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An Inheritance boom is Coming

An Inheritance Boom is Coming

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Increasing life expectancies have meant that for the first time in history, four generations are alive at the same time. This has important implications for the timing of the transition of family wealth. There is an ‘inheritance boom’ coming when the Millennial generation inherit the wealth of the Baby Boomer generation, but this is expected to peak in 2035 when the average Millennial has already passed the age of 60! Some wealth originators shudder at…

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Equity and Fairness; Greed or Envy

The Principles of Equity and Fairness

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Consider This: Are members of your family more driven by greed or envy? While neither are good attributes, what can you do to mitigate their risks? Greed and Envy are two of the ‘seven deadly sins’ and are relevant to material wealth. Economists adopt the fundamental principle that people seek wealth maximisation (a form of greed), but is this really the case? Because we live in communities and families, it can be argued that the…

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Proof or Privilege in the Family Business

Proof or Privilege in the Family Business

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Consider this from two perspectives: the family and the individual. Do families demand that younger generations prove themselves in some way, perhaps before being allowed to join the family business or take some other role with respect to the family assets? The other side is the view of the younger family member. Being born into wealth can be a lodestone, especially the way ‘privilege’ is a dirty word in some circles. The world loves a…

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can. money buy happiness

Happiness; Can Money Buy It?

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And does being ‘happy’ mean something different to those who have wealth and those who don’t? These are the questions considered in a recent research study. Most anyone who has wealth would find it obvious that the answer to the first question is a resounding ‘no’, but it takes the rigour of an academic to first define happiness (life satisfaction and a set of distinct positive emotions), and then examine the correlation between them and…

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environmental social governance nextgen

Environmental, Social and Governance Investing for NextGen

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Successful entrepreneurs are often control freaks. But they can’t control whether their children can take over the business or the assets and keep them growing. Entrepreneurs may be visionaries, but sometimes it takes an external advisor to identify choices that they might otherwise overlook. Transferring full control of an operating asset to children isn’t the only option. Neither is continuing the way things have always been done just for the sake of it. The drive…

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Business Family Succession Strategy

Business Family Succession Strategy

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actionable intergenerational wealth planning practices, business owner, conflict resolution in family business, E-Myth Revisited case study, entrepreneurship, family business, family office, intergenerational wealth, next generation, nextgen, own a business not a job, succession planning best practices, succession risk assessment, ok boomer, generational wars, clearview financial media, hnwi, covid19, coronavirus, social distancing, future of work, shelter in place, 360-degree human, pandemic,

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Risks for Advisors and Their Clients

The Cobbler’s Children go Barefoot

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Advisors don’t spend enough time thinking about their own succession and exit planning. Like most people, many are too involved in the day-to-day work. But like family businesses, exit planning for advisors is not just a financial transaction, but is also the chance to leave a legacy.  The wealth management industry is ‘old’ – the average age of financial advisers today is about 55, with 20% of them 65 or older. Why? Because most of…

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grieving through Covid

Grieving Through COVID

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[repost; still relevant today] The pandemic is not over, but after a year, we know a lot more, and there are reasons for hope. There are feelings of ambiguous loss, of knowing we can’t go back (and perhaps not wanting to), but missing who we were and what we had “before”. As 2020 draws to a close, we may be catching up with family, in some cases after being separated for a long time. It…

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Considerations for Wealth Transition

Considerations for Wealth Transition

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A successful wealth transition means the family stays intact and they maintain control of the assets. Ideally, you’d like both. Some families can only achieve one, and some end up with neither. People often setup their estate plan so that it will avoid tax and preserve wealth, but they’re really not paying attention to the impact of their plan on the next generation. The biggest risk to their assets is not the market or the business or…

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Women in Family Business

Women in Family Wealth

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There are several good reasons why family enterprises should care about making active efforts toward gender equity. If they want family members to be involved, their talent pool is limited, so why waste 50% of their potential? A more diverse leadership team will reap the same benefits that have been noted in the non-family business world. Finally, family cooperation, collaboration and harmony are important to families, so excluding women from paths to leadership can lead…

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