Even the wealthiest families can be unprepared for their own complexity. Most advisors aren’t trained to handle what matters most: communication, culture, and preparing the next generation for leadership.

In this episode of Visionary Advisor, Alex Kirby (founder of Total Family) is joined by Mark Tepsich, co-author of theUBS Family Enterprise Governance Report. Mark and Alex dive into what governance really looks like for families averaging $2.4 billion in net worth and why many of the biggest lessons apply to families at any asset level. Their conversation goes far beyond documents, highlighting how culture—shared norms and values—shapes both continuity and risk.

They unpack the realities behind family constitutions, non-financial meetings, and family retreats, examining practical ways advisors can help clients strengthen alignment and connection. Mark shares why the highest payoff comes from face-to-face connection, how advisors can get over hesitation to lead these conversations, and why integrating the rising generation early is essential for legacy and trust.

This episode is a guide for advisors ready to see legacy as a lived, evolving process, not just a set of documents. It urges a move from portfolio talk to family engagement and challenges advisors to expand their comfort zone for deeper, longer-lasting relationships.

What You’ll Learn in This Episode

• Why the process of creating a family constitution is more valuable than the final document
• How highly intentional families keep governance relevant as family structures shift
• What non-financial family meetings look like—and why most families don’t have them
• Practical approaches for running meetings and retreats that build family connection
• How advisors can facilitate (or encourage) non-financial conversations, even without outside specialists
• The central role of culture, communication, and ongoing review in successful governance
• Why integrating the rising generation early leads to stronger stewardship and trust
• Ways to move beyond “financial capital” to include values, rituals, and family well-being

Notable Quotes from Mark Tepsich

“It all comes down to how are you preparing the next generation to navigate that enterprise. Which is really people-centric.”

“The value add is that process of talking about that stuff, of spending the time and actually memorializing it.”

“You don’t have to have a 400-page family constitution. In fact, I would say you shouldn’t, because you’re not going to know what’s in there.”

“Culture is our shared norms, which is how we do things, and our shared values.”

“If you freeze it, that means you can’t adapt as a family. And there’s one thing about a family since the beginning of time — you n

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