Protecting and Growing Inter-Generational Wealth

• 29 May 2023
• Jill Nes

Introduction: Inter-generational wealth refers to the accumulation and transfer of financial assets, properties, and investments from one generation to the next. Preserving and growing this wealth over time requires careful planning, knowledgeable decision-making, and the expertise of trusted wealth managers. This report aims to explore the importance of having the correct wealth manager, the consequences of not having the right custodians, and the role of BMF Wealth, a trusted wealth management firm founded by Barry Mendel over 4 decades ago & led by Jill Nes for the past decade, in safeguarding and growing inter-generational wealth.

1. The Significance of a Trusted and Experienced Wealth Manager: A crucial aspect of protecting and growing inter-generational wealth is having a trusted and experienced wealth manager who can navigate the complexities of the financial landscape. Wealth managers offer valuable expertise in investment strategies, tax planning, risk management, and estate planning. Their role extends beyond the mere management of assets; they act as custodians of the family’s legacy.
   1. Expertise in Investment Strategies: Wealth managers with a deep understanding of various investment vehicles can help families make informed decisions to maximise returns and minimise risks. Their expertise in diversification, asset allocation, and long-term investment planning is crucial for inter-generational wealth preservation
   2. Tax Planning and Efficiency: A skilled wealth manager can devise tax-efficient strategies that minimise the erosion of wealth through excessive tax burdens. By leveraging their knowledge of tax laws and regulations, they can structure investments and estates in a way that optimises tax benefits and minimises liabilities.
   3. Risk Management: Wealth managers play a vital role in identifying and mitigating potential risks to wealth, such as market volatility, economic downturns, and unexpected life events. Through comprehensive risk management strategies, they aim to protect wealth from unforeseen circumstances and market fluctuations.
   4. Estate Planning: Effective estate planning ensures a smooth transition of assets from one generation to the next while minimising tax implications and potential disputes. Wealth managers work closely with legal professionals to create robust estate plans that align with the family’s goals and values.

2. Consequences of Not Having the Correct Custodians: Failure to select the right wealth manager or custodian for inter-generational wealth can have significant consequences, leading to substantial loss or mismanagement of assets.
   1. Lack of Expertise: Inexperienced or inadequately qualified wealth managers may lack the necessary expertise to make informed investment decisions, resulting in poor performance and diminished returns.
   2. Inadequate Risk Management: Without a skilled wealth manager, families may be exposed to higher risks and lack appropriate risk management strategies. This can lead to substantial losses during economic downturns or market crises.
   3. Inefficient Tax Planning: Ineffective tax planning can lead to unnecessary tax burdens and decreased wealth accumulation. The absence of proper tax strategies may result in higher tax payments, reducing the overall value of inter-generational wealth.
   4. Inadequate Estate Planning: Poor estate planning can result in disputes, legal challenges, and higher probate costs. Assets may not be distributed according to the family’s wishes, and tax implications may erode the value of the estate.
3. The Role of BMF Wealth in Safeguarding and Growing Inter-Generational Wealth: BMF Wealth a distinguished wealth management firm that has been serving clients and preserving their significant wealth for over four decades, under the leadership of CEO Jill Nes. The firm offers a range of services tailored to meet the unique needs of high-net-worth individuals and families.
   1. Experience and Expertise: BMF Wealth boasts a team of experienced wealth managers who possess a deep understanding of investment strategies, tax planning, risk management, and estate planning. Their expertise ensures comprehensive wealth preservation and growth strategies.
   2. Trust and Reliability: With a track record spanning over 40 years, BMF Wealth has earned a reputation for trust and reliability. They prioritise the long-term interests of their clients and focus on building enduring relationships based on trust, integrity, and confidentiality.
   3. Customised Solutions: BMF Wealth recognises that each family’s financial situation and goals are unique. They provide personalised wealth management solutions, tailored to address the specific needs and objectives of their clients. This approach ensures a holistic and customised approach to protecting and growing inter-generational wealth.

Conclusion: Protecting and growing inter-generational wealth requires the expertise of trusted and experienced wealth managers. The consequences of not having the correct custodians can result in significant loss and mismanagement of assets. Firms like BMF Wealth led by CEO Jill Nes, CA, MAICD, JP,  offer a wealth of experience and a reputation for safeguarding and growing inter-generational wealth. With their comprehensive suite of services and commitment to personalised solutions, they serve as reliable custodians, ensuring the preservation and growth of wealth for generations to come.