risk? It is wonderful that we are all living longer, but is it not the case that dementia and even simple forgetfulness that comes with aging put assets at risk if no one knows where they are? Early succession and asset protection planning is the key, and families increasingly need to consider the aging process and its effect on the safety of family assets and the maintenance of harmony within the family for the long term.”

      On

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