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Sustainable Wealth Succession: An Advisor's Perspective
Advising families on their wealth structures is not an easy or simplistic task. It requires a variety of skills, disciplines and decades of experience. The successful transfer of wealth is partially dependent on the guidance and nurturing of a professional advisor.
There is a misconception that a wealth advisor only manages the investments (the Financial Capital) of a family. The term “wealth” is a much broader concept than just financial capital. It includes the non-financial capital of the family as first identified by Jay Hughes.
The role of the family wealth advisor is to guide the family in building their financial and non-financial capital. Being able to attend to all forms of capital as a solo advisor is not feasible. The basis of the relationship the primary wealth advisor has with the family is based on trust.
Pro-actively building the non-financial capitals helps to position the family so that they are prepared and equipped to ensure their financial capital can sustain the future generations, thereby making their wealth sustainable.
The role of the primary advisor lies beyond the project management of the professional advisors. The primary advisor understands the family, their collective needs as well as their individual needs, and understands the purpose behind the financial capital.
Boston Multi Family Office is ideally positioned to assist clients with securing their wealth and planning for future generations. Boston is a multi-jurisdictional fiduciary service provider with offices in the Isle of Man, Jersey, Malta and the UK that implement and manage tailored governance solutions to clients.