Photo of Eric Ebbert CFP®, MBA Eric Ebbert CFP®, MBA Nov 06, 2021

Do you want to pass your wealth on to your children? This concept is called generational wealth, and “refers to assets passed by one generation of a family to another,” according to Investopedia. If you are like most people, then you have a desire to help set your family up for financial success in the future. A financial advisor can help you understand the importance of generational wealth and build it. 

Why build generational wealth?

Picture this: You are fresh out of college with a mountain of student loans and you are starting from scratch with your finances. Generational wealth would come into play if your parents or grandparents had the ability to fund your education. Instead of paying off debt and playing catch-up, you would be saving for a home. You would start your financial life off in the positive instead of the negative.

While this is not the only scenario in which generational wealth would come into play, it is a fairly common one. Learn how you can help future generations.

How to build generational wealth 

Plan for retirement — check. Plan for future generations — no check (yet). To build generational wealth, you have to understand it: The concept centers around acquiring assets or cash that you don’t intend to use for retirement. A ProVise CFP® professional can help you meet your financial goals and make a plan for how to grow your generational wealth. 

Talk to a ProVise CFP® professional about building generational wealth

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about how to build generational wealth? Contact ProVise today to schedule a complimentary consultation.