The Aster Club Newsletter March 2018
Welcome to the new Aster Club Newsletter. Our monthly newsletter will provide you with the latest news about the Club and upcoming activities. It will feature expert insights and articles related to family and family business.
Our members enjoy the integrated club benefits designed to support the family’s activities in growing and sustaining business, growing wealth, building legacy, and sustaining the family.
All of our activities are exclusive and have limited seats. To secure a spot, please save the dates and let us know early if you are joining the activity.
Join The Aster Club Spring Meeting
April 5, 2018 | 9:00 AM to 5:00 PM
There are limited seats available, please register early to secure a spot. RSVP today!
Register Early for the Young Leaders Program
July 22-26, 2018 | London UK
Save the dates…
The Aster Club 2018 Autumn Meeting
September 28, 2018 | New York USA
The Aster Club 2018 Middle East Meeting
November 4, 2018 | Dubai UAE
February 3, 2019 | Dubai UAE
The Aster Club 2019 Spring Meeting
April 4, 2019 | London UK
Expanding our network
This year, we have expanded the Club’s network to include global affiliated partners who are established firms actively supporting family businesses. These firms have a global perspective with local understanding that enables them to tailor their approach for each family. Click here to see the list of our affiliate partners.
R&P Consulting is a business consultancy boutique based in Italy working to help companies add value by improving their performance, profitability and competitiveness. It is present in Europe, Asia, and the South Pacific.
We are partnering with reciprocal clubs to give our members additional opportunities to attend more and diverse activities, and expand their network.
Upcoming Reciprocal Club Events
The Launch of FORUM Dubai
March 14, 2018 | Dubai UAE
The Forum Singapore Meeting
May 24, 2018 | Singapore
The Forum New York Meeting
September 27, 2018 | New York USA
Middle East Family Office Investment Summit
November 4-5, 2018 | Dubai UAE | New York USA
By Seth Buckley
Each year we resolve to improve ourselves – exercise more, eat better, save more, travel more, be more spiritual, more organized, spend more time with family, the list goes on…
I urge you to consider planning for your family to be at the top of your list for 2018.
The year twenty-seventeen was a sad and challenging year for a number of my clients because their day to day lives took precedence over the more important (and urgent) planning for their families.
- Family #1 – Husband and wife in their mid-50s with two young children, one special needs. Life insurance was being purchased to provide for the family in the event of either parent’s premature death. The life insurance had been approved. The husband passed away in his sleep while the policy sat on his desk awaiting his signature.
- Family #2 – Husband and wife in their 70s who had built considerable wealth. We were hired by the family because their current life insurance portfolio was underperforming. The policies were projected to lapse well before life expectancy unless they increased their premiums by over 400% (an increase of almost $400,000/year). They lead an active lifestyle and the application/underwriting process took almost a year because there was always something else demanding their attention. My client called to postpone his exam two days before it was scheduled because he wasn’t feeling well and wanted to reschedule when he felt better. A week later he was diagnosed with cancer.
- Family #3 – Husband and wife in their 80’s. Like family #2, they had underperforming life insurance policies that we had been hired to review. We collected their medical records and even at their ages, significant improvements were available in the marketplace. The final requirement was to take the exam. The husband suffered a heart attack the week before his scheduled exam.
In all these situations, my clients recognized the importance of the planning but not the urgency. I continue to work with these families but the challenges are greater.
Begin 2018 protecting what’s most important – your family. Please commit to reviewing/updating your planning, especially in light of recent tax reform. Once you’ve made a decision to revise your planning, don’t delay, act on it!
We would be happy to complete a thorough review of your life insurance policies to ensure they are performing as originally projected. We also offer a service to monitor and manage your current life insurance portfolio.
Buckley Financial specializes in the creative uses of life insurance products and solutions to preserve, protect and grow multi-generations of wealth.
By Leah Zveglich
“I know that after you, the Mughal throne will never have a King like you. Honestly speaking, it’s your fault. You didn’t make anyone worthy of replacing you.” Prince Daniyal, the third son of Emperor Akbar of the Mughal empire wrote right before he died in Siyaasat (English: Politics), an Indian historical drama series which is an adaptation of the popular award-winning novel The Twentieth Wife by author Indu Sundaresan.
We expect that the future generation should do better than the current generation. It is a natural assumption. The future should be better than the past, of course.
Being born into a successful business family is a blessing and a burden. Trying to outshine the great leader in the family is challenging. There are two forces working against it.
The current leader knows that he is great. He measures everyone against himself and his leadership style. Nobody is good enough when he compares them to himself. After all, none of the copies are as good as the original. He is disappointed with his successors. The more disappointed he becomes, the more he tightens his control, giving less room for the potential successor to develop.
The future leader know that the current leader is great. He tries to prove himself but finds it challenging. After all, he is not the same person and trying to copy a masterpiece is futile. Every time he tries, it’s not good enough. Whenever he tries to be himself, he is rejected. He is frustrated and lost yo-yoing between trying to be a good copy and trying to be himself.
One can never be a copy of the other. Current leaders have to be the primary supportive figure to the future leaders. They have the wisdom and insight that future leaders lack. Instead of being the constant critique, current leaders need to be a positive motivator for future leaders to grow and develop. As well, future leaders can learn so much from their predecessor. Acknowledging current leaders as mentors and looking at challenges as a way to learn and improve can kindle the fire in future leaders to develop themselves and sustain the family business.
Look out for the Report on the Succession Planning Survey to be released in mid-March 2018.
The Aster Club partnered with Moore Stephens to examine the key concerns for family offices in undertaking succession planning.
Ujet: Changing the Way People Move for The Better
In our Spring meeting last year, our members were the first to see the Ujet electric scooter before it was unveiled early this year at the Consumer Electric Show in Las Vegas. It is a new high-tech personal vehicle that is foldable, stylish, simple to use, always connected and easy to charge. The company aims to launch the product in major European cities like Paris, Barcelona and Amsterdam before the end of June 2018 and in US and Asia before year end. For information about this opportunity, please contact Paolo Alimonti at firstname.lastname@example.org.
The Cacaotopia is an Aster Club initiative that aims to improve the lives of many cacao farm workers. By making improvements in the cocoa production value chain, we hope to empower cacao farm workers and eliminate the unethical cacao farm business practices that deprive workers of the opportunity to live a decent and prosperous life.
The Mitford Murders
By Leah Zveglich
I went to a book launch last week. Jessica Fellowes, who has written five official companion books to the television series Downton Abbey, wrote her debut novel The Mitford Murders. I have a stereotype image of self-questioning ever-pondering Jeffersonian person as a writer. So far, every writer I met confirmed my stereotype. She didn’t. She was friendly and charming. She was too attractive to be a writer.
As I was reading the words, it activated my imagination. I could vividly visualize what’s happening. I could imagine each character as a real person. I could feel the character’s personality. I heard Jessica already has an offer to make the books into a TV series. I can’t wait to watch and compare with my imagination version. It is magical when words create a real world in our head. That’s power of word and joy of reading. No, I am not going to tell you what the story is about. You have to get your copy and find out. You can order Mitford Murders online: hardcover, kindle and audible versions.
I also learned that I should be careful about stereotyping. One can be a charming lady, an interesting person, and even an amazing writer. I am looking forward to her next book.
We’d love to hear your feedback about how we can improve our newsletter. Please post your comments below.