Often, these client families have created significant capital over their lifetimes but lack a cohesive vision for their wealth and a framework to leverage it in ways that support the whole family. They know family wealth transfer can create stress and conflict, and they want to be sure they set their loved ones up for success.
Matter begins working with families that want to start planning for wealth transitions by taking a careful look at their financial landscape, examining everything from current investments and assets to existing estate, insurance, tax, and cashflow plans. We assess what’s working well and make strategic suggestions to improve returns, manage risk, and make sure the right outside advisors are in place. If needed, we help these families find the right estate attorney to revise or recreate their estate plan, so it’s an accurate reflection of their goals and objectives.
At the same time, we work with the whole family to build a foundation of communication, preparation, and alignment that helps them make smart decisions together, create a family governance structure, and prepare for a seamless wealth transition. We facilitate family meetings — focusing as much emphasis on the continued well being of the family as the finances — and help families articulate a shared vision, values, and overarching purpose for their wealth.
Then, we create a Family Strategic Plan that incorporates their whole financial world.
The result?
- Each family member has a clear role in the business of the family.
- Family members feel confident in the governance and decision-making process they’ve created together.
- The clarity and transparency families gain from this process increases everyone’s trust and comfort – and prepares the whole family for the wealth transitions ahead.