In this episode, Nathan and Michael discuss:

• Understanding that wealth planning is a journey
• How families can practice wealth stewardship
• The impact of wealth on family dynamics 
• The importance of strategic milestones

 

Key Takeaways:

• Families who have done little planning cannot expect to "fix" it in one meeting. It starts with understanding that planning is a journey that spans across lifetimes and it's a journey with very predictable events. 
• Matriarchs and patriarchs cast large shadows and those shadows create spoken and unspoken expectations. The most responsible way to handle money is to make it a family experience, to train the next generation how to be stewards of their resources. 
• In any family, you can map out and predict milestones that can be successfully navigated so the family is preserved - not just the wealth, but the love and relationships. 
• Money has to have a purpose that goes beyond just making more money. The movement of your money impacts the world and you can choose to make it impact the world positively.

 

"The wealth stewardship concept says that if you can, make wealth a family experience, and train the next generation to be great wealth stewards and understand that they don't have to start from zero. Train them to be good wealth stewards so that they can grow it, incrementally build it, and pass it along to the next generation." —  Michael Cole 

 

 

About Michael Cole: He is a true industry leader. He manages R360 which is an invitation-only membership organization. He is a former CEO of several wealth management and family offices and has over 30 years of experience in the industry. 

 

Connect with Michael Cole: 

Website: https://www.r360global.com/ 

LinkedIn: https://www.linkedin.com/in/michaelacole1/ 

 

Connect with Nathan Mersereau: 

Phone: 248-645-1520

Website: www.dayinacanoe.com

Email: nathan.mersereau@planningalt.com

Twitter: @NathanMersereau

LinkedIn: Nathan Mersereau

Address: 255 S Old Woodward Avenue, Suite 310
Birmingham, MI 48009

 

 

 

Show notes by Podcastologist: Justine Talla

 

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.