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LOOKING BEYOND THE NUMBERS: FAMILY WEALTH

When talking about family wealth, most people’s minds immediately jump to figures, assets, and net worth. But let's pause for a moment and ask: Is there more to wealth than what meets the eye? There most certainly is. In fact, wealth defined by the constraints of monetary value is the most anemic of definitions. Here are three (of many) additional considerations essential to meaningful discussion of the subject.

1. Philanthropy: A Reflection of Wealth or Something More?

Consider this - when families engage together in philanthropy, are they merely being charitable, or is there a deeper narrative at play? Philanthropy can shape a family's legacy, influencing not just their financial legacy but a legacy of values as well. Could the act of giving be part of what defines true wealth? If it is truly more blessed to give than to receive, then it is in giving grows wealth rather than diminishing it.

2. Investing with Intent: It has been said that where your treasure is, there will your heart be also.

It has long been assumed that a smart investor is agnostic and unswayed by little outside of a disciplined approach and an eye on the bottom line. But what if wise investing is more…not just about returns but about instilling your deepest held values into your portfolio. What if your portfolio was approached looking to invest in companies, themes & vehicles that you would be proud to own? Does aligning investments with ethics as well as outcomes shape the essence of wealth? Might this alignment hold the key to a wealth that's measured not just in currency, but in the currency of integrity and impact?

3. The Symphony of Family Wealth: Harmony or Discord?

When it comes to managing family wealth, how does having a trusted team that thinks and acts as one affect the outcome? Think about the potential for a unified approach where most trusted advisors, and family members harmonize on strategies. This is different than many families experience - where finance, decisions and siloed decisions lead to mistrust and division. A deeper view of wealth is about shared vision and collective wisdom. Could this be what ensures the family's legacy thrives through generations?

True Wealth: A Question of Essence

So, we circle back to our initial query: what is true wealth? Is it the assets we hold, or something less tangible and more enduring? Perhaps true wealth begins with the legacy we craft; the values we embody; the family unity we establish? Maybe, it is as much about the questions we ask and the answers we seek, rather than the numbers we count. What do you think wealth truly entails in your family's narrative?

by Jon Skorich

COAH FINANCIAL