Workshops at a glance
Workshops at a glance
| Workshop | Best practice | Objective | Process |
|---|---|---|---|
| Wealth plan review | Engage in strategic planning | Understand your current wealth plan, evaluate current family circumstances, and consider changes to better meet family wealth goals | Engage in a review of the current wealth plan that will spark discussion of current family needs and the options available to meet those needs |
| Evaluating life’s changing circumstances |
Revisit planning regularly |
Evaluate your current wealth plan on a regular basis to determine if revisions are needed based on changing family and/or financial circumstances |
Revisit your current wealth plan by answering specific questions and engaging in a discussion to determine if changes are needed |
| Advisor summit |
Involve collaborative advisors | Facilitate sharing of information and identify where you are now and where you want to be, and create a strategy to connect the two | Bring together your team of advisors in an organized meeting to focus on your family's wealth planning vision and issues |
| Abridged wealth plan review/ Trust fundamentals |
Provide age-appropriate transparency | Educate family members on your current wealth plan, trust concepts and how the trust concepts fit into the overall wealth plan | Discuss your current wealth plan (abridged per your wishes), how a trust works, what it means to be a trustee and a beneficiary, and the roles and responsibilities of each |
| Planning Essentials | Create a learning environment | Educate members of the rising generations on financial planning essentials, investment fundamentals and estate planning basics with topics such as credit and lending, basic investing, and revocable trusts | Provide information to empower young adults to be good stewards of family wealth and enable them to make sound financial decisions as they move from college to work and family life |
| Effective Philanthropy Venture/LLC planning /ESG fundamentals | Encourage opportunities for involvement | Engage in defining and implementing an overall family vision that describes why it matters that you act together as a family and also supports the individual dreams of your family members | Articulate a vision and design a path that will allow the family to identify the steps toward achieving their goals |
| Storytelling/ Family timeline |
Preserve family history | Capture the stories of your senior generation family members on video or by creating a family timeline | Identify family stories through an interview process and preserve with video technology or the creation of a family timeline |
| Family crest/ Family mission statement |
Articulate a common purpose | Create a family crest or mission statement reflecting the unique values that are central to your family | Articulate family values, the energy that motivates the family and a family motto |
| Family communication | Foster communication | Understand your personal communication style and those of other family members, gaining insight into how to communicate more effectively | Determine each person's communication style and the dynamics between various styles |