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.
I recently spent a week speaking to a variety of groups in a variety of locations. I don’t do much public speaking but these were all interesting opportunities to talk about family, wealth and philanthropy. As usually happens I came away with some awareness about what ideas may be important. I’m going to do a series of blog posts highlighting what seemed to resonate with each audience.
When I ask the question ‘What comes to mind when I say the word wealth?’ the answers are inevitably something to do with financial assets. But the word wealth actually means much more. The root of the word wealth is the old English word ‘weal’ with means ‘well-being’. The suffix ’th’ means ’the state of’. So:
Weal + th = Wealth = Being in a state of well-being.
A ‘Family of Wealth’ then is a ‘Family in a State of Well-being’
While part of the ’state of well-being’ may include being financially secure it also includes having a healthy family with physically and emotionally healthy individuals who have healthy relationships with each other.
My question then is ‘How does all your estate and financial planning support your family being a ‘Family of Wealth?’.
I also led several discussions on the meaning of the word ‘legacy’. I propose this simple definition:
Legacy is what someone will feel, think and say when he or she hears your name.
Is your legacy going to be one of working to create and sustain a ‘Family of Wealth’?
And now a challenge…If you have unfinished planning work, part of your legacy could be:
He left a mess for his family to clean up.
As always, if anything here strikes a chord or results in a question please contact me.