Generational Wealth

Generational Wealth: Family Forward Transparency

Within every family office, there is a range of services available to individuals and families, each of which tackles a distinct issue related to the rest. Most of those – such as investments, financial planning and tax strategies – are focused on the assets. Family coaching, on the other hand, focuses exclusively on the family.

The distinction is one of financial capital versus human capital, because while the two are related, they present a very different set of challenges.

Most financial advisors undertake a great deal of planning and preparing the assets to meet the family’s financial needs. However, families are complex, and each family is complex in its own way. There’s no one-size-fits-all solution to figuring out how they communicate amongst themselves or how they keep their values in place from one generation to the next. A talented family coach is inserted into the family ecosystem and works to take complex issues and simplify them, while moving the family toward happiness and peace of mind.

The approach may differ depending on a variety of variables. For instance, a family with first generation wealth may approach intergenerational transfers differently than a family that has had that same wealth for generations. Nevertheless, there are commonalities that persist across those differences – virtually everyone wants to maximize the impact of their hard work and earnings, and to have their legacy represent their values. At the same time, wealth holders often avoid talking to the next generation about their finances because they fear the implications of others knowing too much about their wealth, or they believe that to talk about money is somehow crass.

A professional family coach who embodies True Fiduciary® standards can bring transparency and two-way communication while acting as an advocate for the entire family. Even if brought into the conversation by one family member, the role of the family coach is not to play out the agenda of that member, but rather to work toward an end that will help make the entire family flourish. This is accomplished through a series of one-on-one meetings leading to a broader dialogue, which taken together enable a pure representation of the family’s unique goals, responsibilities, opportunities and expectations that come with their wealth.

Regardless the amount of information you share within your family, the most important thing to consider is not just your present situation, but its future. The degree of transparency between you and your family, and the information being conveyed, will affect your family’s legacy for years to come. An effective family coach is truly a value-add that is in your best interest.

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At PagnatoKarp, our focus is on YOU. We go beyond wealth management to help streamline your life so you have more time to spend on what matters to you most. Our dedicated team provides personalized, boutique services for investments, financial planning, tax, legal, private banking, family governance, concierge, and travel. With True Fiduciary® standards, you receive transparent advice designed to be in your best interest while focused on asset protection, cost, and opportunities.

Please contact PagnatoKarp at 703-468-2700 to schedule a private, confidential meeting at your convenience.

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