Complexity in Families: Intergenerational Wealth Strategy

Couple dancing, enjoying peace of mind in their intergenerational wealth strategy

By

Paul Ashworth, Managing Partner
Anne-Marie Tassoni, Partner
Tristan Bowman, Manager


Posted 19 July 19

Family situations can be (very) complex. Cameron Harrison helps and guides families to navigate their Intergenerational Wealth Strategy.

Financial success and the accumulation of wealth does not immunise families from the realities of personal complexity or unexpected happenings. The larger the accumulation of wealth and extent of business and investments, the greater the perceived issues and their management.

The journey of success is rarely a straight line. Personal relationships are fragile and sometimes fail, family conflicts occur, remarriage and new families are created and unforeseen events can 'ricochet' what was a stable environment into the unknown. These personal factors multiply the level of complexity for intergenerational wealth strategy and management.

For over 40 years, Cameron Harrison's Partners have been guiding and assisting families and private business owners with complex circumstances, in particular, the drawing together of complex strategies through a cohesive Intergenerational Wealth Transfer and Management Strategy.

Complexity in Families

It is only human nature that we seek more for our children and future generations. Despite this lofty ambition, clients often start out their journey to accrue wealth with more modest aspirations and legal and tax structures.

At the beginning of your journey, it would be rare to have thought about succession planning and intergenerational wealth strategy - both are ethereal concepts for the early stage of adult life. Instead, the focus tends to be your business or career, family, and how to grow and succeed at both. With time and success, typically structures just add on top of what you had previously built and developed. However, the implications of commercial success are usually more easily remedied than family complexity.

Births, deaths, marriages, divorce, and everything in-between are inevitable parts of life. This family complexity challenges the linear and 'block-upon-block' approach to your journey. As our family circumstances change, so must we. Aligning expectations with reality is seldom an easy task.

Ignoring these challenges is fraught and comes with the risk of losing control. Establishing an Intergenerational Wealth Strategy ensures the core elements of your business, wealth and family are tightly woven together, so nothing slips through the cracks.

Over 40 years of Intergenerational Wealth Planning & Strategy

Every family is different and will chart their own unique territory. Ultimately, only a carefully considered Intergenerational Wealth Plan will help a family stay the course. At Cameron Harrison, we assist and guide our clients through a planning and mapping process. This complexity commands a premium on our core attributes of listening, questioning, understanding, appraising, guiding, and agreeing what is important and critical.

"Our circumstances are far from straight forward. I have adult children from both a previous marriage and from my current long-standing marriage. My lifetime focus has been to our family and our third-generation family business. In both regards, I have been well rewarded. Cameron Harrison has helped us develop and craft a carefully thought out Intergenerational Wealth Strategy. Importantly, they are able to implement, manage and oversee across broad technical areas".

Third-generation business owner, business owner client of Cameron Harrison since 2012

Often the various strategy components are already in place and what is needed is to overlay and then 'thread' the core strategy components into the Intergenerational Wealth Strategy. The core strategy components cover:

  • Business Owner Strategy
  • Wealth Strategy
  • Succession Strategy
  • Family Governance
  • Estate Planning

These core areas combine with technical strategy areas such as taxation, asset protection, business performance, remuneration and investment.

If you'd like to learn more about how intergenerational planning could support your family, please reach out. We'd be delighted to hear from you. Please contact us on +613 9655 5000.