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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! Ambassador 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
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions. Information has been obtained from sources believed to be reliable and are subject to change without notification. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal.