Family Wealth Education — Susan Schoenfeld
Susan R. Schoenfeld, CEO, and Founder of Wealth Legacy Advisors LLC serves as a ‘thought partner’ to families of wealth through personal attention and the human spirit. Susan is an award-winning Thought Leader; she provides guidance on legacy, next-generation, stewardship, governance, leadership succession, and philanthropy. Susan spoke on the “Governance and the Single-Family Office” panel at Opal Group’s Family Office and Private Wealth Forum.
“The issue of family education is ongoing. Financial literacy education is critical as the rising generation develops awareness of who the family is.
“There is also a need for family cultural education, which includes identifying what it means to be part of their specific family and what values were held by previous generations. It involves having ongoing conversations so every generation is not simply a passive recipient of the family’s mission, vision and values that have been passed down from previous generations, but have active input in shaping as the family evolves.
“Stories about how the family’s wealth was created are the fabric of who the family is. Creating a consistent story that is told from generation-to-generation, and then having multi-directional communication about what their family stands for is important. On-going education, not just with rising family members but also with incoming members of the family is highly recommended. This can be done by incorporating an education program to welcome and encourage the blending of values and the background of the incoming members. At the end of the day, I remind clients that those people you call your ‘outlaws,’ i.e., spouses of your children, should not be ignored because they will be shaping the hearts and minds of your grandchildren.”
Susan Schoenfeld, a public speaker & thought partner to families of wealth and their advisors, is an author and award-winning thought leader. Susan’s decision to switch from being a successful estate planning attorney and CPA to become a trusted family advisor and thought partner was inspired by families of wealth asking her searching questions beyond estate tax planning. As a conflict-free advisor who provides no investment, tax, or legal advice and sells no product, Susan shares her insights directly with wealthy families and with financial services experts. She is active as a keynote speaker and a leader of break-out sessions and workshops at conferences throughout the US.
