Omnia Discusses “Sudden Wealth Syndrome” in Financial Advisor magazine

In an article featured in Financial Advisor magazine, Chief Executive Officer of Omnia Family Wealth Steven Wagner answers the question “Is there a downside to sudden wealth?”

The short answer is yes, and it can lead to what Omnia calls “Sudden Wealth Syndrome” – an occurrence that can be catastrophic to family wealth when an unprepared heir suddenly inherits a large sum of money and makes poor decisions with it. Wagner explains that because they are unprepared, the family wealth is lost after it is transferred from one generation to the next.

“Sudden Wealth Syndrome is preventable,” says Wagner. “It all boils down to talking to your heirs about the legacy you want to leave.”

To prevent Sudden Wealth Syndrome, Omnia encourages wealthy families to engage in structured family meetings where second- and third-generation heirs can ask questions and learn about the family’s guiding values, long-term goals can be set, and a mission for the family’s legacy can be established.

Financial educational is another way to prevent Sudden Wealth Syndrome, whether starting with an allowance for younger children or through an investment educational course for older heirs.

The full Financial Advisor magazine article is available here.

This content is provided for informational purposes only. No portion of any statement included herein is to be construed as the rendering of personalized investment advice through this communication. Please read the Terms of Use for additional information. 

Have Questions for An Advisor?

This field is for validation purposes and should be left unchanged.

RELATED ARTICLES

Michael Wagner Discusses “Safer” Investment Strategies with Yahoo! Finance

Michael Wagner Discusses “Safer” Investment Strategies with Yahoo! Finance

Read More
Michael Wagner on CBS12 Sunday Morning News live

Michael Wagner on CBS12 Sunday Morning News live

Read More
Michael Wagner Shares Insights into the Labor Market and Consumer Spending With The National Desk

Michael Wagner Shares Insights into the Labor Market and Consumer Spending With The National Desk

Read More
Michael Wagner on the Evolution of Operations Management at Omnia on The COO Roundtable Podcast

Michael Wagner on the Evolution of Operations Management at Omnia on The COO Roundtable Podcast

Read More
Michael Wagner Talks Treasury Bonds in Investor’s Business Daily

Michael Wagner Talks Treasury Bonds in Investor’s Business Daily

Read More
Michael Wagner Comments on the Federal Reserve Interest Rate Hikes in The National Desk

Michael Wagner Comments on the Federal Reserve Interest Rate Hikes in The National Desk

Read More
Omnia Family Wealth Recognized In Financial Advisor Magazine’s 2022 RIA Ranking

Omnia Family Wealth Recognized In Financial Advisor Magazine’s 2022 RIA Ranking

Read More
Michael Wagner Comments on Short-term Treasury Market in Bloomberg

Michael Wagner Comments on Short-term Treasury Market in Bloomberg

Read More
Michael Wagner On the Importance of Flexibility in Attracting Young Advisors in Barron’s

Michael Wagner On the Importance of Flexibility in Attracting Young Advisors in Barron’s

Read More
©2023 Omnia Family Wealth, All Rights Reserved.