Tuesday, 16 December 2008

“WealthWise”:Courses helping the rich become wise about wealth

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“Some of our clients have inherited wealth, others created it. What they all have in common is the need for real insights into different aspects of private wealth ownership, from first principles upward.

Many also recognise that it is important to go beyond the obvious issues of understanding markets or assessing the balance between risk and reward.

WealthWise™ have devised courses that include sessions on how to maximise the usefulness of professionals, cutting through the jargon – and opportunities for delegates to explore their personal lifestyle objectives in one-to-one counselling with our course tutors. We tackle such issues as how to evaluate advisors and build effective relationships with them.


Another interesting observation is that as wealth owners become older, they progressively divert more and more money into charities, foundations and philanthropic projects – and less and less to the next generation.

Typically, the focus begins with the basics of funding children’s education, medical and housing needs and starting businesses. But beyond that, the donors of wealth want their children to serve real apprenticeships and to develop genuine life skills, without becoming de-motivated from having no necessity to achieve anything.

It therefore becomes important to assist each successive generation to understand the merits and uses of philanthropy in a family wealth context, and how it can bring the whole family together through a shared, worthwhile cause.

Even the youngest can benefit: for clients with a private family foundation, a valuable technique is to create a junior board. This deft touch enables the children to increase their participation and understanding of wealth’s responsibilities – and so value them more.

I believe WealthWise™ is an essential step towards becoming comfortable with wealth ownership. Our purpose is to ensure that the wealth belongs to the individual rather than he or she belonging to it.”

Key Wealth Care is the Jersey-based wealth management group specialising in private client and family office services.

For information
brian.clarke AT key-trust.com

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