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For many wealth creators, amassing wealth took a lot of work, but passing down the knowledge and tools to the next generation for successful wealth transition can be an even bigger challenge. Wealth creators may not know how to start or know the best approach. Through an infographic and video, learn the best ways to pass down the knowledge and tool...

Market research reveals that nearly 70% of intergenerational wealth transfers fail by the third generation and almost 90% by the fourth. These are compelling statistics which have become top of mind concerns for many families as they plan their wealth transition to the next generation. For Australian families, there are three key challenges they fa...

Traditionally, wealth advisors use a succession planning framework that involves working with the founders to look downstream to the next generation for an effective “passing of the baton” strategy. In contrast, a multi-generational approach encourages each person within the family system to contemplate and share with others where they’ve come from...

Many families recognize the importance of preparing future family leaders for the responsibilities of wealth through education programs. It’s a process that needs to be cultivated over many years in a thoughtful and planned manner. However, far too often the next gen education programs fail to get off the ground or maintain momentum. Family members...

The families with the strongest governance plans are those that survive the most challenging times. They understand the importance of listening to younger generations and bringing them into the decision-making process. Other families find it more challenging to discuss wealth issues openly and to share decision making. In a Q&A with Jack Garnie...

Companies manage many risks, and it’s easy for boards to get bogged down discussing financial and compliance risks. But that can mean they’re not paying enough attention to risks that are truly critical, including cybersecurity that is continually evolving or threatening. Directors need to make sure they have an effective risk managemen...

While wealthy families prefer to pass nearly two-thirds of their wealth to their children, grandchildren and other heirs, they grapple with a fundamental question: Can their wealth benefit their generation and be passed on to future generations while also having a positive impact on those future generations? Experience shows that sustaining fa...

Parents often find it difficult to discuss their wealth with their children, especially when it comes to what will happen to their wealth when they die. But when parents do not clearly detail their intentions or prepare their children to receive the family’s wealth, they risk outcomes that will meaningfully erode the value of their estate. Fortunat...

It is an unfortunate fact of life that, as we age, our cognitive powers often decline. To assist people as they reach this stage in their lives, states provide a mechanism by which a person’s friends and family may petition a court to declare him or her incapacitated, and for the court to appoint a guardian to manage his or her affairs. While...

The expression “an elephant in the room” is readily recognized to mean an uncomfortable situation not talked about but clearly known to all. When elephants make unwanted appearances—at family dinners, social gatherings, meetings—people get uncomfortable and begin to shut down. When this happens, they begin to operate from as...

One of the most common concerns families have revolves around how to share wealth with family members without encouraging entitlement. With forethought and care, giving well and wisely can bring families together and strengthen the bonds between generations. The steps to giving wisely—and fostering flourishing over entitlement—include clarifying yo...

Under 35s are creating more companies, with higher headcount and greater profit ambitions. They show strong interest in the new economy, but not exclusively, and prefer diversification across their investments. Dubbed as the “Millennipreneurs,’ these are business starters from ‘Generation Y,’ born between 1980 and 1995, also...