Educating the Next Generation

Next Generation Financial Planning

Jacquelyn & Michael
42 and 39 years old
Employed full time

Jacquelyn and Michael want to make funds available to enhance the lives of their family while ensuring that their children stay motivated and manage their financial lives responsibly

Key Concerns: Educating their children about the importance of budgeting, saving, and living within one’s means, teaching them about investing basics, making them aware of potential scams and threats to wealth preservation, and sharing personal financial and philanthropic values.

Jacquelyn and Michael have worked hard over their careers, providing for their family and building an investment portfolio. As their retirement approaches, Michael and Jacquelyn have decided that they would soon like to make a portion of their wealth available to help enhance the lives of their children and those of future generations. Knowing that family wealth tends to evaporate by the third generation, Jacquelyn and Michael are concerned about whether their children will be prepared to be good stewards of the family’s financial resources. They would like to instill in their children the healthy financial habits and investment education required to leave an enduring legacy.

Jacquelyn and Michael’s concerns are justified and shared by couples and individuals as they plan to transfer wealth to the next generation. Discussing issues related to money with your children and other family members can be awkward and challenging. Versant has guided countless families through inter-generational wealth transfers by facilitating family conversations and delivering unique educational, personalized content. We understand the critical importance of preparing younger generations for the responsibilities associated with prudent management of wealth.

Versant developed an educational program for Jacquelyn and Michael’s children that was custom-tailored to the their ages, knowledge level, and Jacquelyn and Michael’s values. The program consisted of multiple interactive “modules,” each of which focused on a key area of personal finance, including goal planning, budgeting, investments, philanthropy, and debt management. Michael, Jacqueline, and the children attended the modules over the course of several months. The educational sessions provided a perfect venue for Jacquelyn and Michael to connect with their children on topics related to money. Michael and Jacquelyn had an opportunity to share their own experiences and thoughts regarding each of the topics, in addition to the content prepared by Versant. The experience helped the children develop a solid foundation of knowledge from which Jacquelyn and Michael could feel comfortable and more secure in beginning to discuss their plans for sharing their wealth, as well as the expectations they have for their children going forward.

This case study is fictional and merely presented as an example of the type of services provided by Versant. The case study presented is not indicative of any investment recommendations and should not be interpreted as a testimonial by any client. You should not assume that the results are typical or that you will have the same results.