Michael Wagner Discusses Multigenerational Wealth Transfer at Pershing INSITE Conference

Michael Wagner, managing director at Omnia Family Wealth, was a featured speaker at the Pershing INSITE Conference in Orlando, Florida in early June. In the session titled, “Purpose, Passion and Pitfalls: Helping Your Clients Navigate Multigenerational Planning,” Wagner discussed where to begin (and what to avoid) when it comes to multigenerational wealth transfer.

The session opened with a true-or-false question: Is it true that family fortunes erode primarily as the result of poor investment strategies, financial constraints or macro-economic factors?

According to a Stanford Research Study, it is false, although 80 percent of those wealthy families polled believe that is true. According to the study, the top reason for loss of multi-generational wealth is interpersonal family dynamics.

To overcome this challenge, Wagner recommends starting the conversation early to engage the younger generations with the family’s succession plan and estate plan. By starting early, families can work together to create a smooth transition, and no one is left with any surprises.

“I think the best advisors go beyond dispensing advice and truly serve as financial guides, Sherpas even. If we can guide a family around hazards on the trail ahead, we believe we have the responsibility to do so,” said Wagner. “I think the biggest takeaway for the practitioners in the room should be what a positive impact we can have in a family’s life and legacy by encouraging them to start this process and have a conversation sooner rather than later.”

As advisors to many large, multigenerational families, Wagner and the team at Omnia are exceptionally familiar with the complexities of transferring wealth to the next generation. To read more, see this recent commentary on heir education titled “Sudden Wealth Syndrome” or this recent commentary titled “The Tough Conversation: How to Address Business Succession Planning While Navigating Sibling Differences.”

Important Disclosures: Omnia Family Wealth, LLC (“Omnia”), a multi-family office, is a registered investment advisor with the SEC. This commentary is provided for informational purposes only. No portion of any statement included herein is to be construed as a solicitation to the rendering of personalized investment advice through this communication. Consult with an accountant or attorney regarding individual tax or legal advice.

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