GenSpring regularly publishes on a broad array of topics categorized as Family Wealth & Business Planning, Family Governance & Education, Investment & Tax.
On our journey to obtain independence and achieve financial success, we usually prioritize having good educational experiences, a sound résumé and a career with a nice salary. The reality is that even with all this, we can still face financial disaster if we don’t develop good financial habits. The road to financial freedom requires practice and discipline. Here are a few simple steps to aid you on your journey.
The odds of sustaining wealth across generations are as low as 30% with research showing that non-financial circumstances have a far greater impact on the ultimate success of wealth transfer. Through collaboration with experts over the years, internal research, and our work with some of the world’s wealthiest families, we have identified 25 non-financial best practices that we believe enhance a family’s ability to sustain their wealth across generations.
Prenuptial agreements are becoming a more prevalent part of the marriage process, but most parents, children, and of course, young engaged couples, often find this subject very difficult to discuss. This paper provides helpful insight into addressing this sensitive and often taboo subject.
GenSpring gathered more than 80 women for a Women’s Retreat, a weekend-long learning event for clients ranging in age from 21 to 91. During one general session, participants were grouped by generation to share their experiences communicating across generations and then did the same in cross-generational groups. Throughout robust discussions, several insights emerged.
This paper focuses on how providing opportunities for learning is a crucial component for success in multi-generational wealth transfers. It discusses financial literacy and non-financial topics like shared values, responsibility, life skills and communication.
The expression “an elephant in the room” has been around for decades – if not longer. Readily recognized to mean an uncomfortable situation not talked about but clearly known to all. When elephants make unwanted appearances – at dinners, parties, meetings — people get uncomfortable and begin to shut down. Overtime, these actions may cause family relationships to erode. A family whose home is full of unwanted “elephants” can begin to turn things around. Become informed, open communication, know the key players and embrace the process.
Exposing children to philanthropic endeavors is an excellent way of demonstrating family values and attaching meaning to money. Further, philanthropy often brings family members together and helps them celebrate their family history and legacy. This paper details creative ideas for actively engaging the next generation in philanthropy.
This paper provides readers an overview of the topic of family governance in addition to an approach of creating a system of family governance that has proven successful for many families. Written by GenSpring Director of Family Governance Daisy Medici and Family Wealth Advisor David Herritt, this white paper describes what we believe is one of the core elements of wealth management.
One of the challenges parents face when it comes to giving money to their children is providing opportunities without enabling them. Over three decades, we have helped clients find the right balance of passing along wealth while also passing along the skills required to ensure their children become responsible and capable stewards of wealth.
Though the challenges to successful wealth transfer across generations may seem overwhelming, they can be overcome. Freedom within a Framework provides an outline for how families can educate and prepare their heirs for the opportunities and obstacles that lie ahead.
We see a slightly better global economic growth environment but modest capital market returns relative to the stellar gains of 2019. Here are the key themes to watch out for in 2020.
Families of significant wealth often own a diverse mix of assets, including multiple residences, less liquid alternative or private equity investments, and valuable collectibles. This paper discusses 10 key factors that must be taken into account in order to create and maintain a flexible wealth management plan that reflects the family’s priorities and diverse mix of assets and balances risk, cost, and complexity.
This paper explores the connection between money and relationships. We all have a relationship with money whether it is good or bad and neither is right or wrong. It is important for people to understand the pros, cons, implications and impact on each relationship due to money. We will dive into how to recognize these relationships and more importantly, the resulting effects.
Many families of wealth struggle with a fundamental question: Can our wealth be sustained across generations and have a positive impact on those who use it? GenSpring has identified a series of best practices for the successful transfer of multi-generational wealth and believes that families who implement them can increase the odds of maintaining the wealth and reduce the likelihood of succumbing to the global phenomenon of “shirtsleeves-to-shirtsleeves in three generations.”
While many wealthy people desire to pass most of their wealth to their children, grandchildren, and other heirs, they often grapple with a fundamental question: “Can our wealth benefit our generation and be passed on to future generations while also having a positive impact on those future generations? Our experience tells us that sustaining family wealth is indeed possible.
Wealthy individuals often harbor negative feelings about their wealth: guilt, shame, or regret, but often these feelings are not discussed or acknowledged. Wealth transfer decisions made around these negative feelings can lead to resentment, dysfunction and conflict. To resolve these feelings, one must become truly aware of and accept them.
For more than 20 years, GenSpring has focused on women and wealth, the unique set of values women bring to the various discussions surrounding wealth, and how and why these values form. We’ve allocated resources in this area because we recognize money management means way more to women than simply asset allocation and risk tolerance.
Communication is essential to the success of every interaction, whether personal or professional. That said, communicating effectively can be challenging even when the message appears simple. Layer in family dynamics and communication becomes exponentially more difficult. Effective communication is one of the key tenets to happy, healthy and thriving families that requires dedication and practice.