To ensure that your wealth enriches the lives of your loved ones, I can help you achieve successful and tax-efficient wealth transfer across multiple generations.

I will:

  • Start a relationship with your sons or daughters with a discovery call or a visit to learn their goals for the future.
  • Open an account for them when they are ready, provide recommendations, and educate them on the fundamentals of investing and wealth planning, keeping the experience light and enjoyable.
  • Extend the same asset management fee to the entire household, to help your loved ones begin to invest and plan to achieve major goals.
  • Explain why if certain investment ideas that intrigue them could be risky or ill-advised.
  • Help your young people to move forward with informed decisions based on sound investing principles.
  • Teach them that the worst mistake of all is not to invest.
  • Help your family manage conflict to avoid long-term challenges, keep lines of communication open, and prepare in advance for major life transitions.
  • Act as an objective, caring advisor by your side to help you make rational decisions in family financial matters that are often fraught with emotion.
  • Engage our in-house business valuation team to help you determine what your business is worth and how to compensate any children who are not in the business to equalize the bequest.
  • Secure potential buyers for your family business if no family members wish to manage it when you are ready to step away.

 

Tips on fostering wealth stewardship across generations

Successful wealth transfers start very early

Talk to your children about household finances and then include them in their teen years in conversations about the family wealth and investing.

Consider seeding a TFSA account with funds for your children or grandkids to help them start investing.

Add increasing amounts as the kids get older and more confident to let them experience how it feels to control money and learn from mistakes within limited parameters. Too often, young people inherit large estates without knowing how much they will inherit and without having any experience managing money. The stress of managing a multi-million-dollar family fortune can paralyze young investors and trigger anxiety.