Educating younger generations about stewardship, family values, entrepreneurship, taxation and investments can help prepare them for the responsibilities that accompany family wealth. While this may seem like a common endeavor, many families often fail to do so. As a result, this can lead to actions that can prove detrimental — jeopardizing the wealth, reputation, motivation and general well-being of the whole family.
Understanding the importance of and prioritizing the education of the younger generations can have significant benefits for families, including the perpetuation of the educational process among future generations.
Consider these practical tips to aid the process of wealth management education.
Mike Fisher is a Principal and Chief Operating Officer of Diversified Trust’s office in Greensboro, N.C.