More and more successful families are realizing that wealth management deals with only one half of a much bigger set of concerns. People who have more than they will use in their lifetimes face difficult questions of how best to address that excess wealth. While many people would like to leave their entire asset base to their children, they are concerned about issues of entitlement, productivity, and the wisdom of their children deal with the complexities of substantial wealth. It is well known that only a few families succeed at this monumental task and that the complexities of families and the multiple contexts that sustain their wealth can be daunting. What is to be done? A few professionals are engaging with this problem and some patterns are emerging. This blog is an exploration of those emergent practices that seem to foster intergenerational success.
Questions:
- How do you help clients think about cross-generational success?
- Are your clients who are concerned with questions of entitlement and productivity in the succeeding generations?