Richard Wilson: starting the planning conversation with the years of work
When discussing how to raise family office planning with relatives, Richard began with the years of work that had created the family's assets.
The opening recognized how the wealth was built
Richard described families whose businesses and portfolios had taken decades to develop. His suggested conversation connected organizing those assets with respecting the effort already spent building them.
Time supplied the frame
He expressed wasted money as wasted years of the work required to earn it.
In Richard C. Wilson's words
"When you waste money, you're wasting years of your life you took to build up that money." (Richard C. Wilson, How to Start a Family Office mini-series)
How to use this
- Begin with the family's own account of how its assets were built.
- Use a concrete unresolved planning decision when moving the conversation forward.
Questions and answers
What did Richard suggest discussing first?
The work ethic and years of effort involved in creating the wealth.
Does the example establish a savings estimate?
No. It provides an opening for a family conversation about planning.