Securing Strong Families of Wealth and Wisdom—Part 2: Skills for Success

Wielding Wealth Wisely

An artisan begins as a novice, and if he wishes to become an expert craftsman, he must acquire and continuously sharpen a specific set of skills related to his craft. These skills teach him how to use his tools competently and confidently to produce the outcome he desires: a masterfully crafted, one-of-a-kind work of art.

Similarly, your family is a unique work of art in the making, and you know that the right skills are needed to shape it in a way that is pleasing and enduring.

But what are those skills? How do you begin?

The task before you may seem daunting, but it doesn’t need to be! Faithward Advisors’ multi-faceted team has the resources to get you started and keep your family moving toward your future goals. Our trained professionals are here to educate you and support you every step of the way.

Skills for Every Age and Stage of Life

Proverbs 22:6 says, “Train up a child in the way he should go, and when he is old, he will not depart from it” (ESV). We know that it is never too early to teach your children how to manage wealth well. Decades of experience and research by top professionals have led to the development of concepts that families of wealth can employ continuously for lasting success: practical skills that you and your family develop together.

There are two distinct categories into which ten core competencies are equally divided: external and internal.

The external competencies focus on Financial, Wealth and Life Planning, Stewardship and Governance, Philanthropy, and Entrepreneurial and Family Enterprise skills.

The internal competencies are comprised of Emotional, Social, Learning, Responsibility, and Health/Wellness skills.

The ten competencies correspond with ten life stages that cover every age from infancy to senior citizen status. This framework is a tried-and-true method for successfully navigating your family’s future. For every competency and life stage, please reach out to your advisor! We’re here to share our knowledge with you.

A Lasting Legacy

We know how important it is for your family to remain unified and flourish for generations to come. You want your wealth to be the bridge to a brighter future for those you love and ministries you cherish, not an obstacle to be overcome. This kind of success requires each family member to share in the shaping of that future. There is no better time to equip your children with the skills they need to make that dream a reality. The sooner they begin to recognize the value of their contribution to the family and develop deep-seated and growing respect for the wealth they have inherited, the more likely they will be to enthusiastically and authentically champion the legacy you’re building. Let us help you get started!

Source: Building a Strong and Connected Family of Wealth. Allred/DuFuria/Goldbart, Trusts & Estates

Securities offered through American Portfolios Financial Services, Inc. of Holbrook, New York, 631.439.4600,(APFS), member FINRA, SIPC.  Faithward Advisors is not owned or operated by APFS. Faithward Advisors offers Investment Advisory services through Ambassador Advisors, an SEC Registered Investment Advisor. Dream More, Plan More, Do More is a registered trademark of Faithward Advisors, LLC, Reg. U.S. Pat. & Tm. Off.