By: Ned Dane
• Having conversations with wealthy families about preparing the next generation can be complex.
• We’ve partnered with Legacy Capitals to bring tools and training to advisors to wealthy clients.
• Our goal with this venture is to equip advisors to successfully partner with entire families.
By: Karen Demasters
OppenheimerFunds, a $222 billion global asset manager, is beefing up its services for advisors serving the needs of high-net-worth clients, Oppenheimer said Thursday. The firm is partnering with Legacy Capitals, a provider of advice and education to wealthy families and their advisors, to provide coaching and education about working with multigenerational families.
Urban Agenda Magazine
By: Richard Orlando
Because of fear of failure and lack of know-how, many parents create the outcomes in their children that they are actually trying to prevent. For example, in the name of not wanting their children to develop a sense of entitlement, parents don't speak about money nor intentionally prepare their children for the opportunities and responsibilities of wealth. As a result, the rising generation is not equipped to successfully steward their eventual inheritance, and instead of being ready for the wealth transition, they have a sudden-wealth experience (similar to a lottery winner).
By: Ben Steverman
Anyone can call himself a life coach. Gordon Grigg, for example. He called himself a “life and financial coach,” comforting clients with personal problems and promising to put them in safe investments with high returns. After 13 years, more than 60 clients learned they had been coached out of more than $6 million in a Ponzi scheme. “I did steal their money,” Grigg admitted in federal court in 2009. “I did take advantage of emotions.” He’s serving a 10-year prison sentence. Grigg is an extreme example of what’s worrying some involved in the field of financial coaching. To attract clients, a life coach needs an appealing personality, and that’s about it. Ethics and expertise are optional. That might not be disastrous when a client wants help getting organized or encouragement losing weight. But when people want a life coach to help them straighten out their finances, the wrong coach can make a bad situation worse.
By: Richard Orlando
I had just finished the initial consulting phase of my process to a wealth management team comprising seven members led by Tom and Linda, a father and daughter. Tom and Linda had hired my team to focus on overall team effectiveness and business development. Since not everyone on the team was part of the family and Linda had officially joined the team about two years earlier, they wanted to make sure “everything was running smoothly.”