There’s a moment many successful leaders and families experience. It often comes after a major milestone—a business is sold, a financial goal is met, or a will is signed. The documents are in order, the numbers are secure, but a quiet question remains: “Will they get it?”
Will the next generation understand the values that built this success? Will they be prepared to steward it with purpose?
This is the point where financial planning evolves into legacy planning. At SageSpring, we believe the answer lies in a deliberate framework for preparing your family for the future. We guide our clients through this journey using three steps: mentorship, values, and intentional succession.
Mentorship: What We Believe is The Most Undervalued Asset
A lasting legacy begins with presence. The most impactful leaders don’t just build portfolios; they build people. They move from being a provider to being a guide, which requires an intentional mentorship model.
This mentorship is built on a foundation of meaningful dialogue. We encourage clients to focus on three key conversations to transfer wealth and wisdom:
- Discuss why your family saves, invests, and gives. Connecting money to a deeper purpose is the first step in building a shared vision for the future.
- Walk the next generation through hypothetical challenges, like a market downturn or an unexpected business problem. This builds resilience and critical thinking.
- Guide them through their first significant financial decision, such as choosing a charity to support or making a personal investment. This provides hands-on experience in a supportive environment.
Values: The True Currency
We believe wealth without guiding principles can be a liability. A legacy is ultimately defined by the values that direct the use of your wealth. But moving those values from an unspoken feeling to an explicit statement is a challenge.
We guide families through a simple but profound exercise to unearth their core principles:
- Each key family member privately answers the question: “If our family could only be known for three things 50 years from now, what would they be?” (e.g., generosity, resilience, faith, education).
- The family then shares their answers. The goal isn’t perfect agreement, but to discover the common themes that resonate across the group.
- From those themes, you can craft a simple principle to guide future decisions. A family that prioritized education and community might arrive at: “We use our resources to create opportunities for learning and to strengthen the communities we are a part of.”
This exercise transforms a vague idea about values into a tangible asset. It’s central to cultivating a generational wealth mindset that will guide your family for decades.
Intentional Succession: Preparing People, Not Just Plans
Succession is more than a technical, legal event; it is a human process. The most important question a leader must ask is: “Are the people I’m handing this off to ready?”
Legacy leaders prepare successors, not just beneficiaries. This involves a hands-on mentorship model to build competence and confidence. We encourage clients to:
- Invite heirs to shadow key meetings with their financial advisor.
- Give them responsibility overmanaging a small part of the family’s charitable foundation.
- Task them with researching and presenting a potential investment or philanthropic gift to the family.
This preparation also means equipping them with knowledge for what to do when they inherit wealth.
Build a Legacy That Lasts
A lasting legacy is built by strategically combining your wisdom and your resources. It’s about being a good steward and living a life of significance.
Building a legacy is one of the most important journeys you will undertake. If you’re ready to build a framework that reflects your values and prepares your family for the future, connect with a SageSpring advisor today.
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