For more information contact: emailus@marcusevans.com An interview with Maria Elena Lagomasino, a speaker at the marcus evans Latin Private Wealth Management Summit 2013, on applying best business practices in private wealth management. The marcus evans Latin Private Wealth Management Summit is the premium forum bringing elite buyers and sellers together. As an invitation-only event, taking place behind closed doors, the Summit offers service providers and family from Latin America an intimate environment for a focused discussion of key new drivers shaping institutional asset allocations. For more information contact: emailus@marcusevans.com

1. Why Family Wealth Should Be Run Like an Enterprise
Interview with: Maria Elena
Lagomasino, Chief Executive Officer
and Founding Partner, WE Family
Offices
Families who are able to successfully
manage their wealth often use the same
best practices that are used to run a
business enterprise, says Maria Elena
Lagomasino, Chief Executive Officer and
Founding Partner, WE Family Offices.
They think of their wealth as they would
any other business – managing it with a
distinct purpose, focusing on best
practices, succession planning,
governance and decision making – they
create a wealth enterprise. The result is
that all the family members become
engaged, constantly learning, and the
likelihood of success is much greater,
she elaborates.
A speaker at the marcus evans Latin
Private Wealth Management
Summit 2013, in Panama City,
Panama, September 26-27, Lagomasino
shares her observations on well run
private wealth portfolios.
How can wealthy families make
their wealth last for many
generations?
When I consider the families who are
the most successful and how they have
managed their wealth, whatever their
definition of success, they have typically
managed their family wealth using the
same best practices and resources that
were used to create the wealth in the
first place.
The good news is that most wealth is
created through a business enterprise.
Someone invests capital, builds a
business, creates value, jobs and
wealth. Managing, protecting and
nurturing private wealth requires a very
similar skill set.
Statistics show that most wealth does
not make it past two generations. What
often happens is the family sells the
business, makes the wealth liquid and
gives it to someone else to take care of
it because they feel they cannot. As a
result, the learning stops.
What happens next? What goes
wrong?
Some wealth managers throw big words
and concepts at families, and it can
seem daunting, but it is not overly
difficult. It is actually more business
common sense than it is touted to be.
For example, when running a company,
there is a mission and a strategic plan.
The same should apply for private
wealth. That means understanding how
much you are spending, putting the
right professionals on the right activities
and managing them, communicating
with stakeholders and putting the right
processes in place to achieve the
company’s objectives.
It should be exactly the same when
managing private wealth.
How should they train the next
generation of family leaders?
A family of wealth needs to educate the
next generation of wealth owners as
early as possible. There has to be a plan
around what they can expect, what role
they will play, and what they need to
know to manage the family wealth.
Some of that may be technical skills, on
investing or budgeting, while others
may be values-driven.
If part of the wealth is to be used
philanthropically, the best way to help
the next generation is for the wealth
creators of the family to start role
modeling the desired behavior, perhaps
by starting a foundation and putting
aside money for that purpose.
To teach the technical skills, education
is necessary around accounting, legal,
tax or investing, to make sure the next
generation of enterprise owners make
the right decisions. The earlier they
start honing these skills, the easier it
will be for them when they get older. It
is like learning a new language.
In a company, the top of the house
coaches and mentors the next
generation of managers - it should be
the same in a family.
A family of
wealth needs
to train
the next
generation of
leaders of
that wealth

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About the Latin Private Wealth Management Summit 2013
This unique forum will take place at the Trump Ocean Club, Panama City, Panama,
September 26-27, 2013. Offering much more than any conference, exhibition or
trade show, this exclusive meeting will bring together esteemed industry thought
leaders and solution providers to a highly focused and interactive networking event.
The Summit includes presentations on jurisdiction management, family governance,
portfolio construction and risk management, and preparing the next generation.
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