For those that are fortunate enough to generate significant wealth for their family, trying to preserve that wealth for multiple generations is often the much greater challenge. It takes much more than smart investing and asset management to create and sustain family wealth.
The stats tell us that just 10 percent of generational wealth lasts beyond the third generation, and you can point to a variety of reasons for that to be the case. Most people that get to this point want their family to be taken care of for decades to come, but not everyone takes the necessary steps to achieve unity to within their family.
It takes a concerted effort with effective communication, and today we’ll take you through the 12 elements that will help you achieve this goal. This is part one so we’ll share the first six elements in this episode.
Here are the six elements we discuss in this episode:
- Foster strong and effective communication and build trust between generations.
- Develop, maintain, and regularly revisit your vision for the present and future.
- Successful families meet regularly.
- The four different types of capital you need for generational wealth.
- Keep the family business separate from the business of the family.
- Identify the roles necessary for the family to be successful.
Michael is a Financial Advisor and Certified Business Exit Planner at WestPac Wealth Partners. His daily mission is to help families and business owners make smart financial decisions so they can live on their own terms for the rest of their lives, regardless of what life events and opportunities come their way.
Call Michael at 702-767-4897 with any of your questions or email email@example.com.