“I feel confident passing on my wealth now, knowing that not only is it in safe hands but that Perceptive will continue to provide planning advice to my family long after I’m gone.”
Keeping it in the family
The cliché is that “the first generation builds the business, the second makes it a success, and the third loses it”. Some figures suggest that some 90% of the original wealth is lost over this period.
With that firmly in mind, we have worked with a range of clients to help their children understand that the family wealth is a finite resource, and the importance of careful financial management.
Wealth that lasts lifetimes
Very soon after launching Perceptive Planning we became aware that many of our clients have achieved their wealth by the sale of a family owned business. In jargon terms, that makes them ‘First Generation Wealth’. This means initially ensuring that parents are safe and secure, with an income stream they cannot outlive wherever possible.
Once that happy position is reached, we look at gifting money. We like to ensure that gifts ‘come with a planner’. This helps get the next generation – and the one after that – used to the life-changing effects of wealth, whilst understanding how to control and preserve it.
This means ensuring that all available allowances are used. We use cashflow planning to show the effect of choices and changes to capital and expenditure. In this scenario we take a long-term, multi-generational view rather than a traditional ‘fund picking’ approach. And since each family is different, tailoring and personalising our advice is critical in these situations.
Financial Independence
Smoothing the transition into retirement. Read about Mr and Mrs Somerset’s experience of working with us in this way.
World Citizens
Financial management across borders is hard – we know, we’ve done it ourselves. Read about how we helped Dr and Mr London manage their transition from South Africa to the UK.
New Money
When your wealth is self-made, you probably want to hold it close. That’s okay – we’re experienced working with business owners, and of course we are business owners ourselves. Read about how we helped Mr and Mrs Wright navigate the sale of their business.
