Multi-Generational Wealth Clients

The odds against a family maintaining wealth for more than one or two generations can be staggering. When a family sells its business and sets out in new investment directions, the odds of sustaining the same level of wealth into the next generation are even smaller. This is often the result of assets dividing across multiple branches, family members with disparate goals and financial acumen, an array of advisors providing conflicting advice and increased spending. Successively larger generations often lead to increased consumption and, in many wealthy families, decreased contribution.

To succeed, families with substantial wealth cannot leave successful wealth perpetuation to chance. They must be active stewards and responsible owners, making key decisions and overseeing their assets. This requires the broader family to create a culture that celebrates goal alignment and joint decision-making and activity. Mirador provides families with a platform that can assist families in creating this culture and thereby perpetuating their wealth and their values, key features of a family's legacy.

Finding Your Voice

A family business begins with a unified voice in the family business leader who passes his or her wishes on to the children. Maintaining that voice and perpetuating wealth across generations requires keeping many diverse people connected as a family, and in full alignment around the vision, values and strategy of the family.

For many families, this means keeping the wealth unified in a series of shared investments or partnerships. Other families choose a combination of strategies with complex trust and estate planning which transfer the family wealth to the next generation. Mirador can assist families in determining how to best integrate those structures into various forms of joint activity while at the same time meeting the requirements of existing complex entities. We can also assist in the important governance work needed to reach consensus, provide family members with a voice in decision making and prepare the next generation for the extensive responsibilities that come with managing extraordinary wealth.

Maintaining Family Harmony and Individual Purpose

Wealth provides comfort, security and freedom. However, the complexities of wealth can also disrupt family harmony, create a sense of entitlement and cause family members to lose purpose and ambition.

Working closely with your family at all levels, Mirador provides intergenerational legacy planning, including resources for mastering effective communication, defining family culture and governance and discovering shared family values, all of which are essential to gaining alignment as a family around what you want your money to represent and ultimately to accomplish.

Mirador will educate and prepare the next generation of leaders through a series of ongoing family meetings, and hold an annual meetingor Family Retreat. This retreat respectfully provides each family member a voice and a vote in creating a shared family mission and vision. Preparing the next generation of leaders also includes developing and monitoring the results of a comprehensive education plan designed to meet the needs of all ages and levels of financial knowledge.

Finally, Mirador can help you gain understanding and insight regarding the impact of money on family relationships and the emotional impact of wealth on children. This is critical as the next generation determines its own path and purpose in life.

Disclosure

  • Asset Allocation does not assure or guarantee better performance and cannot eliminate the risk of investment loss.
  • Equity Risk Management strategies are intended to mitigate the risk of holding a concentrated position and are subject to a higher degree of market risk than a well-diversified portfolio. An investor should understand the costs, cash flows and risks inherent in a strategy prior to making any investment decision. There are no guarantees that any strategy presented will perform as intended.