In this week’s blog post, I discuss generational legacy, and what this entails for both the senior generation and the next generation.
The desire for progeny of wealth families to develop an appreciation for financial independence is often top of mind for the family office. Especially families seeking to preserve their wealth for generations yet to be born appreciate the need for all of their members to be thoroughly educated and prepared for the responsibilities of family wealth. Without this preparation, families may not be adequately prepared to make shared decisions as owners. Family Office Exchange (FOX) has found that wealth education activities can help increase the odds of producing next generation family entrepreneurs; Through cultivate the knowledge, commitment and unity among family members, fostering a sense of engagement and ownership, maintaining family wealth while encouraging their philanthropic endeavors, and grooming the next generation to successfully take responsibility for their wealth, the question of sustaining the family wealth may not be as feared.
In this week’s blog, I interview Iris Wagner, CEO, Founder and Executive Producer of Memoirs Productions – a production company specializing in recording ethical wills, and personal and corporate video biographies for families, foundations, institutions and corporations throughout North America. Iris talks to us about ethical wills and the importance of preserving heritage and legacy.