Omnia Family Wealth Discusses The Potential Dangers of Sudden Wealth Syndrome
Multi-Family Office Identifies Sudden Wealth Syndrome as a Major Cause of Family Wealth Deterioration and Provides Unique Insights on How to Prevent
Aventura, Fla. – October 4, 2017 – Omnia Family Wealth, a multi-family office based in Aventura, FL has recently released a commentary intended to prevent “Sudden Wealth Syndrome,” a chronic problem facing wealthy families that can result in massive wealth destruction. Omnia works with large, multi-generational families to help guide them through the complexities of life with wealth. As part of their work, they often see the aftermath of heirs that are unprepared to manage wealth. As a result, the family wealth gradually deteriorates after the wealth is unexpectedly transferred from one generation to the next.
Omnia is passionate about protecting family wealth from Sudden Wealth Syndrome. In order to increase awareness and teach about preventative measures, the firm will host a webinar for families on November 16, 2017 at 1pm ET. The webinar will cover ways to help prevent Sudden Wealth Syndrome and increase the likelihood of successful wealth transfer between generations. To attend the webinar, please contact Omnia Family Wealth.
“Sudden Wealth Syndrome is preventable – with family meetings, next generation education, family governance strategy,” says Steven Wagner, the firm’s co-founder and chief executive. “It all boils down to opening the doors of communication and talking to your heirs about the legacy you want to leave.”
Omnia has developed three primary approaches to help families prevent Sudden Wealth Syndrome:
- Encourage families to engage in structured family meetings where the 2nd and 3rd generation heirs have a forum, with sufficient advanced time, to ask questions and learn about the patriarch’s guiding values and establish long-term goals.
- Provide educational opportunities for gen 2 and gen 3. Often times, a finance or investment educational course can help prepare heirs by giving them a basic understanding.
- Establish a mission and purpose for the family’s wealth. Engaging heirs to continue a family legacy is a great way to give the wealth deep and long-lasting meaning.
Michael Wagner, co-founder and managing director of the firm, comments, “The sad part about Sudden Wealth Syndrome is watching a family’s legacy become dissipated because the heirs were unprepared. It’s a waste and is preventable.”
About Omnia Family Wealth
Omnia Family Wealth, a multi-family office based in Aventura, Florida, is an independent investment advisor with the SEC. The firm works to guide wealthy families on a broad array of financial activities – from wealth structuring to transference to creating a philanthropic legacy. The firm takes a holistic approach: extending relationships to clients’ family members and seeking to understand families’ core values and beliefs in addition to their risk preferences and financial goals. With three generations represented among the firm’s founders, Omnia offers an intergenerational solution focused on clients’ long-term objectives. Clients are assured of a sense of continuity, as the firm helps families manage the complexity and responsibility of their wealth. For more information please visit www.omniawealth.com.