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Preparing Your Kids for Wealth

Preparing Your Kids
for Wealth
Matthew Helfrich,

Matthew Helfrich, CFP®, President, relates how Waldron helps heirs grow into responsible stewards of their family’s wealth and legacy.

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“For this client, I like to say we avoided the tragedy of King Lear—there was poor communication between a couple and their three daughters. The parents, feeling their offspring had a sense of entitlement far greater than their sense of responsibility or work ethic, asked us to coordinate a family meeting. We discovered the daughters were united in their feeling that the father was always ‘moving the goalposts’ and finding new reasons to withhold information or money. The meeting was just the beginning.”

Our Advice

We brought the family together in an open and transparent environment where everyone could speak freely and with expectations clearly set for cooperation.

Out of the meeting, it became apparent that the parents’ anxiety stemmed from the fact that the daughters were indeed in the dark as to their responsibilities when it came to managing their wealth.

We worked with the daughters on how to set up an appropriate budget, oversee their own investment plans, understand the rules of their trusts and the importance of pre- and post- nuptial agreements, and plan for their own heirs as well.

The parents gained a newfound confidence in their daughters’ abilities, helping the couple to be more transparent going forward.

A shared Family Vision was created spelling out the objectives, roles and responsibilities for each member of the family.

We then created an ongoing forum for future communication.

For more information about how we can help with preparing heirs, visit Family Wealth and Next Generation Services.

Team Members Who Can Help

Robert Wyche
Chris Roe
Eric Vogt

Family Wealth Stewardship and Governance

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