Financial Wellbeing

Helping families align around a shared understanding and approach to wealth planning

The Challenge

The financial welfare of an enterprising family goes beyond a successful business or investment
portfolio and depends critically on the family’s fundamental relationship with money (e.g. behaviors, thought patterns, beliefs, and habits). Examples abound of family members who have an unhealthy relationship to wealth, which can enable self-destructive behavior, cause unnecessary tension, and can even threaten the success of the enterprise.

Even extraordinary wealth won’t provide family members with a sense of security, peace of mind, and personal fulfillment if they aren’t managing their resources in alignment with their core values, lifestyle needs, and financial realities. All families need to build their awareness of these challenges, and develop a shared vocabulary, strategies and tools to manage them. This makes all the difference in sustaining and growing your family’s entrepreneurial legacy for generations to come.

Our Solution

Our clients face a wide range of complex financial and emotional challenges related to wealth. Understanding the need for a comprehensive solution, we developed a holistic model to manage and grow all aspects of your family’s capital – financial, human, social, and intellectual.

At LGA, our advisors will help you:

  • Realize the full potential of your family’s financial capital and maintain it for life
  • Help the family live alongside money with a sense of security, control and independence
  • Protect your family’s unity and maintain harmony and caring among all members
  • Preserve your family’s values, traditions, and mission
  • Create social impact in areas that are truly meaningful to your family

Given how central financial and wealth planning is to your family’s continuity planning, this work is often integrated with our other advisory services like the Continuity Audit.

How does it work?

We know each family is unique with its own needs and aspirations, so we offer our clients strategic wealth planning solutions that are individually tailored to their personal and organizational realities.

We begin by diagnosing the dilemmas your family faces based on its complex relationship with money, building both on your immediate and longer-term needs. We then work together to define the purpose of the process and agree on an initial plan of action.

Next we work together to examine the gap between your current reality and your aspirations – whether it’s nurturing a healthier relationship to money, building an integrated financial budget to guide corporate strategy and dividend policy, or helping parents build financial literacy and confidence among their children. We gather this information through conversations with family members about needs and wants, alongside methodical financial and behavioral data collection and analysis. We then build a customized strategic plan to fit your family’s lifestyle and values, and embark on a practical process of implementing the strategy to achieve the family’s vision, while monitoring progress and discussing new concerns and needs as they arise over time.

How does your family benefit?

Designing a strategy is only part of the challenge. Launching and ensuring compliance is quite another. That’s why we support our clients every step of the way, ensuring that your unique strategic wealth plan will support your family for generations to come.

One of the added benefits of this process is that it helps families align around a shared understanding and approach to wealth planning. We work together with all family members, finding the right language to speak to each individual regardless of their financial acumen, age, or personal values. As we discuss their hopes, aspirations, and fears, we weave the relevant information into a master plan which engages the whole family in support of their shared legacy.

Your family will emerge with:

  • Individual and joint strategic plans for managing the family’s shared capital
  • Budgets and scorecards to monitor progress against these plans
  • Coordination across your financial, tax and estate planning advisors,
  • Improved communication and conflict management related to financial issues
  • Greater financial literacy and independence through education and practice
  • Coordinated planning with any personal (non-shared) business ventures
  • Practical tools for nurturing positive financial habits and eliminating disruptive or destructive financial habits

Learn how we can support your family's Financial Wellbeing

Case Study

on campus learning

Case Study: Sustaining Engagement in a Cousins Consortium

Three third-generation Family Directors of a large enterprising family were attending a global conference focused on innovation and growth. Their 90-year old family had deep pride and gratitude for the success and leadership of previous generations. However, there were no family members currently working actively in the business, and the family’s only connection to their vast operations — which spanned eight industries and three continents — was limited to these three members of the Board.

case study 2

Case Study: Beginning the Journey of Continuity

A successful entrepreneurial couple on a long overdue vacation was reflecting on the future. Together, they led a portfolio of operating companies, an investment portfolio, and a donor-advised fund. They also had three healthy adult children, the eldest of whom was about to get married.

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