Wealthy Families Are Writing Mission Statements to Avoid Fights, Lost Fortunes
Advisors help families spell out their values for generations to come.
5 min
Serial entrepreneur and investor James Harold Webb has done careful investment and estate planning to pass down his wealth to his five children, their three spouses, and six grandchildren. He also got everyone together to write a family mission statement.
“The entire goal is to preserve the family and to preserve the wealth,” said Webb, 65 years old, whose ventures include buying and building 33 Orangetheory Fitness franchises in Texas that he sold to private equity.
The mission statement for his 16-person blended family: “Life is a gift that cannot be wasted. Family is the essence of that life and, as a family, we will work hard. We will play hard. We will live in the pursuit of knowledge. We will love our family unconditionally. We will give more than we take to ensure a better world.”
A family mission statement lays out principles and goals in a few sentences. The aim is to avoid the fighting that has destroyed fortunes and left relatives battling in court, or just make sure younger generations don’t squander the fortune.
Behind the trend is the extraordinary wealth creation in recent years and a boom in family wealth and concierge services catering to it.
Sometimes known as a declaration of purpose or vision, mission statements aren’t legally binding. Some advisers embrace the statements as a way to increase a family’s chances of what they consider success, preserving their wealth for a century or more.
Advisers point to Gilded Age dynasties that have disappeared to warn about depleted fortunes and families that no longer are connected.
Wealth advisers like to reference a 2023 book written by Victor Haghani and James White, “The Missing Billionaires,” which notes how rare it is for great family fortunes to last beyond a few generations.
Some families opt for a more robust, legalistic document, called a constitution. For families that own businesses, constitutions can lay out what minimum requirements family members and their spouses must meet to be able to work at the business. To try to avoid drama later, they also can define who even counts as family, such as stepchildren.
Some family members put the mission statement on the back of their business cards or hang them, framed, on a wall at home.
“It’s going to be the family’s why. Why are we doing what we’re doing? Why are we making all this money?” said Shawn Barberis, whose firm, More Than Money 360, works with families including Webb’s to create mission statements and prepare the next generation for leadership. “Every family gets off the tracks a little bit and it can get them refocused.”
Webb was born to teenage parents in rural Mississippi. He says he is astonished that he has been able to create what he calls “generational wealth” for his family, including from a medical-imaging business he sold in 2017 for $94 million. He and his wife, Cathy, split their time between Frisco, Texas, and San José del Cabo, Mexico.
Webb and his wife, plus the children and their spouses, sat around a conference room at a Frisco hotel several years ago to come up with their mission statement at the encouragement of Barberis, with whom they’d started working several years after they got married.
With Barberis guiding the discussion, Webb and his family spent a few hours talking about what was important to them to brainstorm their mission statement.
Webb now kicks off his family’s annual meeting by reading the mission statement aloud and leading a discussion of whether it needs revision. Then, he updates the family on his finances and estate plans before they break for games and a meal.
The mission statement by itself isn’t enough to hold the family together long-term, Webb said. But, coupled with transparency and financial education, he figures his family has a shot at maintaining its wealth for generations.
At UBS , which has a big business advising wealthy families, Sarah Salomon, head of family advisory and philanthropy, and her team help families that typically are worth at least $50 million write mission statements.
They’ll often kick off discussions by handing each family member a pack of cards inscribed with words such as “curiosity,” “reliability” and “spirituality”—and asking them to choose the cards that resonate with them the most.
Advisers sometimes have family members look at a series of images and riff on what they see. A photo of redwood forests, said Elisa Shevlin Rizzo, head of family office advisory at J.P. Morgan Private Bank, has prompted themes of permanence and environmental stewardship.
“If we know one of our core values is stewardship and legacy, maybe we don’t use the trusts for current consumption to fund extravagant lifestyles,” Rizzo said.
Colorado vacation homes and luxurious Airbnbs in Utah are popular sites for brainstorming mission statements, Salomon said. She typically steers clients away from offices, preferring settings where family members can relax and reflect.
Doug Baumoel, whose Boston-based consulting firm, Continuity LLC, focuses on resolving conflict among family business owners, says values exercises work best when the values family members choose are ones they actually practice.
“Inevitably, the most difficult family member will choose ‘family harmony’ as their most important value,” he said.
As Sam Schmidt, 61, an investor in businesses for decades, simplified his interests in recent years, including by recently selling his IndyCar racing team to the McLaren motor-racing outfit, he wanted to gather his family in Las Vegas to discuss the family’s purpose.
Coming together to share and communicate, Schmidt said, was just as valuable as the end statement, if not more so. With a third-party facilitator, they came up with a mission.
It reads, in part, “Our mission is to preserve, grow and steward resources while prioritizing generosity so that we may invest in family through education, life enriching experiences, and quality time together.”
Schmidt also is trying to pass on financial advice to the next generation, naming family trusts different variations of DSTP, for “Don’t Spend the Principal.”
Some families’ rallying cries have been passed down like well-worn stories. Anya Paiz, 23, said her family’s mission statement is so ingrained it’s rarely discussed. Her take on it: Do good by doing well.
She grew up in the U.S. hearing the family lore about her great-grandfather, an orphan who started a grocery store in Guatemala in 1928 that his children turned into one of Central America’s leading supermarket chains—and later sold to Walmart .
Her grandfather’s philosophy was that the better he did, the more he would be able to provide for his family and community. Paiz said setting herself up to do well was part of the reason she emphasized education; she recently graduated from New York University.
These days, she sees her extended family at its annual reunion, which stretches from lunch to dinner at a relative’s home in Guatemala City.
With members flying in from the U.S., Switzerland and parts of Central America, the family in attendance numbered 103 last December, she recalled. Tags listed people’s names, their branch of the family and the generation they represent.
Rodolfo Paiz, Anya’s father and a family business consultant, said various branches of the family have evolved their own versions of the informal family mission statement. That can make sense as families change, he said.
“You can’t expect children of a sixth-generation family worth $200 million to go through the kind of cold and hunger and scarcity that their parents or grandparents or great-grandparents went through,” he said.
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From celestial spectacles to cultural revelations and pristine wilderness, the next wave of luxury journeys promises more than beauty; it promises transformation.
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After years of disrupted routines and shifting priorities, 2026 is emerging as the year travel truly matters again.
No longer just a break from routine, the most compelling journeys now offer deeper meaning: connection with place, immersion in culture, and renewal in nature. With global travel re-opening and aspirations realigned, travellers are looking for destinations that deliver not just escape, but resonance.
Working with its worldwide network of destination experts, luxury operator Abercrombie & Kent has identified the places set to define the year ahead. These are journeys built for those who want more than pretty vistas: they want experiences that provoke, renew and endure.
KENYA
Kenya remains the blueprint for luxury safari, where wide-open plains, legendary wildlife and rich cultural layers converge in a way few places can match.
In 2026, focus on the horizons of Amboseli National Park, where Mount Kilimanjaro looms and majestic elephant herds drift across golden savannah.
The mid-year arrival of Kitirua Plains Lodge (an A&K Sanctuary) marks a milestone, arriving six decades after A&K’s founder first pioneered luxury safari here. Set across a private 128-acre concession, its 13 organic standalone suites give guests rare access to wilderness in a polished yet deeply atmospheric setting.
Do it the A&K Way: Combine stays at Olonana in the Maasai Mara and Tambarare Camp in Ol Pejeta for a seamless circuit through Kenya’s wildest ecosystems.
Expert Insight: “Legacy safaris are emerging — multigenerational groups blending meaningful conservation work with classic game drives.”
CHOQUEQUIRAO, PERU
While most travellers are drawn to Machu Picchu, 2026 is the year to head beyond the crowds to the remote Incan stronghold of Choquequirao. Often called the “sister city” of Machu Picchu, this scale-and-solitude site currently attracts far fewer visitors than its legendary neighbour.
With a proposed cable car still in planning phases, now is the moment to explore while it remains unscripted and rare.
Do it the A&K Way: On Peru: Trek to Choquequirao, you’ll undertake a five-day trek to the site, then hike the final stretch of the Inca Trail from KM 104 to the Sun Gate of Machu Picchu.
Expert Insight: “We’re seeing increased bookings for ‘archaeological adventure’ — travellers who want to earn their cultural discoveries through physical challenge.”
EGYPT
In Egypt, the next chapter of luxury travel opens alongside archaeology. With the Grand Egyptian Museum (GEM) slated to open in late 2025, 2026 becomes the moment to experience ancient wonders as they’ve never been displayed.
The museum will house 100,000 artefacts — including 5,340 of Tutankhamun’s treasures together for the first time. A&K’s newest Nile cruiser, the Nile Seray, launches 2026 with 32 suites and a rooftop pool deck, offering an elevated journey where Egyptology meets refined travel.
Do it the A&K Way: Join Egypt & the Nile, exploring tombs on the West Bank with a resident Egyptologist, or book a private dahabiya sailing for an intimate vintage-style cruise.
Expert Insight: “Egypt is drawing sophisticated travellers seeking cultural immersion — the museum’s opening has created a ‘now-or-never’ moment.”
LAPLAND
2026 is shaping up as the ultimate year for the Arctic. With the solar maximum peaking late in the decade, the Northern Lights are forecasted to flash brighter and more frequently than typical.
In Lapland’s minimalist wilderness, luxury lodges and high-design cabins sit alongside age-old traditions: ice therapy, cold-water plunges, sauna culture. It’s the convergence of celestial spectacle and deep rest.
Do it the A&K Way: Choose Finland & Sweden: Adventures in Lapland or Christmas in Lapland — both deliver tree-house stays, Sami cultural encounters and star-studded skies.
Expert Insight: “Wellness meets wilderness — ice-therapy retreats and aurora-chasing are now major luxury travel drivers.”
ICELAND
Few destinations combine wild terrain, prime solitude and astronomical phenomena like Iceland. In August 2026, the island lies directly in the path of a total solar eclipse — an event aligning neatly with the peak Northern Lights season and dramatic volcanic landscapes. Glacier-lagoon meets boutique hotel, lava field meets Michelin dining.
Do it the A&K Way: Embark on the Diamond Circle itinerary, leaving the Golden Circle crowds behind for Iceland’s northern wilds — think Lake Myvatn, Ásbyrgi Canyon and boutique lodge nights.
Expert Insight: “Iceland is the ultimate phenomenon-destination: eclipse, aurora and adventure all rolled into one.”
MADHYA PRADESH, INDIA
Once overshadowed by India’s blockbuster wildlife parks, Madhya Pradesh is now emerging as the tiger-tourism powerhouse. Home to about 75% of the world’s wild Bengal tigers, the region’s recovery story is profound.
Luxury lodges are multiplying; one example is the newly opened Oberoi Rajgarh Palace near Panna, built to cater to high-end travellers seeking immersive big-cat encounters.
Do it the A&K Way: On Tailormade Tiger Tracking in India, traverse three national parks, meet local tribes and witness wildlife preservation in action.
Expert Insight: “Impact-safaris have moved beyond spotting big cats — travellers now want ecosystem insight and lodging that invests in conservation.”
MONGOLIA
Mongolia stands out as one of the last great wilderness frontiers. For 2026, it brings increasing accessibility — direct flights from Tokyo/Narita now make it reachable in a shorter window.
Here, nomadic culture still thrives: gers under open skies, ancient equestrian traditions, stars by the million. For the curious luxury traveller, it’s as raw as it is refined.
Do it the A&K Way: On Mongolia: Naadam Festival & Gobi Desert Adventure, follow traditional contests of horse racing, wrestling and archery, then retreat into the Gobi’s dunes in style.
Expert Insight: “Mongolia is the frontier of cultural immersion — guests who’ve ‘done’ it all are turning to nomadic experience for real perspective.”
OKAVANGO DELTA, BOTSWANA
Luxury today isn’t just about price — it’s about isolation, responsiveness and rarefied access. The Okavango Delta offers just that: private-concession lodges where you might see more elephants than people. At Baines’ Lodge (an A&K Sanctuary) with only six suites, honeymooners slide into Star Baths and watch water buffalo from private decks.
It’s untouched luxury at its finest.
Do it the A&K Way: Stay at Baines’ Lodge, retrace your path on guided walks and night drives, wake under an African sky in suite-level solitude.
Expert Insight: “The Okavango represents ultra-private luxury — couples seek destinations where fewer people = more privilege.”
OSA PENINSULA, COSTA RICA
Costa Rica’s Osa Peninsula remains one of the world’s most biodiverse rainforests — home to nearly 3% of the planet’s species. Accessible only by boat, it’s held a low-profile despite its eco-luxury potential.
In 2026 the trend to remote-luxury means the Osa is ideally placed: wild, wealthy in nature and now serviced by high-end boats and charter options.
Do it the A&K Way: On Cruising & Wildlife in Costa Rica, board a nine-cabin luxury yacht, cruise to Corcovado, dive into jungle hikes by day and spa-soak by evening.
Expert Insight: “The Osa Peninsula captures the ‘last-frontier luxury’ trend — sophisticated comfort deep in the wild.”
SEOUL, SOUTH KOREA
Asia’s luxury travel gaze has long been on Japan, but 2026 puts South Korea firmly in the spotlight. From cutting-edge design and K-culture to the ancient hanoks and royal palaces of Seoul, this is a city where heritage and futurism collude. For luxury travellers wanting food, fashion, wellness and history in one place, it ticks every box.
Do it the A&K Way: With South Korea: Temples & Seoul Food, you’ll balance temple stays with DJ-led nightlife, traditional hanbok portraits with street-style shopping.
Expert Insight: “Seoul is riding K-culture’s global wave — travellers want the city’s genuine face, not just the hype.”
DOLOMITES, ITALY
The 2026 Winter Olympics near Cortina d’Ampezzo may grab headlines this year, but the smart luxury traveller will visit after the crowds depart. The Dolomites’ grand landscapes, alpine chic and recent luxury reopening offer premium mountain stays without the peak-season crush.
Hotel Ancora’s reimagination, the opening of Mandarin Oriental Cortina and Aman Rosa Alpina’s refresh are all part of the rise.
Do it the A&K Way: On Venice & the Dolomites, begin amid Venetian canals, then ride jeeps and hike the Cinque Torri, sip local cheeses and wines in design-led lodges high in the peaks.
Expert Insight: “The Dolomites are the ideal post-Olympic opportunity — dramatic scenery, Italian sophistication and fewer crowds.”
SLOVENIA
Seeking European elegance without the runaway crowds? Slovenia offers alpine lakes, wine valleys, sustainable luxury and next-gen design hotels. From Lake Bled’s fairy-tale charm to Ljubljana’s culinary innovation at Hiša Franko, 2026 is Slovenia’s breakout moment as an insider’s European destination.
Do it the A&K Way: With Tailormade Slovenia, row Lake Bled with an Olympic champion, sip boutique wines in Vipava Valley and stay at design-forward lodges scattered across the hills.
Expert Insight: “Slovenia embodies the ‘anti-overtourism’ movement — intimate luxury, local authenticity and serious style.”
MALLORCA, SPAIN
Once a summer hotspot, Mallorca is morphing into a true year-round luxury destination. With new openings from Four Seasons (2025) and Mandarin Oriental (2026), and the island in the path of a total solar eclipse on 12 August 2026, the mix of Mediterranean sunshine, mountain charm and astronomical spectacle makes it irresistible.
Do it the A&K Way: On Spain: Madrid, Valencia & Mallorca, explore art-rich Madrid, Valencia’s culinary scene and then unwind in Mallorca’s coastal villa-style resorts as the eclipse draws near.
Expert Insight: “Mallorca has matured into Europe’s ultimate year-round luxury escape — refined infrastructure, elite hospitality and a rare celestial event on the calendar.”
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