At the Alchemia Group we are helping our clients think & act differently in regards to their wealth and its impact on thier family - because we know it is more than just numbers and plans, it's the Balance of Art & Science with Pragmatism and Vision.
An often-quoted truism in the wealth planning world is ‘We spend a lot of time preparing our assets to be inherited but very little time preparing our heirs to receive them’. But just what does ‘preparing heirs’ mean? Is it going to wealth programs? Getting an MBA? Possibly, but I think there is a more important element – experiences and experiential learning. This begs another question; ‘How does experiential learning fit in with wealth planning and preparing heirs?’.
According to the Association for Experiential Learning experiential learning has the following components
Successful families practice experiential in a number of areas. A few include:
I recently published a piece in The Family Business Legacy Handbook (2017) discussing some of these concepts in more detail. You can access it HERE.
This topic points to a bigger topic for families seeking multigenerational success – the concept of a Family Chief Learning Officer. I’ve been doing a lot of work on this concept (much of it experiential) and will be sharing ideas in future posts.