Prepare your family for the future
There’s an old adage that says “Shirtsleeves to shirtsleeves in three generations” and most research indicates that’s true disturbingly often. This is likely due at least in part to a lack of preparation—a 2017 study by RBC Wealth Management found that 65% of inheritors were unprepared to inherit their wealth and 69% were never told how their benefactor wanted them to use the assets.
At the Wheelock Investment Group, we have worked with affluent families for over two decades, developing a series of key steps we can take to help preserve your wealth across generations. As our client, we can assist you and your family with:
Inter-generational and inheritance education
From the technical aspects of investing to the responsibilities that come with being a member of the family, we work with members of all ages and experience levels. This includes coaching younger or inexperienced family members about the necessary skills, competencies and responsibilities that come with wealth or even the sudden knowledge of wealth.
Family governance/family meetings
Assistance identifying, developing and nurturing the family’s intellectual, social and financial capital; facilitating family meetings; resolving conflict; managing transition and setting family/business strategy.
Family business owner solutions
Helping families create a succession plan that meets their personal and business goals, including the complexities associated with multi-generational business transition.
Philanthropy and legacy planning
Coordinating a strategic philanthropic plan that minimizes taxes and maximizes benefit to the causes and organizations that are most meaningful to you and your family.
Bill payment and coordination of vendors for primary and seasonal residences; buy-vs-lease calculations; product reviews/comparisons for major purchases; “what if” analysis for various scenarios/outcomes; guidance on major events like trips/retreats; and assistance with unique, awkward or delicate situations.
If you are interested in learning more about how our team can help your family prepare for the future, please contact us today.