The WSJ Was Right About Family Mission Statements — But Here’s What They Overlooked
This article is based on insights from a recent episode of the Visionary Advisor Podcast, featuring Whitney Webb, Managing Director at Cresset, in conversation with Alex Kirby of Total Family. With over a decade of experience guiding ultra-high-net-worth families through legacy planning and governance, Whitney shares how “the process is the point”—revealing why authentic conversations, not quick conclusions, are the true foundation of lasting family alignment.
Family Legacy Hits the Front Page
It’s not every day that legacy planning makes headlines, but when The Wall Street Journal publishes an article titled “Wealthy Families Writing Mission Statements to Avoid Fights and Lost Fortunes,” the industry should take notice. The growing public interest in how families define their purpose signals something bigger: a shift from managing wealth to cultivating meaning.
At Total Family, we’re encouraged to see these conversations entering the mainstream. It means more families—and the advisors who serve them—are starting to recognize that harmony and longevity aren’t built through documents, but through dialogue. The WSJ was right to spotlight this movement, yet the deeper story lies in the process itself: the intentional conversations that uncover values, reveal alignment, and give families a shared language for what fulfillment truly means.
That’s where advisors have a unique opportunity—to guide not just wealth, but wisdom across generations.
From Growth to Purpose: A Shift in the Advisory Landscape
For decades, the wealth management industry has defined success by growth—bigger portfolios, stronger returns, more assets under advisement. But as the next generation of ultra-high-net-worth families comes of age, that definition is changing. Increasingly, research across the advisory space—from Family Wealth Alliance to Cresset’s own client studies—shows that families want more than performance. They want purpose.
This shift doesn’t mean wealth has lost its relevance; it means families are asking deeper questions about what it’s for. They’re looking to advisors not just for strategy, but for structure—frameworks to help them clarify values, connect across generations, and articulate a shared vision of success.
As Whitney Webb of Cresset explains in the Visionary Advisor Podcast with Alex Kirby, “lasting harmony doesn’t begin with a mission statement—it begins with honest, intentional conversations about what matters most.”
That’s especially true for founders who built their fortunes on efficiency. Many are now discovering that building a family requires a different kind of architecture—one defined by empathy, inclusion, and time.
(Related clip: Structured Founder Conversations – Whitney Webb shares how advisors can honor founders’ urgency while creating space for reflection and connection.)
Values Before Vision: Why Dialogue Matters More Than Documents
When families begin exploring legacy planning, the instinct is often to formalize—to write a charter, a constitution, or a mission statement. But as Whitney Webb explains, “you can write a mission statement in a day—but if people don’t see their voices in it, it won’t last.”
That’s because harmony doesn’t start with language; it starts with listening. Families build sustainable alignment by talking about what matters most—where they thrive, where they struggle, and what success truly means to them. The work of defining values isn’t administrative, it’s transformative.
Whitney often notes that most families share the same four broad goals: sustaining wealth, relationships, business, and philanthropy. But when she asks them to force rank those priorities, real insight surfaces. It’s not uncommon for each family member to order them differently—and that’s where tension begins. When there isn’t clarity around what matters most, even the best-intentioned families can struggle to make unified decisions.
That’s where advisors create immense value. By helping families establish this foundation early, advisors lighten the burden of future conflict and uncertainty. Clear priorities turn difficult choices—like whether to sell a business, gift wealth, or expand giving—into conversations guided by shared understanding rather than competing assumptions.
For advisors, that’s the point. The deliverable isn’t the document—it’s the dialogue. Advisors who guide families through value discovery and reflection provide something no form or framework can: clarity and connection.
(Related clip: Prioritizing Family Goals – Whitney Webb explains how ranking family priorities helps uncover what truly matters.)
Authenticity Over Expertise: The Modern Advisor’s Edge
As families redefine what success looks like, advisors are being asked to redefine what leadership means. Technical knowledge still matters, but today’s most trusted advisors understand that expertise alone doesn’t build connection — authenticity does.
As Whitney Webb puts it, “overconfidence and over-indexing on expertise is out. Authenticity and vulnerability are in.” For families navigating complex dynamics, especially across generations, trust begins when advisors show up as facilitators, not fixers.
It’s easy to feel pressure to have every answer, but as Alex Kirby notes in the Visionary Advisor Podcast, clients don’t expect perfection — they expect honesty. Advisors who acknowledge when they’re entering new territory and invite collaboration build far greater credibility than those who pretend to have it all figured out.
That’s why the most effective advisors focus on their strengths and partner with others who complement them. The goal isn’t to play every role perfectly — it’s to create a complete support system for the family. This kind of transparency doesn’t diminish authority; it deepens trust.
(Related clip: Play to Your Strengths as an Advisor – Whitney Webb and Alex Kirby discuss why clarity and curiosity matter more than perfection.)
Redefining Success in Family Legacy
At the heart of every great advisory relationship is a shared pursuit of meaning. For ultra-high-net-worth families, that pursuit often begins when the conversation shifts from money to motivation — from what we have to why it matters.
As Whitney Webb reminds us, “the process is the point.” Legacy isn’t secured through a single document or statement; it’s lived through the ongoing act of understanding one another. When families take the time to uncover what fulfillment looks like for them — and advisors help guide that process — trust becomes generational, not transactional.
Advisors can’t solve every problem a family faces, nor should they try. But by facilitating reflection, surfacing values, and embracing authenticity, they help families align not just around wealth, but around purpose. That’s what sustainable fulfillment looks like — not control, but connection.
To keep exploring how top advisors are redefining what it means to lead with empathy and vision, revisit our previous blog insights from the Visionary Advisor Podcast:
Families, Not Just Finances — with Rachel Hyman of Family Wealth Alliance, on how families define true value beyond performance.
Sail the Great Trust Gap — with the Head of Banking at Capgemini, on how connection and credibility drive trust in modern advisory relationships.
And for the full conversation with Whitney Webb of Cresset, visit the Visionary Advisor Podcast archive:
https://visionaryadvisor.buzzsprout.com
Or read the Wall Street Journal article that sparked this discussion:
https://www.wsj.com/finance/investing/wealthy-family-mission-statements-e08faabd?st=vG2NiP&reflink=desktopwebshare_permalink
