Reimagining Family Legacy: A Holistic Approach to Wealth and Governance
In today’s evolving world, wealth is no longer defined by financial assets alone. More families are recognizing that a meaningful legacy can include relationships, values, shared knowledge, and a clear sense of purpose. To support this broader vision, many are adding a new element to their legacy planning: the family governance meeting.
Family governance meetings aren’t new, but they’re becoming increasingly common among families with upwards of $10 million in assets—not just the ultra-wealthy. These meetings are also quietly evolving. Once limited to estate planning and investment discussions, they’re now often seen as dynamic forums for cultivating the full spectrum of family wealth—financial, relational, intellectual, and philanthropic.
The Five Capitals of Wealth: A Framework for Legacy
At the center of this shift is a powerful framework known as the Five Capitals of Wealth. By nurturing human, intellectual, social, spiritual, and financial capital, families may be able to create a legacy that is not only financially strong but also deeply meaningful—one that has the potential to endure across generations.
Human capital forms the foundation of any family. It includes each member’s health, talents, passions, and potential. Intellectual capital captures the family’s collective knowledge, education, and life experiences. Social capital reflects the strength of relationships, networks, and the family’s reputation. Spiritual capital embodies shared values, purpose, and guiding principles. While often rooted in religious beliefs, this capital is often considered to be the most central to the legacy a family hopes to create. Finally, financial capital, while still essential, is increasingly viewed as the tool that supports and sustains the other four.
When family governance meetings engage all five capitals, they become more than routine check-ins. They can evolve into meaningful conversations that strengthen unity, spark growth, and help ensure the family’s legacy continues.
Bringing Each Capital to Life
Exploring each capital with every family member invites meaningful participation and can be key to building, deepening, and sustaining connection. Here are a few ways to begin incorporating each capital into your family governance meetings:
Human Capital
This capital centers on the individual—their growth, well-being, and potential, not their assets. Start each meeting with a “family check-in.” Celebrate personal milestones, share updates on education and wellness, and encourage younger members to express their dreams and challenges. Occasionally invite guest speakers or mentors to help inspire personal development and broaden perspectives.
Intellectual Capital
This is an opportunity for everyone to contribute their knowledge and demonstrate that every voice at the table matters.
Set aside time for shared learning. Host financial literacy workshops, hold book discussions, or invite elders to share stories and life lessons. These moments can create a living archive of family wisdom and foster intergenerational respect.
Social Capital
Often built outside the boardroom, this capital thrives over shared experiences, including meals, trips, and time together.
Use meetings to deepen connections within both the family and the community. Plan service projects, charitable initiatives, or events that align with your values. Reflect on the family’s public image and look for ways to strengthen it through collective action.
Spiritual Capital
The heart of the meeting, this capital should guide your decisions and reinforce your purpose.
Revisit the family’s mission statement or values charter regularly. Create space for open discussions around ethical questions, legacy goals, and your family’s role in the world. Aligning decisions with shared belief can help build a lasting, values-based legacy.
Financial Capital
This is the tool that enables the vision to come to life.
While financial discussions remain essential, they now serve a broader purpose. Review investments, estate plans, and business ventures through the lens of how they support and sustain the other four capitals—helping to ensure your wealth works in service of your family’s greater mission.
Making Meetings Matter: Practical Tips for Long-Term Impact
Here are a few best practices to help make your family meetings more meaningful—and support greater connection, clarity, and continuity over time:
- Rotate Leadership: Invite different family members to lead parts of the meeting. This encourages participation and builds leadership skills across generations.
- Create a Safe Space: Establish ground rules that foster respect, confidentiality, and honest dialogue. A healthy meeting culture is essential for trust.
- Use Visual Tools: Tools like family trees, capital maps, and legacy timelines can help turn abstract ideas into tangible goals and shared understanding.
- Document Outcomes: Keep a clear record of decisions, reflections, and next steps. Tracking progress can ensure accountability and momentum over time.
A Legacy Beyond Wealth
When families embrace the Five Capitals of Wealth, they go beyond managing assets—they begin building a culture rooted in connection, purpose, and shared growth. In doing so, they can create a legacy that endures not only in bank accounts but also in the hearts, minds, and communities their family touches for generations to come.
This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.
Scooter Thomas
Financial Advisor
CFP®, ChSNC®, ChFC®