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Celebrity Estates

Celebrity Estates: Julia Fox and Why Many Millennials Focus Less on Material Wealth

The younger generation's spending is increasingly defined by values, rather than conspicuous consumption.

Uncut Gems star Julia Fox recently went viral for posting a TikTok video showcasing her home, which was modest compared with the extravagant abode you might expect from someone wealthy and famous. Today, many millennials are shifting away from buying luxury homes.

In this episode, David Lenok speaks with Kelley Wolfington, senior wealth strategist at SEI Private Wealth Management, on why the housing trend for high-net-worth individuals is shifting and how it reflects the current values passed on to the next generation.

Kelley discusses:

  • Why the current generation believes in values-driven spending;
  • How wealthy millennials are choosing their financial advisors;
  • Why the location of a house matters more in a remote work environment;
  • The expectations for future generations to do something significant beyond spending inherited money;
  • And more.

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About Our Guest:

Kelley Wolfington provides holistic advice in the areas of trust and estate planning, wealth transfer, philanthropy, succession planning, tax planning and family communications strategies for ultra-high-net-worth and high-net-worth individuals and families. Her responsibilities include collaborating with internal and external colleagues and partners to craft and deliver such advice as well as develop strategies, techniques, tools and materials related to these advisory areas. She helps facilitate a perpetual process to improve her clients’ condition by working with them to navigate goals, values and visions for themselves, their families and their communities.

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The Celebrity Estates: Wills of the Rich and Famous podcast is available on Apple PodcastsAndroidStitcher and wherever podcasts are found. 

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