As Prince Charles knows all too well, the older generation is not only
living longer, it is remaining competent well past traditional retirement age.
The result? The middle generation waits longer and longer for seat at the table
– and the longer it takes the more likely it is that the torch will pass to an
even younger generation. For members of a family business and their advisors, it
is critical that the family work together, develop a strategic plan, and have a
candid conversation where each family member shares his or her financial and
personal goals.
According to Patricia’s article, it is likely that some family members have
been “counting on the ascension to leadership to finally attain … financial
goals through asset ownership and increased salary. If that ‘day in the sun’
never comes, financial security may never happen.”
Click here to read the complete article and how financial advisors can
help this “lost generation” with financial and succession planning.