Family Roadmap to Financial Independence for the Next Generation
We spend a lot of time with the families we partner with implementing a variety of initiatives – tax efficient wealth transfer and estate planning, philanthropic planning, risk mitigation, and investment portfolio construction and maintenance to name a few. Addressing items like these early and often is a responsible approach to managing family resources.
As families mature, the additional initiative of educating and preparing the next generation to be stewards of the family wealth becomes increasingly necessary. It can sometimes feel daunting to families as they navigate how to give up some of the control they’ve been accustomed to. Further, turning a blind eye towards engaging the next generation could create resentment and confusion amongst family members as the family branches grow. Financial responsibility evolves from overseeing the finances directly to guiding the next generation on how to do the same. Spending time and energy on educating and mentoring the next generation is an investment that will pay dividends well into the future!
We’ve created the following guide of best practices to aid in the development of the next generation so that they can practice financial responsibility and ultimately be prepared to continue carrying on the family legacy, whatever that may look like for your family!
If you would like to discuss how to implement this roadmap for your family, please don't hesitate to reach out to speak with one of our experienced advisors.