Think of family governance, the decision-making and leadership processes that enable wealthy families to achieve shared goals, as a premium value-add for high and ultra-high net-worth clients.

"Advisors should remember that families measure success differently," says Jane Flanagan, senior consultant at Family Office Exchange specializing in family governance, "Advisors tend to think of numbers on a report card, but families are often more interested in intangibles. For them, having peace of mind and family harmony is a definition of success."

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