Stay rich, stay wealthy! Proven Strategies for Wealth Preservation

A lot of research has been done on wealth preservation and transfer across generations, finding that nearly 60% of the time a family's money is exhausted by the children of the person who created the wealth. In 90% of the cases it's gone by the time the grandchildren die.

The people who created the wealth were often obsessive, but often their kids are not.

Perhaps the most famous example is the Vanderbilt family. Cornelius, the patriarch, built a fortune on railroads and shipping during the mid-1800s. Adjusted for the size of the economy, he was worth over $200 billion.

Yet his children - and especially, his grandchildren - lived lavishly, building huge mansions in New York City, Newport, R.I., and elsewhere, and did little to preserve the fortune. By the 1970s - so about 100 years after Cornelius Vanderbilt's death - the family held a reunion with 120 members attending, and there wasn't a millionaire among them.

This podcast examines the situation today: Do the creators of fortunes face the same risks or is there a different type of awareness and ability to preserve and transfer wealth today?

The session also covers:

• What is a Virtual Family Office and who can make best use of it?
• What should state-of-the art risk management cover?
• Can impact and sustainable / ESG investing effectively de-risk the portfolio and thus better preserve wealth?
• How can family governance help to clarify the family values and how to derive an investment policy from it?
• How can purpose keep a family united? And how to create a common purpose?
• The BeeWyzer Method (https://www.beewyzer.com/beewyzer-nextgen-training-2021B) as an innovative tool for family members and next gen to enable holistic wealth planning, investment implementation and to define their own journey in the triangle of family business, wealth and personal aspirations.