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The Retirement Café Podcast

Dec 24, 2019

You've probably heard of the old adage 'from shirtsleeves to shirtsleeves in three generations', but is it really true?

Research in the USA* suggests that inherited wealth rarely endures. By the second generation, it found, 70 per cent of family fortunes had been depleted. By the third generation, the figure was 90 per cent. 

60% of unsuccessful wealth transfers result from a lack of trust and communication among family members, which led to the creation of the Institute for Preparing Heirs.

Lisa Snyder is Managing Partner & Chief Learning Officer for the Institute, which helps financial advisers help guide conversations with their wealthy clients about wealth, legacy and purpose to align the entire family for a successful wealth transfer. 

She joins me to chat about how to manage the transfer of wealth successfully.