By the time a wealthy estate reaches several generations in, the investment goals of the current owners may be quite different from the original founders. A financial advisor must take into account the family situation and the changing nature of the wealth as goals change in each subsequent generation. Future generations do not always see the value in preserving inherited wealth. Accordingly, it might be a good idea to bring in a financial psychologist to help heirs become aware of the dynamics of their inheritance.
See Karen Demasters, Heirs May Not Guard Wealth, An Advisor Says, Private Wealth, December 19, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
