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Wealth Plans Checklist Series: Wealth Education & Stewardship Plan

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Almost everyone is familiar with the concept of financial literacy, but what is wealth education and how is it different?  Wealth education can consist of content that teaches about financial literacy components (i.e., earn, spend, save, borrow, invest, protect), but the broader goal is to arm families having substantial wealth with the practices, tools, knowledge and skills needed for successfully sustaining wealth over many generations through ongoing preparation and stewardship.

Wealth education workshops are the medium for how this can be accomplished, and structured family meetings are the forum for when they are implemented.  Wealth education plans are designed to teach all family members (especially next generations) the fundamentals of the family wealth enterprise organization; how the wealth was historically created and presently is generated; who is impacted and in what manner; when key events and transitions will take place and how and through what process it will occur; and what entities, individuals, and/or groups will be in control or given authority to act as key decision makers.  While this encompasses basic financial literacy, the education goals extend out further because it purposely integrates specific and tailored workshops that actively teach and support family members for developing the soft skills necessary to enable them to work together cohesively and harmoniously in a group dynamic for the effective management and responsible stewardship of the family’s shared wealth.  This endeavor is a journey approached by a well thought out process (not a transaction) that often includes multiple family branches and two or more generations; thus having a detailed plan is critical for maximizing the chances of success.

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