Today's news of the British monarchy facing financial difficulties does not mean that they are poor. What it means is that they are over extended. They are still one of the world's richest families. They own vast holdings of real estate, most of it held in trust, and providing incredible income. So, their financial problems are that their maintenance costs of those vast estates exceeds their current income. All of this does not place monarchy in the category of public servant, but the public in the category of servant to their monarchs.
This self-serving style of monarchy needs reform in the style of monarchy exemplified by Jesus Christ. He was called king of the Jews, but gave it all for his followers. What reforms would improve our current monarchies?
First of all, monarchy ought not to be inherited, but given to the most qualified and term-limited rather than a lifetime appointment. Some have suggested that voting in the manner of the German monarchs would be a good idea, but voting has the flaw of inducting the most popular and not necessarily the most qualified. Perhaps our monarch ought to be selected by some criteria from among a nation's heroes, those who have already proven they are willing to sacrifice for their country. After a selection process, voting in the most popular may make more sense.
Second, monarchs are mostly figure heads and not executives. Their duties are largely ceremonial. Therefore, they do need a place where they can entertain heads of state, but they do not need hundreds of thousands of acres of estate land, nor do they need dozens of palaces. A modest salary, an expense account, a qualified but minimal staff and access to a publicly owned hospitality palace are all that is needed.
Greed and excess are out. Monarchy must change. Whether we call our monarch a president or king is rather irrelevant. What we need is leaders who are in public service and not self-serving.