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Wealth Planning

At Cantor Fitzgerald we see wealth planning as the essential step in the process. We work with you and your family to create a personalised wealth plan, which is built entirely on your unique circumstances. It delivers clarity by ensuring that your priorities and values are imprinted into your wealth plan, and as it is passed to the next generation or charity, we ensure that your wealth plan is constantly reviewed to consider any legislative changes that may impact your wealth planning strategy.

However, intergenerational wealth isn’t solely about the transfer of assets; it incorporates sharing core values, knowledge, and implementing strategies that strengthen long-term financial stability and growth. Below we highlight some of the other strategies that can not only help build but also preserve wealth across generations, ensuring that your family legacy thrives.

Financial Education

Family wealth can diminish in just a few generations without proper financial education and planning for transitions. It is never too early or too late to begin this important journey.

Start Young

Introduce the concept of money and its value. In today’s cashless society, children may begin to think that items are free. Help your children to manage money and encourage them to save, by opening an online bank account and giving them pocket money. Encourage them to check their balance and talk about spending on ‘needs’ versus ‘wants.’ Teens may also want to learn about investing. Start with companies they know and challenge them to create a portfolio to track its performance. Use games, interactive apps, or family challenges to make learning fun and engaging.

Share your money experiences

When we ask clients about their first experiences with money, they often mention their parents. The beliefs about money that you learn in childhood typically influence your financial behaviours as an adult. By sharing your financial journey and expressing it through relatable stories, you build trust and connection. More importantly, this approach provides younger generations with valuable insights while showcasing your personal values and principles.

Lifelong Learning

At Cantor we host various client events aimed at improving understanding of investment strategies and wealth management. This also include webinars featuring industry experts that everyone can attend.

Open Communication

One of our clients sought guidance on wealth transfer after selling their company and wanted to know how much of the proceeds — and when — they could transfer to their adult child.

We took time to understand the client’s values and what was important to him. This helped us to collaborate with the family’s accountant and create a solution that would benefit the children without adding any additional stress. Communication within the family is paramount for a smooth transition of wealth and we understand that no two families are the same. We help you to facilitate the discussion surrounding wealth by providing tailored tools, examples and resources.

Consider these ways to improve conversations:

• Discuss financial goals regularly with your family.
• Foster an environment of openness regarding the family’s wealth. Discuss not just the successes but also the challenges faced, demystifying financial conversations for all family members.
• Involve your young adult children in financial planning to teach them your approach to various financial strategies

Estate Planning

Investing time in robust estate planning is essential for safeguarding your wealth. To ensure that your wealth plan stands the test of time:

• Create a clear will that outlines how you want to distribute your assets. This can help prevent family disagreements.
• Collaborate with experienced financial advisors on strategies that minimise estate taxes, allowing you to maximise the wealth passed to your loved ones.
• If your family owns a business, make a succession plan. Identify who will take over and provide the training and mentorship they will need to succeed in their new role.
• Integrating philanthropy into your wealth strategy can help to teach younger family members about responsibility and purpose.

Building and maintaining intergenerational wealth involves several key steps, including financial education, open communication, careful planning, and expert guidance. It’s important to work with advisors like Cantor Fitzgerald who focus on intergenerational wealth planning. At Cantor, we help you to create a lasting legacy that helps future generations and strengthens family connections.