Over the past year I wrote a few articles for Private Wealth magazine with my co-writer Megan Wells. In researching one article I interviewed a man who runs his family office, and several of his families business ventures. I was exploring the idea of wealth as a “vulnerability,” when he said, “I find my wealth to be a burden.” In subsequent conversations with other wealth holders, I heard his words echoed by others. Society at-large imagines wealth as something which brings freedom from being burdened - but, what this gentleman was referring to was the overwhelming responsibility he feels in overseeing the families wealth. To reiterate my sense of wealth holders: they are ordinary people having an extraordinary experience.
Burden refers to a “heavy weight,” or anything “difficult or troubling.” Sharing the burden can be addressed in succession planning. Succession planning is the conscious and intentional investment in conversations and training with current and succeeding generations to carry wealth and family values forward. Regarding the man who referred to his wealth as a burden, one challenge for him was to admit he needs help. I asked him if he had plans of preparing his heirs to succeed him, and if he had ever consulted an advisor. He said, “No, but I know I need to.”
More on succession planning next post.
