Multi-Generational Wealth Planning

Lisa Detanna has been named one of the country’s top financial advisers, making it to the top 100 list for Forbes and Barron’s for several years. With her work in Raymond Jones, Lisa Detanna focuses on multi-generational wealth planning and helping affluent and high-net-worth families prepare the next generation to manage their assets.

One of the most frightening statistics that family-owned businesses face is that only 30 percent of them survive to the second generation, and even less to the third and onwards. Multi-generational wealth planning for a family office became one of the essential methods of discovering concrete methods to preserve the family’s net worth and assets and even potentially increase them in the next generation. A lack of trust between the wealth builder (i.e. the original generation) and the descendants is the most frequent reason for lost wealth and assets. The leader of a family office needs to plan on educating the heirs for proper wealth management and exposing them to the business at the right time.

Long-term investing plans can look beyond quarterly changes and make up for short-term losses. An airtight succession plan also eases the transition of wealth from one generation to the next and provides guidelines for each descendant’s role in the family office.