Achieving Wealth Success is the Best Family Legacy Plan
Is your family prepared for the next chapter ?
With an eye toward the future, you probably have concerns. Is your family prepared to advance your purpose and goals? You would like to know for sure that both family interests and financial interests are secure - will your family relationships and financial resources continue to thrive and prosper after you’re gone? The answers to these questions help determine what your legacy will be.
Most of the time, finding answers to questions that provide a sense of comfort and security come with a serious challenge. You may already know that 90% of family wealth is lost by the third generation. If your family is planning on avoiding wealth failure, it is critical to take steps now to prepare your family for Wealth Success.
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“The primary driver of Wealth Success is your family itself.” Currently, you probably have a financial advisor or maybe a team of advisors. Together, you pursue strategies to grow and preserve your financial capital, all of the resources that you developed. But the typical financial advisor, and the collective investment tools you’ve chosen, usually accomplish one goal - take care of your money.
However, If you take a moment for some self-reflection and think deeply, we suspect your fears are not completely eliminated. In meetings with your financial advisor, you discuss in detail all of the financial assets and the related portfolio management. But do you discuss the purpose of your wealth ? Or what your financial assets do - can and should do - for your family?
Are your heirs prepared to assume responsibility of your estate and continue your vision? Perhaps you also have a checklist of tasks and meetings to further address your finances. Unfortunately, we believe that strategy is often incomplete. For instance, how can you be assured that your heirs won’t become victims to wealth failure?
Addressing only the financial side of preparedness is not the main factor in determining the ultimate outcome for your family. Family wealth strategist, Dennis Jaffe supports family legacy planning in the article family wealth survival.
The primary driver of Wealth Success is your family itself. How can you turn the negative odds of wealth failure in your favor? Consider incorporating your heirs in discussions about family legacy planning. It can seem like a complicated proposition but with an experienced guide, you can prepare your loved ones for what is to come. At Prosperis Partners, we call this “Family Capital Management.”
Family Capital involves preparing your heirs to thrive and succeed on their own. This is your true legacy.
Your legacy lives most in their hearts. Will they appreciate you more after you’re gone if you show them how much you value and love them by investing time, talent, and treasure in their future ? How can you incorporate their interest and perspective as you assess your family’s wealth opportunities?
Our Wealth Success process highlights your family members, core values, experiences, and relationships. We harness our own experience and the best research available to develop trust and communication to reduce the potential for division and discord. We align your resources with your relationships thus moving toward a solid alignment of money and meaning.
Wealth Success comes from investing time and effort into Family Capital and financial capital. Doing so is the path to ensuring both wealth and legacy are successfully transferred to future generations.
Prosperis Partners uses the following steps to provide a path to Wealth Success:
Family Capital Management usually does not require a radical change in direction, but it offers the tools to help your current strategy succeed. We can work with and alongside your current plan and advisor. Together, we will build on the foundation you already have to generate a new, more robust level of success. The resulting “Integrated Capital” approach is powerful.
The cost of doing nothing can be catastrophic. Relying on the status quo most often leads to lack of focus and clarity and continues down a path of wealth failure.
With the right approach, however, you can move toward multi-generational Wealth Success. The first step is a simple and quick Wealth Success Questionnaire to explore your family’s preparedness.
Contact Prosperis Partners today and begin moving toward a prosperous future. We look forward to serving your family.