Our Story
It’s about what brings you happiness.
I used to think I was strictly in the investment business. I thought a lot about P/E ratios, capital markets, betas and standard deviations and to a certain degree, I still do. Besides the occasional question about what “the market” will do, I don’t think a single client has ever asked about the technical issues. Mostly they talk about their family, their dreams for the future, and how they want to impact their community. My client families taught me that they come to me to “invest in a future” and that the wealth is just a tool to get them there. Joy and happiness are not by-products of great returns, but of life well lived. Understanding this has made all the difference.
It’s about strengthening your family.
Did you know that about 70% of family wealth transitions fail in the second generation and 90% fail by the third? The adage of Shirtsleeves to Shirtsleeves in Three Generations rings true for so many families. The answer isn’t better investments, but stronger families.
Did you know that about 70% of family wealth transitions fail in the second generation and 90% fail by the third? The adage of Shirtsleeves to Shirtsleeve in Three Generations rings true for so many families. The answer isn’t better investments, but stronger families.
60% of estate wealth transitions were caused by a breakdown of communication and trust within the family unit. Building intergenerational connections and trust is key to strengthening family and we use family wealth as a tool in this endeavor. Understanding our roots and who we are, helps us find a path forward. The way to understanding who we are and where we come from is through story. Claire Halsey explains that “our identity is strongly tied to our family and its history; not only where we’ve come from, but the family characteristics such as adventure, courage, creativity and even the jobs or achievements of family members.” Halsey explains that family story telling reinforces family characteristics and establishes the connection between generations.
Legacy always, always begins with story. A legacy story shared fosters stewardship. A legacy story plus stewardship lead to a shared family wealth story. Part of our essential work is helping families understand and share their legacy wealth stories to foster increase intergenerational communication and trust within the family.
25% of failures in estate transitions were caused by inadequately prepared heirs. Finding ways to help your loved ones become well-equipped to stewards of family wealth is key in the hopes of intergenerational unity.
People usually remember about 20% of what they hear, 50% of what they hear and see, and 90% of what they do. We work with families to develop ways to prepare the next generation by applying all three forms of learning. Whether it is through family activities to educate the younger generation, sharing information about family wealth, or multigenerational collaboration to give the next generation vital experience, we can do it all.
It’s about helping you change the world.
12% of the estate-transition failures are due to a lack of a unified mission. Families lacking a wealth mission statement or a family consensus behind such a statement, bore the brunt of wealth transition failures. Stephen Covey taught that “A family mission statement is a combined, unified expression from all family members of what your family is all about – what it is you really want to do and be – and the principles you choose to govern your family life.” There is nothing more powerful to unite a group of people, team or family than a common mission or purpose. Sharing the joy of service or philanthropy as a family also creates lasting connections between the generations. Just as family mission statements foster a sense of purpose, so do philanthropic mission statements. They give purpose to your giving and act as a filter and guide to focus your donations and involvement in your charitable efforts. Ultimately it increases your impact in the organizations and people you serve and gives the family a unified mission.
It takes a village.
Only 3% of wealth transitions failed due to failures of professional advisors. Many such failures happen because most advisors operate in silos instead of taking a multi-disciplinary perspective. We have championed the use of asset maps to increase the communication and planning amongst the family advisors. Apple had 1000 Songs in your Pocket, we have All your Assets on a Single Page. This is the first step of all our planning. All the comprehensive data in the world won’t help someone make a decision if they can’t clearly see how it is related. We use the MultiGen Asset Map in order to better understand the families we advise. It is a visual experience that displays the family members, entities, assets, liabilities, insurance policies, and so much more. It is the key to enabling thoughtful communication and coordination with all your other advisors. We also use the asset map to help families talk clearly and effectively about their wealth.
Tell Us your Story
Research and book details. Reasons to share their story.