Well, not really. So many times the focus when discussing financial planning and investment management is maximizing returns, growing balance sheets, minimizing taxes, and inflating positive cash flow through various strategies. A saying that goes something like “it’s all about the Benjamin’s” reflects this focus which is echoed through media outlets and (sometimes) our society as a whole.
Unfortunately this distracts us from what really matters. Family values! What use is a few extra dollars in savings on transfer taxes if you aren’t able to teach your children to handle their inheritance responsibly and they blow it? What good is a large 529 to send your children to Harvard if you aren’t able to impress upon them a strong work ethic to make them successful afterwards?
A highly effective wealth management process will address family values- not just the preservation of these values for multiple generations but the growth and adaptation of those values over time as well. Family values must be closely intertwined with all financial planning and investing decisions to be a healthy influence in our lives. Otherwise the focus becomes the “Benjamin’s” and misses entirely the truly important things in life. Your family values should be considered the most valuable asset on your balance sheet.
