Text Size:

The Resonate advisory team is dedicated to exemplary planning. We do this by offering integrative planning which incorporates both “who you are” and “what you have”. Because we believe that money is simply a tool which helps us create our ideal lives, it is essential to expand our planning conversations with you to include “more than money”. By asking carefully selecting questions designed to help you gain clarity about your life goals and purpose while also prioritizing your values, we then integrate the financial facts to assure that the attainment of your life goals is a fulfilling experience.

We further specialize in intergenerational legacy planning. Here we share the secrets of keeping families connected both during the lives of the wealth creators and after they are gone. We provide valuable resources in mastering effective communication, defining family culture and governance and discovering shared family values. Family philanthropy is a key part of our process as well.

Individuals, couples and families can all benefit from experiencing our Purposeful Planning Process. The process is typically designed for those with a net worth of $5 million and up.

For those with a net worth less than $5 million, components of the Purposeful Planning System are included into the Integrative Financial and Life Planning services we offer.

While we recommend you first click on Awareness and work your way up through each box, you may also  click on any level of the Purposeful Planning Process for more information on that level.

Family Building and Family Leadership contains the third secret of successful families as it focuses on educating and preparing the next generation of leaders through a series of ongoing family meetings. The family will decide how many meetings to have per year, the topics to cover, and will also address issues of family culture and family governance.

Senior family members mentor and prepare the next generation not only in providing effective family leadership but also in preparing them to be successful heirs. Then, when the elders are no longer interested in or able to share the wealth of their wisdom, the new leaders blend what has been passed down along with fresh perspectives and current information, and the family flourishes under the competent new generation of leaders.

Family Succession Specialists again help to lead this crucial process.

Now that your family has reached this level of commitment about what they want to do and how they want to do it – now and only now do we move into the advanced legal and financial strategies and products which provide the technical completion of the mission, vision and financial philosophy. The reason we wait for this to occur until Level Six is because many of these decisions become irrevocable once documents are signed; we want to be sure the decisions represent the collective wisdom, goals and vision of the entire family. As you know, traditional planning typically only includes the unilateral perspective of one person or couple – even though the plans that are made will impact the lives of others – potentially for generations to come. Contrast this with the innovation contained within the drafting of Purposeful Trusts™ … a key component of Purposeful Planning.

(Purposeful Trusts trademark used with permission from John A. Warnick)

This level continues the purposeful dialogue intergenerationally at the Family Retreat. The family retreat respectfully provides each family member a voice and a vote in creating a shared Family Mission, Vision and Family Money Tree. The Family Retreat deliverables include an expanded and shared mission, vision and financial philosophy which incorporate the beliefs, ideas and ideals of the entire family.

The reason the financial philosophy is critical is because within it lies the second secret of successful families. For you see, ongoing or sustained philanthropy is always a part of these families’ intergenerational planning. So we place special emphasis on the sharing portion of the financial philosophy to be sure that we have included sustained philanthropy – the second secret to successful wealth transfer.

Because this level of communication can lead to sensitive or difficult discussions, we co-facilitate both Client and Family Retreats with psychologists who specialize in effective communication, conflict resolution and consensus building.

One of the secrets of successful planning is that we need to talk to each other – on purpose and also about purpose… the purpose of our lives, the purpose of work, the purpose of wealth. Communication – meaningful communication, purposeful communication – first between the wealth creators and then shared intergenerationally – is crucial. The Client Retreat offers the opportunity for you – the wealth creators – to begin to talk about your deepest values and most cherished beliefs about life, work, family, spirituality and money. From this conversation we create a trial Family Mission and Vision Statement accompanied by a financial philosophy for the Family Money Tree. The Mission talks about the purpose of your family (why you are here, what you stand for, how you want to be known, what you believe in), the Vision is the action plan which carries out the Mission and the Family Money Tree transcends the Three Money Myths by creating a financial philosophy addresses how your family wants to save, spend and share its money/wealth in support of your Mission.

The American Culture is tragically built on Three Great Money Myths as described by Lynne Twist. These three myths or lies begin with:

“There’s Not Enough to Go Around” – Rooted in fear and scarcity, this myth implies that if we don’t come in first, if we don’t beat out the other guy or woman, if we don’t do what it takes to “get our fair share, we’ll somehow be left out. It breeds a “me-or-you” mentality and fosters competition which can lead to corruption. Certainly our nation is reeling from the widespread personal and business behavior which results from believing “There’s Not Enough to Go Around.”

Next comes “More is Better” which leads to the never-ending chase for more stuff… the bigger house, the more expensive are, the better golf clubs, and the next pair of shoes or piece of jewelry. Since “more is better’ this greed-driven chase never ends. Combined with the belief that “There’s Not Enough to Go Around” in the first place, “More is Better” often leads to the emptiness of constantly climbing the ladder only to find it was leaning against the wrong wall.

The third myth “That’s Just the Way It Is” is both insidious and dangerous as it gives the “have’s and the have-not’s” the excuse to allow the world to continue as it is. For the “have’s”… Messages like “ Just be glad that we live here – rather than on the wrong side of the tracks”; “Don’t try to reach out to or understand those people; they are not like us” abound.

Everyone is influenced by these Money Myths which often tend to support superficial, self-centered living. Our behavior is often inconsistent with our values and beliefs as wemodel for children and grandchildren exactly what we tell them not to do.

The reason that traditional planning fails is due to the unilateral focus on only one “asset class” – material and financial wealth. For planning to succeed, there are actually five assets classes which need to be considered. The five asset classes are: financial, human, intellectual, spiritual and physical.

The Human asset class has to do with relationships both with our family or origin and the family the humankind. We need to spend time thinking about how can our planning help assure that our family stays close and connected – even when we are not here to encourage and anchor that process.

The Intellectual asset class represents our ability to think, to dream, to create and to imagine. For planning to work long-term, we must consider how we honor and incorporate the multitude of gifts within our family so that each member is contributing from his or her uniqueness to the long term success of the family. Families flourish when we encourage and allow each individual member within the family to be all he or she can be.

Our Spiritual asset class is represented by our faith and/or beliefs pertaining to God or a Higher Power.

The Physical asset class is our health for without it we will be less able or perhaps incapable of reaching certain goals and fulfilling our mission.

You now have the choice to consider planning the traditional way or to experience Purposeful Planning.

Current research confirms that 70% of the carefully crafted and already executed estate plans fail from one generation to the next. This means that 91% of wealth transfers fail by the time assets reach the wealth creator’s grandchildren.

Now the operative word here obviously is “fail” – so let’s define it. Fail means that the assets are gone – often times foolishly spent, lost to lawsuits or bad investments. Additionally, and perhaps more tragically, the family has also fractured apart. So, within two generations, the family wealth has essentially disappeared and the family itself is splintered.

Perhaps you know of a family in which this has happened.

Gratefully, there is a solution which we can all incorporate into our planning which results in closer to a 90% success rate. (Success meaning that the family wealth is preserved and growing and that the family stays connected.) This solution was gleaned after listening to hours of conversation and stories from American families who have managed to keep both the family wealth and the family harmony intact for more than 100 years.

Although the details of the stories naturally differ among the families, there were three elements in common throughout each family’s story. We call them “The Three Secrets of Successful Planning” and have incorporated them into the Purposeful Planning Pyramid.