How Families Plan Multi-Generational Wealth Transfers
Richard C. Wilson speaks from the Swiss Alps during a family office conference and introduces multi-generational wealth management.
Richard C. Wilson introduces multi-generational wealth management from a family office perspective. He explains the field's scope for families moving wealth across generations, then discusses how people enter the work, how families can structure distributions and how to choose professionals for a long-term relationship. The video is an overview for family offices and wealth advisers, with examples drawn from his conversations and conference experience.
In this video: Richard C. Wilson (Family Offices Group host)
What they said
- Richard on planning wealth transfers. Richard says a transfer plan can shape how wealth passes from one generation to the next. He warns that an automatic, equal split may bring higher taxes, reduce wealth along the way or change who receives it.
- Richard on distribution stages. Richard says some family offices schedule distributions at ages 18, 27, 35 and 50. The amounts or timing can vary by stage.
- Richard on distribution discretion. Richard describes structures that let older relatives retain discretion over some distributions. He says access can depend on whether younger family members are acting responsibly.
- Richard on choosing a long-term partner. Richard says selecting a provider for multi-generational wealth management calls for getting to know the people involved. He describes the work as a long-term relationship.
In their words
"the bigger the family office the bigger the family or the more wealth being managed by the family office the more important this is"
"you really should meet with people three or four times at least once or twice outside their offices"
Why it matters if you are building or preserving great wealth
Richard says older relatives can consider whether children go to school and take life seriously when deciding whether to release scheduled money. That gives them a say beyond the distribution calendar.
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Check before you give. Study the work of an NGO, ask more questions, and visit it if you can. This leads to an informed decision.
- Tim Draper: Make your customers your sales force. Hotmail put a message at the bottom of the screen inviting people to get free email. It spread to 11 million users.
- Don Wenner: Commit to scale. Don's major turning point came when he decided to build a great company that makes an impact. Making money and being successful was not enough for him.
See the data
Frequently asked questions
How can someone enter multi-generational wealth management?
Richard names working directly for a family office or joining a private bank or trust company. He says the latter may hire people with little or no experience for large operations, while family offices can expect prior experience.
Which locations came up in the trust discussion?
Richard recalls a speaker at a family office summit in São Paulo discussing trust vehicles in New Zealand, Singapore, the Cayman Islands and Bermuda.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.