What does wealth mean to you, and why are you building and protecting your wealth?
We spend a lot of time thinking and strategizing about how to build our wealth, without thinking enough about why we’re doing it.
At the end of the day, what do you want your wealth to “say” about you and your values? What kind of legacy do you want to leave behind?
I’ve noticed an increasing interest in the question of financial legacy and wealth values over the past three to five years. Many of the high net worth (HNW) individuals I know are devoting more time to defining the meaning of their wealth.
Recently I had the pleasure of meeting Samantha Reynolds, founder and president of Echo Memoirs (www.echomemoirs.com). For the past 14 years, Echo Memoirs has been creating personal archives or memoirs for corporate clients and a select group of HNW families.
Most of them are attractive large-format “coffee table” books, usually more than 150 pages long.
They struck me as an intriguing way for business owners and HNW individuals to define the meaning of their wealth and success.
As Reynolds explains, this is a big issue for HNW individuals.
“They’re able to offer their kids so much in terms of experiences and opportunities,” she told me. “But where I find them at a little bit of a loss sometimes is how to impart the values that they have and that their parents had.”
Instead of a lecture about values, these people build a story that provides history and legacy to family members.
“It’s about touching their emotions,” Reynolds said, “and that’s where you’re going to see real results in terms of trying to pass along values.”
Many of Reynolds’ corporate clients come to Echo at the conclusion of the business – when the founder is passing on the business and doesn’t want to let the story behind the business get lost.
“It’s for the family, but for employees as well,” Reynolds said. “At the end of the day, the stakeholders are not only the pioneering families but employees, managers, suppliers and ultimately clients as well. Stories are so much more effective than policy manuals.”
Echo Memoirs is a high-end “one-stop shop” type of service; not everyone either needs or wants such detail. But I think the basic idea about creating context and meaning for wealth is relevant to most everyone. And creating a narrative or story is an intriguing way to do it.
With that in mind, here are some ideas about how you can pass on your financial values, through family archive, a business history or a life story – whether that story ends up being 150 pages long or a single handwritten letter.
Start with your values
If you’re going to tell a story, don’t think about telling a story. Instead, think about the themes and ideas – that is, your financial values. Ask yourself: when it comes to wealth, what exactly do you stand for?
Talk about the successes and the failures
The best financial education of all comes from the school of hard knocks. Don’t shy away from telling about these experiences. There is tremendous power in revealing vulnerable moments.
Find multiple perspectives
Interview multiple family members. Seek out photographs. Talk to stakeholders large and small. These multiple perspectives will add depth and interest to your story.
Be authentic
This is not a public relations exercise. Nor is it a time for make-believe or whitewash. The truth – no matter how difficult at times – will make your story more powerful and will ensure that it resonates emotionally with your readers. •
