How to Inspire and Bless Future Generations…
Build Wealth Success
The steps above are individually unique and at the same time they collectively offer a holistic plan for your family. You can look at the steps together or separately; either way, the focus of our 5 step process is your family’s progress toward Wealth Success.
Without a process, family legacy planning usually takes the path of least resistance or you just “hope for the best” — but hope is not a strategy.
Here is the detailed plan of the 5 step process that will allow you to prepare for the future + build generational Wealth Success.
CONTACT US FOR PRICING
ASK ABOUT A PACKAGE FOR STEPS 1-4
Purpose: Low-risk starting point; move forward one step at a time. Focused on discovering possibilities of Wealth Success for your family.
Required: Willingness to engage to build Wealth Success
Deliverable: Capital Discovery, a wonderful heritage document, including: family history, core values, objectives, and challenges ahead.
Value Add: Trust and communication
The path toward Wealth Success begins with knowing your point of beginning. At Prosperis Partners, the first step is foundational as we explore family history and objectives. A specific result is organizing your core values and your family goals and/or objectives.
The Assessment usually involves:
Family Capital
Explore and define family and individual goals and/or objectives
Evaluate family attributes in terms of opportunities and challenge
Include specific generations, experiences, values/relationships
Family history, core values, and purpose
Financial Capital
Evaluate balance sheet in terms of actual and potential resources
Incorporate assets and liabilities
A unique feature of step 1 is managing Family Capital at the generational and individual levels. For example, core values are managed on a family and personal levels. Step 1 also includes a Meyers-Briggs (MBTI) personality and Emotional Intelligence (EQ-i 2.0) assessments for two people.
The assessment concludes with a debrief focused on your family including a heritage document comprised of: family history, core values, and goals + objectives at the family level as well as the individual level.
WHAT DOES STEP 1 INCLUDE ?
MEETNG TIME FOR FAMILY MEMBERS AS NEEDED
UP TO 2 INDIVIDUAL ASSESSMENTS: MBTI AND EQ
MEETINGS STYLED AS 360°
BRIEF CALLS, TEXTS, AND EMAILS
DEBRIEF STYLED AS 360°
HERITAGE DOCUMENT
Purpose: Align your Family Capital and Financial Capital
Required: Submit a summary of financial capital information prior to engagement; debrief is a closed door/private session
Deliverable: Capital Discovery ll - a summary of ALL assets, serving as a holistic guide as you move toward building Wealth Success
Value add: Preparedness + trust and communication
Build on the foundation from step 1 and develop your legacy through prepared heirs. We are passionate about helping you embrace and express your desired legacy through aligning Family Capital and financial capital.
The focus of step 2 is aligning your family and financial capital. The powerful result is Integrated Capital.
Integrated Capital significantly impacts:
Estate Planning
Fiduciary Selection
FLP Execution and Distribution
Family Trust Planning and Distribution
Family Business Recapitalization and Disposition
Step 2 provides a picture of your objectives and resources together so you can move toward Wealth Success.
Integrated capital organizes: family member goals, family wealth purpose, family giving and generosity plan, and financial capital resources to support family initiatives.
Most affluent families have an investment policy statement focused on managing your financial assets. Have you considered an integrated policy statement to organize what’s important for your family ?
WHAT DOES STEP 2 INCLUDE ?
MEETING TIME WITH YOU AND YOUR ADVISORS
MEETINGS STYLED AS DATA + INFO AGGREGATION
CALLS, TEXTS, AND EMAILS
DEBRIEF STYLED AS 360°
NEXT STEPS FOR WEALTH SUCCESS℠
We call the deliverable for step two 360° Connectivity because it allows you to see both Family Capital + financial capital at a glance. It’s like taking a peek at nature’s landscape from a vast summit. 360° Connectivity gives you a bird’s eye view of what we call integrated capital.
Purpose: Intentionally move toward Wealth Success
Required: Integrate financial capital and Family Capital℠
Deliverable: Custom for each family — please see each tool below;
Value add: Preparedness, Trust and Communication Less fear, stress, and worry, more strength, freedom, and joy
When steps 1 and 2 are complete, our action tools help you to move toward Wealth Success intentionally as both capitals work together. We can work with and alongside your current plan and advisor and/or team of advisors. The resulting Integrated Capital approach is unique and powerful.
Integrated Capital offers 3 actionable tools to help you move forward:
1. Capital Convergence - Allows financial capital (resources) to serve Family Capital
Accommodate for current or future challenges: substance abuse or financial illiteracy
Encourage and/or champion internal opportunities: entrepreneur or family ventures
2. Capital Trust - Purposefully direct financial capital (resources) toward successful wealth transfer
Encourage productive trustee/beneficiary relationships
Positively impact one of the most important aspects of wealth transfer: Your Trustscape
The inspiration for Capital Trust was James E Hughes and the book he co-authored, Family Trusts.
3. Capital Letter - Chronicle and preserve what’s important to you and your family for future generations.
Document family traditions and core values
Affirm heirs with words of encouragement
Ensure the love for your family is well known
Our 3 action tools provide: preparedness, trust + communication, and leadership
WHAT DOES STEP 3 INCLUDE ?
IMPLEMENT YOUR PLAN WITH APPROPRIATE ADVISORS
BRIEF CALLS, TEXTS, AND EMAILS
MEETINGS PURSUANT TO NEXT STEPS
Purpose: Sustain Wealth Success
Required: Commitment to integrated capital
Deliverable: Bespoke system to maintain Wealth Success journey Including: Family Council and Family Capital Review
Value add: Advanced trust and communication
Keeping Family Capital and Financial Capital connected is the key to Wealth Success
Prosperis Partners is committed to helping you remain on the path toward Wealth Success and sustain progress. We accomplish this through periodic review meetings.
Accountability offers your family:
Family Capital and/or Integrated Capital Review
Periodic review to adjust and re-evaluate for:
Life Events - Marriage, Children, or Grandchildren
Liquidity Events - Family business recapitalization or disposition
Milestone Events - High School or College Graduation, Family Business Leadership
The accountability step is expressly designed to manage the ever-changing needs in relationships and resources. Prosperis Partners encourages the review of all of your assets together at the same time. Whenever you consider meeting with a financial advisor for a performance review, Prosperis Partners will work with you on any changes or adjustments based on life, liquidity, or milestone events.
WHAT DOES STEP 4 INCLUDE ?
ON-GOING REVIEW AT LEAST ANNUALLY
FIRST YEAR FREE WITH STEP 3
SUBSEQUENT YEARS AT AGREED FEE
Purpose: Meet specific needs to augment the Wealth Success journey
Required: Desire to take advantage of additional (optional) services
Deliverable: Less fear, stress, and worry; more strength and freedom
Value add: Safeguard preparedness, trust, and communication
Acceleration focuses on personal application of Wealth Success
Thriving and rising generations = Wealth Success
We offer several items to help your family personally ensure preparedness, trust and communication:
1. Family Meetings - half day, full day or weekend retreat focused on gathering together for the express purpose of celebrating or problem solving.
2. Gravitas - a Wealth Success community focused on growth/development through linking arms and encouraging each other.
Please note that both items above are optional.