Family Christian Wealth Management

Multi-generational businesses turn to family Christian wealth management firms for assistance in both the preservation and continued growth of financial assets. America always has been, and still is, a land of opportunity where someone with a good idea who isn't afraid of hard work, who will get back up every time she falls, and who perseveres around every obstacle put in her path can achieve success. Our nations history abounds with such stories of successes built on top of failures through sheer grit and determination. Others gain wealth through such diverse paths as the pursuit of education, writing a best-selling novel, or starting an online company that beats the odds. Whether wealth comes from entering a profession such as medicine or the law, from innovation or sweat, or via an inheritance, family wealth management firms provide invaluable services to ensure the fortune stays intact for future generations.

Most people daydream, at one time or another, of having enough money to fulfill their every wish, but the reality of a great fortune is that it carries great responsibility. Scripture has both positive and negative things to say about riches. The Proverbs writer says that: "The rich man's wealth is his strong city: the destruction of the poor is their poverty" (Proverbs 10:15). In this context, money can be a protection against disaster. But the Proverbs writer also writes: "My son, attend unto my wisdom, and bow thine ear to my understanding . . . Lest strangers be filled with thy wealth; and thy labours be in the house of a stranger" (Proverbs 5:1, 10). This passage shows the fleeting nature of riches that aren't properly managed. Lottery winners often find this out the hard way as statistics indicate that, as a whole, this group is notorious for the mishandling of sudden riches. The percentage of lottery winners that declare bankruptcy is astounding and the divorce rate is high compared to the population at large. This is where the services of a quality family wealth management firm are worth every penny of their fee. The professionals can teach individuals who find themselves with a sudden fortune to handle the money appropriately instead of going on spending sprees and binges.

Studies have indicated that one concern of older business owners is that the grandchildren do not appreciate the blessings that money can bring, but take financial security for granted. Often a grandfather spent the majority of his working life establishing a business from scratch. He worked long hours and made many personal sacrifices to found a company that, all these years later, is prosperous and profitable. His own children grew up working in the company and may, as adults, hold responsible positions in the day-to-day management of the business. But the third generation has known only the comforts of a financially secure lifestyle. Through family wealth management, the older generations can ensure that younger generations don't mishandle the fortune that is passed onto them. This can be accomplished by setting up trusts, life estates, and delayed inheritances.

Some families realize that the number of family members is growing faster than the family's fortune. With the help and advice of family wealth management professionals, steps can be taken to insure financial security through various investment strategies. Professionals can also work with families to determine their primary goals and deepest values. Educational workshops and training sessions can be designed for younger relatives to teach them competent money-handling skills and any other important economic lessons they need to learn. A deeper understanding of the family's financial portfolio may encourage the younger generation to have a renewed appreciation for the sacrifices made by their grandparents and parents so that the children (who may now be adults) could enjoy financial blessings. Through family retreats, the family wealth management professionals can assist the younger members celebrate the company's heritage and understand their role in expanding a positive legacy.

Younger members may not have a desire to work for the company, but they should be encouraged to get a college education and pursue their interests and passions even if they never need to work for a living. One aspect of family wealth management is to help those families who want to organize personal giving to set up foundations or explore specific philanthropic endeavors. After the older generations have sacrificed and worked so hard to establish a profitable venture, the younger generations can experience the joy of providing a blessing to others through specially chosen charities. The needs are many and every family can find several organizations or missions that reflect its particular goals and values. A foundation with younger members serving as the board of directors is a great way for adult children to play an important role in the company without necessarily being involved in the daily management. Giving to others just plain feels good and can be a satisfying and engaging experience for those with the wealth to really make a difference.

Whether individuals are faced with unexpected, overnight riches, have worked hard to become a financial success, or are the beneficiaries of a multi-generational fortune, the services of a competent and reputable family wealth management firm will prove invaluable. Primarily, the duties of such a firm should be to protect and increase a family's financial assets through prudent investment strategies. Additionally the wealth management professionals should provide additional services such as educational workshops, specialized training, and assistance in establishing goals and values, particularly through philanthropic endeavors.

Comprehensive Christian Wealth Management

Strategies for comprehensive wealth management can help individuals make the most of their money at every stage of life. Finding skilled professionals who can guide a client through all of the aspects of a healthy financial portfolio may be the first step toward meeting important economic goals. The best financial counselors will take into account the unique needs and aspirations of each individual client. Creating a plan that best achieves the client's dreams and aspirations is generally the first step on the road to fiscal security. When seeking an agency that specializes in comprehensive wealth management, a client should look for certain key qualities. In addition to basics such as top notch customer service, these firms should take pains to protect a customer's confidentiality. Should a complaint arise or a problem that needs attention, prompt corrective action should be taken to address the issue at hand. When transactions occur, a quality firm will handle these transactions in a timely manner that attains the best possible price for the client. If there are risks involved in any investment, these risks should be carefully and clearly explained. Communications on trade activity and financial statements should be presented to the client on a regular basis.

For most clients, the process of creating a plan for comprehensive wealth management will begin with an initial consultation. Should the client decide to sign on with the agency, there will usually be a series of meetings that follow the initial consultation. These appointments could include a discovery meeting, an investment plan meeting, a commitment meeting, and a follow up meeting to evaluate progress a few weeks into the plan. After these initial discussions, regular meetings to monitor progress will generally take place. At the discovery meeting, the consultant will look at the client's current fiscal situation, and discuss future goals. The investment plan meeting will cover a potential plan of action. The agreed upon plan is put into action as a result of the commitment meeting. A follow up meeting will generally convene a few weeks after the plan's implementation. Progress and any possible changes to the plan will usually be covered at this meeting. After these initial get-togethers, client and consultant will usually meet on a regular basis to monitor all account activity. In the hands of a skilled professional, launching an effective plan for comprehensive wealth management need not be a difficult or intimidating process.

Some of the features that are generally covered in a comprehensive wealth management plan could include managing assets, managing liabilities, handling personal credit issues, and seeing to the details of real estate, business, and investment financing. Building a strong portfolio and dealing with investments and assets in an effective way is a necessary skill that any professional financial agency should be able to bring to the table. Most clients come with a variety of debts and expenses. The ability to handle these debts in a cost effective way can make all the difference in a client's monthly cash flow. Issues such as personal credit debt, mortgage loans, or business financing are also important areas of concern and professionals in the comprehensive wealth management field can generally provide solid answers to difficult questions. As the years pass, life itself can create many crucial transitions that can have an impact on a client's finances. The ability to anticipate and plan for these transitions is a vital part of any personal economic plan.

In designing a portfolio, many things must be taken into consideration. A client's debts, assets, future earning capabilities, expenses and desires for the years to come all play an important part in creating this portfolio. When seeking comprehensive wealth management assistance from a professional financial planner, it is important that the client feel comfortable enough to share personal information as well as heart felt dreams. Planning for the inevitability of taxes is always a significant part of creating an effective economic strategy. Understanding taxes at the local, state and federal level can be a confusing and daunting endeavor. No one wants to be caught by surprise when tax season rolls around. For this reason, the skills of a certified consultant in the field can be an invaluable resource. Retirement and estate planning can be another cumbersome and confusing area of personal finance. Investment strategies that take retirement and estate needs into account can make all the difference for the client during their later years. Charitable giving often impacts both the taxation and estate planning areas of a client's fiscal strategy and is another area where the help of a skilled professional is generally required. The Bible talks about how important it is for believers to share the source of their hope. "But sanctify the Lord God in your hearts: and be ready always to give an answer to every man that asketh you a reason of the hope that is in you with meekness and fear." (1 Peter 3:15)

Seeing to the concerns of comprehensive Christian wealth management can often be a family affair. The stewardship of family finances is a top priority for many clients. A concern over whether family wealth will waste away within a few short generations drives many clients to seek professional help in this area. Handing down a family legacy to the next generation while preserving funds for future generations can be a challenge. Strategies that steward a family's wealth over time requires competent professional planning. Enhancing and transferring funds over the generations requires both the knowledge and skill that may be offered by certified financial specialists.





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