What is the goal of the Family Wealth Sustainability Index?
The goal for the Family Wealth Sustainability Index is to provide families of wealth with a beginning understanding of what they are currently doing to support sustainability and whether they agree or disagree about the pathway to actually achieving their vision. Ultimately it provides the objectives for a roadmap to achieving family wealth sustainability. It is comprised of specific practices that if applied regularly will accomplish the following:
- Allow any number of family members of a multigenerational family to login, participate in the index, and instantly view their results compared to those of other family members.
- Encourage review and development of behaviors that will increase the likelihood of your family achieving sustainability.
- Lay the groundwork for the family to create a strategic plan to achieve real wealth sustainability of its financial and human capital resources.
I read something about benchmarking on the “Welcome” page. What does that mean and how will I benefit?
Families are often interested to know if other families are experiencing similar or different challenges. They also want to know how their efforts to become sustainable compare with what other families are doing. As more and more families participate in the Family Wealth Sustainability Index, we will be able to collect enough aggregate data so you will be able to compare your results with those of other families.
Who should complete the Index?
While one individual can take the index on his or her own, it is best used by several members of a family. After each family member completes the index, the whole family can compare its perceptions by discussing similarities and differences.
How much time does it take?
While it takes only approximately 20 minutes to take the index, the time it takes to view, digest, and analyze the results will vary. The results are in real time so you will be able to view results immediately. You can also stop and start or come back as many times as you wish to complete the index or view results. The index will continue to update as more of your family members participate.
I do not want any information about me, my family or our name to be accessible to anyone. What are you doing to protect my privacy as well as my family’s?
We know from our experience in working with wealthy families that maintaining privacy is important. We have taken great pains to insure that no information will be shared.
How is confidentiality and anonymity managed within our Family Wealth Sustainability Index?
In order to ensure that the results are anonymous, specifically the Bird’s Eye View which shows the responses of individual family members, each family member who participates is referred to as “Family Member 1, 2, etc.” Each person viewing the results is referred to as “You” in comparison to the other family members, labeled as “Family Member 1, 2, etc.” Further, on the “Invite Family Members” page, until at least three family members have registered, you will not see the names of registered family members. Typically, in 360 assessment tools, anonymity is preserved by response groups of three or more.
USER REGISTRATION AND INVITING OTHERS TO JOIN
I activated my pin, why do I need to register?
In order to set up your family’s unique Family Wealth Sustainability Index, you need to create a “Family Name” so you can either join an index in progress or create a new family and invite other family members to participate. Additionally, the User Profile contains background information that will help us benchmark the index so, in the future, you will be able to compare your scores with other families in like circumstances.
What if I don’t finish my profile or the index in one sitting or want to return to view results?
As a return user, you will need to go to www.wiley.com/go/familywealthsustainability and login with the email address and password you created in your profile. Then click “Submit” and you will return to the welcome page of the index. There you can navigate to the Index, Your Profile or View Results. It is important that you always use the same email address you used to complete your Profile.
I shared the Family Name I created with other family members and they have told me they are having difficulty getting connected. What should I do?
It is critical that the Family Name you share exactly matches what you created. Otherwise, family members could inadvertently create a new Family Name, join an incorrect family, or not be connected to the family index you created. Please be sure to communicate the family name to all family members.
My family is large. Is there a limit to how many family members can participate in one index?
There is no limit to how many members can participate. As with any survey or poll, the index results will reflect the viewpoints of as many people who participate. If the number of family members participating in the Index is 25 or less, family member perspectives are shown by the labels, Fam Mem 1, Fam Mem 2 and so on. If more than 25 members participate, those labels will disappear and each family member will be shown by a dot. Also, you may purchase up to 10 pins to share with family members. For purchases of more than 10 pins, please contact Laura Walsh at email@example.com for bulk discount pricing.
I want to invite other family members but I don’t see how to do it.
In order to invite other family members, you must first register, create a profile and family name, and then complete the index yourself. You will then see a navigation button, “Invite Family Members.” You may also simply send an email to family members with your family name and the url to buy pins and take the index: www.wiley.com/go/familywealthsustainability.
I have completed the index and want to invite other family members, do I have to pre-pay for anyone I invite?
No, you do not have to pay for family members you invite unless you choose to. You can invite other family members by sending them an email invitation. Within that invitation, the url to buy pins will automatically be sent to them. You can also choose to buy pins for people you would like to pay for by clicking on “Purchase Pins.”
ABOUT “VIEW RESULTS”
When I navigated to “View Results,” I read that the results are interactive. What does this mean?
The results are centered on two sections: The Bird’s-Eye View and the Roadmap to Sustainability. Each of these sections will help you begin to see where your thinking does or does not align with other members of your family and what you and others consider important practices to put in place to achieve your vision of sustainability. Click on labels, legends, and headings to see different aspects of the results.
I have reviewed the results of our Family Wealth Sustainability Index and I have read the manual. However, I am confused and a bit overwhelmed about what to do next.
The Preferred Route in the Roadmap to Sustainability section of the results is the best place to begin in terms of a starting point. The important practice areas are ranked from most important to least important based on the averaged viewpoint of all family members about what would be most important to practice in the future to achieve sustainability. Click on each practice area to reveal the specific behaviors you will need to achieve and make a plan for how to institute the practice. Sometimes, it is best to work with an outside facilitator as it can often be difficult for family members to organize other family members toward a goal even if everyone agrees it is important. Please email us at firstname.lastname@example.org for more information about this service.
How will we know we have made progress?
We suggest that you lay out a family strategic plan to accomplish your Roadmap to Sustainability with a corresponding timeline to include check points for assessing your progress-no earlier than 6 months.
I want to print the results, how do I do it?
The best way to print is to go to “File” in your browser, “Print”, then when your printer opens, select “Save as pdf” or “Print”.