Creating a lasting legacy

 

You’ve probably heard of the old adage ‘from shirtsleeves to shirtsleeves in three generations’, but is it really true?

Research in the USA* suggests that inherited wealth rarely endures. By the second generation, it found, 70 per cent of family fortunes had been depleted. By the third generation, the figure was 90 per cent. 

60% of unsuccessful wealth transfers result from a lack of trust and communication among family members, which led to the creation of the Institute for Preparing Heirs.

Lisa Snyder is Managing Partner & Chief Learning Officer for the Institute, which helps financial advisers help guide conversations with their wealthy clients about wealth, legacy and purpose to align the entire family for a successful wealth transfer. 

She joins me to chat about how to manage the transfer of wealth successfully.

 

*The Williams Group looked at 2,500 families over a few decades.

Listen here on episode 059 The Retirement Café Podcast, the first in our series on ‘Changing perceptions of ageing and ageing better’.

 

Useful links

The Institute for Preparing Heirs

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