Wealth Integration
The Progenitor’s Dilemma: Avoiding Entitlement When Transferring Wealth
The Progenitor’s Dilemma: Avoiding Entitlement When Transferring Wealth A practical framework that empowers heirs while minimizing negative consequences byline Doug Baumoel, Blair Trippe and Katie Spencer Est. Read time: ~8 to 9 minutes Wealth can, at times, feel more like a curse than a blessing. Wealth magnifies the impact of bad choices and presents dilemmas to those progenitors who must determine how to distribute their assets over their lifetimes and beyond. Perhaps the biggest fear among benefactors is transferring wealth in a way that engenders entitlement. Progenitors do not want affluence to crush the next-generation’s initiative, sense of purpose [...]
Wealth Integration: A Multigenerational, Multifaceted Approach for Enterprising Families
Wealth Integration: A Multigenerational, Multifaceted Approach for Enterprising Families Prepare for challenges, manage risk, and empower future generations By Sarah Parker Schlesinger Estimated read time: ~3-4 minutes What is wealth integration? Wealth integration is about forming a powerful foundation for the future with multigenerational thinking and a multifaceted approach to wealth. It’s about how wealth can be integrated into the lives of individuals and families, productively. (And how individuals [i.e. inheritors] can avoid the Paradox of Choice and wealth’s unintended consequences.) Wealth affords access to opportunities and wealth integration helps families leverage their potential, and empower future generations. The [...]
The Paradox of Choice: How Wealth and Opportunity Can Empower or Stifle Potential in Families
The Paradox of Choice: How Wealth and Opportunity Can Empower or Stifle Potential in Families Wealth Integration™: Making Wealth and Opportunity Work for Enterprising Families By Doug Baumoel The book The Paradox of Choice, written by Barry Schwartz and first published in 2004, posits that people, in general, suffer a loss of happiness because we have too much choice in everything we buy, do, and experience. We’re obsessed with choice—that’s why we have scores of different pasta sauces on supermarket shelves. One would think that having choices would enable us to maximize our happiness by finding the one option [...]
Helping Inheritors Navigate, Understand the Complexities of Wealth
Helping Inheritors Navigate, Understand the Complexities of Wealth Six ways the rising generation can productively integrate wealth into their lives Byline: Sarah Schlesinger Estimated read time: ~4-5 minutes Having worked with affluent families for over 20 years, when I ask them what keeps them up most nights, roughly 90% of them respond with fear surrounding raising their children in a wealthy environment. Many of these parents didn’t grow up with wealth, while those who did regret that not enough attention was paid to the experience of inheritance and its challenges, rather than the obvious benefits and responsibilities. Wealth inheritors [...]
8 Ways to Manage Sibling Wealth Disparity this Holiday Season
8 Ways to Manage Sibling Wealth Disparity this Holiday Season The holidays can be the best time to address ill feelings triggered by gift-giving Byline: Blair Trippe and Doug Baumoel Estimated read time: ~4 minutes The holiday season is upon us and, for many families, this time of year can bring a multitude of issues to the surface. One such issue, sibling wealth disparity, (re)emerges when it comes to gift-giving. Money and items gifted by siblings may not be of equal value due to their wealth disparity, and this can wreak havoc and cause conflict among families. In order to maintain [...]
Wealth Disparity and Marriage: 3 Reasons Prenups Set Couples Up for Success
Wealth Disparity and Marriage: 3 Reasons Prenups Set Couples Up for Success Why a prenuptial agreement can strengthen a marriage and how advisors can effectively approach the discussion with clients in a positive way By Blair Trippe Estimated read time: 5 mins Planning a wedding and getting married is an exciting milestone in life—one that, for many, was abruptly put on hold due to the COVID-19 pandemic. With vaccinations on the rise, more and more couples are getting back to planning their nuptial celebrations. While that includes fun decisions like choosing a cake and picking color schemes, it also [...]
Is Family Governance Necessary for High-Net-Worth Families?
Is Family Governance Necessary for High Net Worth Families? 4 factors that wealth managers and estate advisors should consider for their clients Estimated read time: 4 mins Family governance, in its simplest form, is a structured process for making decisions together as a family. It provides a forum for families to discuss strategic issues like succession planning, financial choices, risks, and more. Governance can be formal, with organized meetings and documents like a family constitution, or informal with casual meetings or a phone call. However, formal family governance is not necessary for every family. We’ve outlined four factors to [...]
8 Steps to Manage Sibling Wealth Disparity
Wealth disparity among siblings can wreak havoc in families—especially when a family business is involved. Unfortunately, it’s all too common for the family enterprise to magnify wealth disparity and worsen issues of entitlement, exclusion and fairness. To nurture and maintain lasting relationships, it is critical to understand and manage sibling wealth disparity. Understanding the Path to Sibling Wealth Disparity As dependents, siblings grow up with similar economic status. Their relationships are forged as equals. As they mature, siblings may take very different paths, with diverse opportunities and challenges that impact their individual wealth [...]
PODCAST: Blair Trippe – How Can You Best Manage Conflict in Your Family?
WEALTH OF WISDOM PODCAST - EPISODE 11 Conflict is a normal part of family life. But it can be difficult to talk about and to manage, especially when significant wealth or a family business is involved. Blair Trippe is a counselor who has years of experience working with families in conflict. In this podcast Blair defines the different types of conflict, shares strategies for dealing with different forms of conflict, and talks about measuring the “family factor” needed to help families weather the usual slings and arrows that fortune sends their way. Man: Welcome [...]
PODCAST: Doug Baumoel – Should You Stay Together as a Family or Go Your Separate Ways?
WEALTH OF WISDOM PODCAST - EPISODE 36 When should a family call it quits and go their separate ways? How can a family even think about this painful question? In this podcast, Keith Whitaker speaks with family business consultant Doug Baumoel about these fundamental questions, ones that, from time to time, any family that is managing a business or wealth together have to face. Doug reviews the concept of the ‘family factor,’ which measures a family’s ability to navigate change together, based on shared history, shared vision, and trust. He also talks about ways to raise, in a productive [...]