November 15, 2022

Discover Why Multi-Generational Financial Planning is Crucial Today

Although often tightly interconnected, family dynamics can shift and change over time - especially across generations. As one grows personal or familial wealth, multi-generational planning helps to achieve fiscal security and assurance for future generations. 

In this blog, learn why exactly multi-generational planning is so crucial for families and individuals, and how SevenBridge Financial can help. 

Why Multi-Generational Planning Matters 

As your financial successes grow over time, it’s important to precisely plan and evaluate your financial savings and assets with the consideration of the future in mind.  

In the same way many parents work hard and save money to set up their children for success, multi-generational wealth planning makes it possible to promote this intergenerational stability. 

Multi-generational wealth planning is established to ensure that a family’s wealth and financial legacy are properly managed and passed on for generations to come. This type of planning ensures financial stability and security for your family in the future. It also helps to create a healthy financial picture. 

This form of wealth planning is all about managing and preserving the wealth of an individual or family, and determining how that wealth is transferred to younger family members when the time is right. Oftentimes, this includes transferring assets to other members of the family or sending financial gifts to relatives. 

No matter what the financial plan includes, the sole purpose of multi-generational wealth planning is to simply further establish and secure your family’s wealth and legacy. This is to ensure it is passed on from one generation to the next. 

How To Establish a Multi-Generational Plan

Whether one has inherited wealth from previous generations, or has created new wealth through earning, saving, and investing - every multi-generational planning begins with curating a comprehensive financial strategy. 

With help from a SevenBridge financial advisor, you can develop a strategy that fits your financial goals and intentions while identifying the areas of your plan that can be optimized for further improvement and success. 

When it comes to establishing this financial plan, there are a few aspects of your financial well-being that should be considered and incorporated: 

  • Careful budget spending patterns & cash flow analysis 
  • Tax reduction strategies
  • Comprehensive retirement planning
  • Risk management & insurance planning 
  • Investment management 

Additionally, there are a few tips our financial advisors at SevenBridge Financial often give to clients looking to establish a multi-generational plan: 

  • First, focus on your own financial goals and needs. This could be retirement savings, paying off debt, or creating a small personal emergency fund. 
  • Discuss roles and responsibilities for your family members. There is often a lack of communication that happens around multi-generational planning. Financial advisors can help facilitate this communication for optimal success. 
  • If you’re able to plan early for the last minute short-term needs of family members, you are cushioning the overall budget from unexpected financial emergencies. 

Consider these tips and gather the appropriate financial information to establish a more well-rounded and comprehensive financial planning strategy that is tailored specifically for you and your family. 

SevenBridge Financial: Helping the Future of Your Family 

Be sure to plan these financial moves in advance. Your family will have the opportunity to become active stewards of their familial wealth, and can further create a generational culture that focuses on a long-lasting legacy. 

At SevenBridge Financial, our excellent team of advisors is here to help you create a successful plan. We do this by learning about your financial concerns, challenges, and goals. 

No matter how it is earned, safely and strategically securing the wealth and legacy of your family is an important move to make for the future of your family. Our advisors are determined to help you establish a multi-generational plan that optimizes the success of your family for many generations to come. 

Contact us today with any and all questions about our various services, our unique process, or how to get started with a project to help you achieve your business dreams! 

SevenBridge Financial Group is a registered investment advisor. Advisory services are only offered to clients or prospective clients where SevenBridge Financial Group and its representatives are properly licensed or exempt from licensure.

The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status, or investment horizon. You should consult your attorney or tax advisor.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability, or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

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