How can your family wealth survive through generations?
Seneca, the Roman stoic philosopher, observed: “For many men, the acquisition of wealth does not end their troubles, it only changes them.” Over the years, we’ve observed this to be true. For many, stewardship of hard-earned wealth across generations has been challenging. Everything from reckless spending, to ill-thought through investment strategies, to relationship breakdown can dramatically destroy family wealth. There have been examples, through history, of dynastic families who have been amongst the wealthiest in a nation, who have largely lost everything. The Vanderbilt family built the US railroads and amassed a huge fortune, but through excessive consumption and gambling were far from wealthy, just four generations later. For the Huntington Hartford family, who created America’s first grocery chain – now referred to as “Walmart before Walmart” – it was a series of failed business transactions. For the Pulitzer family – famous for the Pulitzer Prize – it was the concentration of their wealth in an 800-acre citrus farm in Florida, that was then ruined by disease. In this briefing, we explore strategies that can support your family in continuing to prosper over future generations.