What do we keep from our past that still serves us well? What do we let go of that no longer serves us? What do we learn and implement that will serve us into the future? These are the three defining questions of Wealth 3.0, a new approach to family wealth management.
Wealth 3.0, as described by James Grubman, Dennis Jaffe, and Kristin Keffeler, emphasizes the importance of non-financial factors in building and preserving wealth. As the family wealth space shifted from Wealth 1.0 to Wealth 2.0 in the 1980s, now is the time for another shift. Wealth 3.0 will keep some of Wealth 2.0’s lessons, such as involving the family beyond the wealth-creating generation and advocating for structures and procedures that will ensure the business lasts. However, Wealth 3.0 will take a holistic approach to wealth management, recognizing that wealth is not solely about financial assets but also includes non-financial elements.
Wealth 3.0 is expected to change the family business consulting space. Learn which strategies Wealth 3.0 will keep, let go, and implement in “Wealth 3.0: From Fear to Engagement For Families and Advisors.”
Read about a holistic approach to family business continuity planning here.
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