Integrated Financial Planning and Strategies
Short of inheriting it or winning the lottery, the only way to accumulate wealth is to diligently manage your cash flow so you have excess funds to save every month. Spend less than you make, and save the rest. Preferably save first, and spend what remains. Have a system or use software to track all of your expenditures. We can prepare a financial plan that can show you what you must do to secure your future, and how best to implement your plan.
Investment & Wealth Management
Family Wealth Leadership offers three investment programs to meet our clients needs. Those who prefer to have little or no help from us or those who want full-service, tactical investment management.
Wealth Transfer & Estate Planning
Don’t go directly to the attorney for estate planning before talking to us first. They are a valued and necessary advisor; however, they draft documents; they don’t do planning. Good estate planning and wealth transfer includes all family members, family meetings, and lots of discussion and analysis to ensure the wealth transfer strengthens the family rather than destroying it. You may think your family is immune, but the odds are against you. Statistically, 70% of wealth is lost when it transfers from generation to generation and completely gone by the end of the third generation. We can keep that from happening through our family coaching process.
Family Coaching & Education
It has been documented historically that 70% of family wealth is lost each time it passes to the next generation, and completely gone when the 3rd generation dies. The odds that your family is in that 70% are very high. The primary reasons are a lack of training, education, and experience; coupled with breakdowns in trust and communication within the family. It is virtually impossible for a family to solve these problems on their own. A family coach, competent in working with family issues around money and relationships can help a family navigate the minefields that lay in front of them as they pursue a significant future.
Asset Protection, Liability Management, & Insurance Planning
Debt is not bad, but it is dangerous. Think of it like a knife. If used properly, it has many positive uses. Used carelessly, and it can cause severe and long-lasting damage. Asset protection is the concept of legally using strategies, entities, planning tools, and insurance to protect your assets and family from litigation and frivolous lawsuits, and in today’s environment, identity theft.
Business Progression, Not Succession Planning
Families that own private businesses have unique opportunities and challenges. Deciding what to do with a privately owned business, how and when to do it, and why is one of the most difficult and complex transactions a family will experience. Most of the time it will be an unpleasant experience that causes severe and irreversible damage to the family. Again, detailed and complex planning with a family coach and strong team of advisors is necessary. Here are the statistics. “In a 2013 survey conducted by the Exit Planning Institute, 78% of business owners have no formal transition team, 83% have no written transition plan, and 49% have done no planning at all.”
Family Legacy & Philanthropy Planning
If you want exceptional children, teach and model charity and compassion to them. The world and society encourages materialism and self-centeredness. Those children become unhappy, unsatisfied adults that, in many cases, self-destruct. You will pass the baton to heirs either while you are alive or after your death. Building and implementing a charitable foundation or utilizing philanthropic strategies while under your tutelage, can produce caring, loving, and joyful adults that can change your world. Philanthropy should be a cornerstone of every family’s purpose for existence, and a major catalyst for achieving family significance.
Keeping good records is imperative to becoming successful and significant. If you don’t know where you are, you also don’t know where you will wind up. Businesses diligently maintain balance sheets and profit and loss records because they need to know if they are making progress towards their objectives. A business that does not keep good records is a business on its way out of business. It is the same for individuals and families. You may resist creating and maintaining a budget and tracking your expenditures, but not doing so means you are essentially lost. There is good software in the market and online that can make it relatively easy to maintain current and accurate records.