A CONVERSATION WITH JAMES E. HUGHES
James E. Hughes is a leading author and advisor on family wealth and governance. His works include Family Wealth: Keeping It in the Family and Family – The Compact Among Generations plus co-authored titles such as Complete Family Wealth and Family Trusts. We recently hosted a webinar where James shared his insights on family wealth and legacy.
At Wellworth, we recognize that health and wealth are deeply interconnected, shaping the legacy families leave behind. In this edition, we are honored to share insights from James Hughes, retired attorney, esteemed author, and a leading figure in wealth preservation and family dynamics. His work has illuminated the broader definition of wealth — one that extends beyond financial capital to encompass spiritual, social, intellectual, and human capital.
The true meaning of wealth
James Hughes has spent decades redefining wealth. Early in his career, he realized that the true wealth of a family is its well-being. As he explored the concept further, he discovered that wealth, at its core, originates from the Old English word meaning “well-being.” This realization guided his life’s work: helping families not only preserve financial assets but thrive holistically.
“Many people think wealth is about money, but that’s a very small meaning. The real question is: Are families flourishing? Are individuals within that system thriving? If families are well, then societies flourish,” Hughes shared.
With trillions of dollars set to transfer between generations in the coming decades, the ability of families to navigate this shift successfully will have profound implications for global society. Wealth, in its truest sense, must be managed with an eye toward well-being — both personal and collective.
The connection between health and wealth
Wellworth has long understood the connection between financial security and physical and mental health. As Hughes pointed out, receiving wealth can often feel like “a meteor from outer space.” For many, sudden financial responsibility is an overwhelming burden. Without proper guidance and emotional support, this transition can negatively impact well-being.
One of Wellworth’s own, Senior Advisor Beverly Shenkman, emphasized this connection when she received an award for her work in substance use and mental health. “When we see someone struggling with mental illness, we look at the entire family unit,” she said. This holistic approach is essential, not just in healthcare but in financial advisory services as well.
Families navigating wealth transfer must also navigate emotional and psychological challenges. A culture of care — both financial and medical — can make all the difference. Advisors should consider integrating health into their wealth advisory services to support the whole client, not just their portfolio.
Building an enduring family legacy
Hughes believes that successful family governance starts with fostering a shared purpose. “One of the greatest questions you can ask someone you love is: What is your aspiration?” he advised. Families that cultivate purpose, continuous learning, and shared decision-making structures are best positioned to sustain their wealth and well-being across generations.
At Wellworth, we emphasize proactive healthcare planning as part of wealth management. Our work includes helping families navigate medical complexities, second opinions, and comprehensive treatment plans. By taking a holistic approach, we ensure that clients and their families are supported in every aspect of their well-being.
A testimonial from Jay Hughes
“The team at Wellworth lifted me up like a baby. The support I received — whether organizing my care, advocating for me in the medical system, or simply ensuring I had the right professionals in place — was invaluable. For years, I searched for a ‘medical quarterback’ to coordinate my care, and I’ve finally found it in Wellworth”
Healthcare is wealthcare, and at Wellworth, we are proud to partner with families, advisors, and healthcare professionals to ensure that every aspect of well-being is cared for.
Final thoughts
As we continue to shape a future where health and wealth advisory services are seamlessly integrated, we invite you to reflect on the key takeaways from our conversation with James Hughes:
Wealth is well-being — it is far more than financial assets
Health and wealth must be managed together to ensure holistic family success
Families should establish shared aspirations to build a lasting legacy
Advisors in all fields should consider their role in fostering a “culture of care”
We are grateful to James Hughes for sharing his wisdom and to all of you for your continued trust in Wellworth. If you would like to explore how our comprehensive healthcare advisory services can support your family’s legacy, please reach out.