Communication is found to be the most important factor for cohesion in families and sustainability of family wealth. As one of the key tenets to happy, healthy, and thriving families, it is essential for family members to dedicate the effort necessary to become better communicators.
The vast majority of the wealthy actually come from middle-class or working-class backgrounds. When they find themselves in the wonderful but unfamiliar world of wealth like immigrants to a new land, the adjustment can be harder than expected.
While it is true that having money can create great opportunities, it can make some people feel awkward and harbor deep feelings of regret and shame. Those feelings can dramatically influence wealth management decisions, affecting both the inheritors and wealth creators.
Though the challenges to successful wealth transfer across generations may seem overwhelming, they can be overcome. Success requires a commitment of time and energy by the entire family, as well as input from friends, teachers and professional advisors.