Wyatt Family Office, L.L.C.

More and more, wealthy families are realizing that financial success does not always translate into family success. They often times struggle to thrive with their wealth and to achieve enduring well-being within their families. Unfortunately, their impression is well-founded. Sadly, 70 percent of wealth transfers fail by the third generation, causing heartache and disappointment for everyone involved. Contrary to what many families and advisors think, most generational wealth transfers do no fall apart because of poor financial management. Rather, fortunes are commonly lost or squandered due to issues with the family itself: lack of communication and trust, insufficient preparation of the next generation for responsible wealth ownerships, and absence of a clear family vision, to name a few.

On the other hand, some families manage to beat the odds and thrive, keeping their wealth intact across generations. While every situation is different, these successful families tend to share some common characteristics. They have a strong identity and know what they stand for; they share a common vision for their future; they communicate openly and frequently, and respect and trust each other; they have found a level of family togetherness that all members enjoy; they have established a transparent and fair process to make decisions about the shared family wealth; they prepare family members to be responsible wealth owners and future family leaders; and they support personal fulfillment and initiatives.

The challenge is that most families don't get to learn from these experiences and benefit from such best practices. They are often surrounded by advisors eager to preserve wealth for their family with services like investment management, estate planning or tax advice. But very few firms are willing or able to help prepare families for their wealth.

Our office's ultimate purpose is to help your family plan for the future. We can help clients revamp their family dynamic, promote family cohesion, and foster open communication and responsible ownership, ultimately giving families a better chance of flourishing and extending their legacies throughout the generations.

Such approaches provide families with a greater opportunity to attain true wealth, which encompasses not only money, but all of the tangible and intangible assets a family possesses - financial capital, of course, but also human and intellectual and social capital. These include thinking skills, experiences, practical know-how, higher education, relationships, networks, values, traditions, passions, memories, etc. There are obviously no guarantees, and luck always plays a factor in achieving success. But being hopeful isn't a plan, either. Families who prepare and act intentionally are much more likely to achieve and sustain well-being. As the saying goes, "The more you practice, the luckier you get." To learn more, give us a call today! 919.467.1701