The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors by The Finance Professionals’ Post

In his latest book, The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors, Gregory Curtis goes beyond a traditional study on investment policy, asset selection and monitoring, and risk management of and the fiduciary issues involved in wealth management by thoroughly investigating the aspects of stewardship of the wealth of prosperous families. Curtis is the chairman and founder of Pittsburgh-based Greycourt & Co., a wealth advisory firm that serves high-net-worth families and select endowments on a global basis. This book builds on his Creative Capital: Managing Private Wealth in a Complex World. It provides a moral, ethical, economic, and investment compass for the wealthy.

The author intends the book for wealthy investors and their advisors, but its larger prospective audience includes family office executives, portfolio strategists, wealth relationship managers, and even less wealthy private investors. Although its title may cause readers to expect the book to be a “how-to,” it actually provides a philosophical yet practical approach for high-net-worth investors to become better stewards of their investments, if not better investors. At the outset, the author commits to differentiating good investors from good stewards of investments. Investing — that is, managing private capital — is central to stewardship, whereas good stewardship involves “the ongoing growth and nourishment of a family’s human capital in the broadest sense.” It is important for members of the family to gain sufficient understanding of the investment process and the capital markets in order to be astute consumers of investment services.

Part One, “The Importance of Private Capital,” could be construed as The Wealth of Stewardship rather than The Stewardship of Wealth. In it, Curtis thoughtfully reviews the benefits of wealth to society. The lure of wealth and its impact on economic vigor constitute but half the story. What becomes of private capital after it is earned? Curtis examines the gifts of such philanthropists as Andrew Carnegie, Andrew Mellon, and Bill Gates. Readers will find the story of Paul Mellon and the survival of St. John’s College especially fascinating. These examples provide inspiration not only to the very wealthy but also to those whose excess wealth is only a fraction of that of Bill Gates.

In Part Two, “The Stewardship of Wealth,” the author delves into risk, ethical behavior (with a focus on ethical failure and recommendations for fixing the financial industry), advisor selection, and the concept of open-architecture trusts. Curtis’s discussion of open-architecture trusts underscores his provocative belief that the basic problem in the trust business is that it operates entirely for the benefit of banks, rather than for the benefit of beneficiaries.

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The Stewardship Of Wealth – Description

The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors by Gregory Curtis

Indispensable advice for building a lasting financial legacy

Building wealth is hard to do, but maintaining that wealth across generations is even more challenging. In The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors, wealth advice expert Gregory Curtis reveals the investment secrets of the world’s wealthiest families, so that financial planners, fund managers, and wealthy individuals everywhere can follow in their footsteps. Outlining the best practices for preserving and growing wealth, the book details exactly how to build a lasting financial legacy in the face of taxes, inflation, investment costs, and the conflicts of interest that are endemic to the financial advisory business.

Wealthy families are at the very heart of America’s exceptionalism, of the vigor, resilience, and creativity that have made the U.S. the most successful nation in history. The Stewardship of Wealth‘s discusses the crucial role private wealth continues to play in America’s remarkable economic and cultural success and the issues wealthy families and their advisors face, presenting a step-by-step guide to better managing liquid wealth.

  • Reveals the wealth management strategies employed by America’s wealthiest families and their financial managers
  • Explores the challenges to ensuring that money stays in the family, from portfolio design to manager selection to monitoring investment performance, and much more
  • Details the essential steps for ensuring a lasting financial legacy

An examination of the key issues involved in managing private wealth, especially for affluent families, The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors is the ultimate guide to building a financial legacy that will last.

The Stewardship Of Wealth – Review

Here comes a book that is a must-read, an instant classic. With a sure hand and an authoritative voice, it explains why private capital is essential to American democracy—and why it is in danger.

The book is called The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors by Gregory D. Curtis, the founder of Greycourt & Co., the first open-architecture investment manager. Curtis convincingly argues that firms such as his will be the only ones standing in the not-so-distant future. Forget broker-dealers, salespeople, product pushers and all the others that sell rather than advise. They are dead meat.

The investment climate going forward doesn’t look so rosy, he says. “The West has reached the end of its own socioeconomic evolution and is now faced with the gargantuan task of reinventing itself,” Curtis writes. That means remaking governments, creating new cultures and governing mechanisms, as well as new theories for how government can support itself.

“Needless to say,” he continues, “the investment implications of this are large and complex.”

So is his book, so much so that I plan to break this discussion into two columns.

The first thing that struck me is that Curtis offers support to the much-maligned 1% of Americans who are the target of Occupy Wall Street. In part that might be because this is whom he works with. Curtis is sometimes called the “super wealth manager for high rollers.” Before founding Greycourt, this Harvard Law School grad served for many years as president of a family office for the Mellon family and president of the Laurel Foundation.

Curtis says that the super wealthy and their use of creative capital offer the essential ingredient that makes America America. “The production of private wealth is a crucial aspect of the singular success of the American experiment,” he writes. “Private capital is the most important capital in the world, and without it on a grand scale, it would be impossible to imagine America.”

Curtis believes that private capital is the “continuing vigor” that drives the country. The competitive spirit, he says, “animates” the society and allows people to become rich to do things useful to the public at large.

“If that spirit were to become constrained by political or cultural mechanisms, America would rather quickly come to resemble its European cousins,” he says. And to make the lure of wealth meaningful, “we must be willing to accept and tolerate the consequences of competition.”

Curtis argues that great wealth has not created a selfish society. He gives numerous examples of how wealthy people with passion and purpose have built brilliant things, using ideas for art and education and politics to build “works of art” such as colleges, churches and charities that wouldn’t otherwise be possible. “The American system of private philanthropy could not persist without the creative capital of the wealthy,”

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