Generational wealth means more than the transfer of financial assets from one generation to the next. It is about the transfer of purpose and values that guide our decision-making. It is about the transfer of knowledge and financial acumen—the tools and strategies to preserve, sustain, and build wealth. It is about the legacy that our financial wealth will leave for our families and communities. And it is about the family systems, cultural dynamics, and relationships that surround it. When we understand generational wealth in this fulsome way, we raise our sights to a higher goal and a higher standard.
In our seventh edition of Minerva, we investigate the concept of wealth identity, navigate the intricacies of multigenerational wealth and family heritage, and consider how family dynamics intersect with various areas, including legal decision-making and investing in family-led enterprises.
Below, you can explore individual articles featuring stories that cover wealth creation, transfer, and identity.
The Power of Wealth Identity
Why should we care about our wealth identity? According to wealth psychotherapist Joan DiFuria, understanding the interplay between our personal stories, beliefs, and emotions about money holds significant importance. Beyond shedding light on the motivations behind our decisions, it underscores the foundation of our financial well-being.
Leading the Way for Generational Wealth
As women, how do we confidently navigate our financial journey, both for ourselves and our children? In a conversation with Burgundy’s Anne Maggisano, Christina Sorbara shares her approach to taking control and the importance of exercising agency. Born into a family with multigenerational wealth and a parent herself, Christina also emphasizes the value of early financial education for children.
The Challenge of Wealth Transfer
How do business owners tackle the obstacle of longevity? Burgundy’s Chief Investment Officer Anne Mette de Place Filippini and Investment Counsellor Kate Mostowyk approach wealth transfer from an investing lens, exploring success stories and failures and discussing how wealth creators and entrepreneurs can prepare their families and businesses for long-term, multigenerational success.
Creating an Extraordinary Legacy
Wealth has the potential to empower a family, but it can also lead to its downfall. After 35 years of helping clients with their family wealth, Chris Clarke has witnessed both outcomes. In her workshop with Charles Walker at the Minerva Summit, she shared how, with the right approach, families can use their wealth to build a lasting legacy for generations to come.
Top Legal Considerations in the Transfer of Wealth
What are the primary legal considerations in wealth transfer? At a workshop hosted by Burgundy’s Lauren Davis Landau, Victoria E. Winter and Audrey A. Shecter of Beard Winter LLP aimed to answer this question. These experts navigated through the complexities of contracts and various scenarios, including second marriages, estate planning, and powers of attorney, offering valuable insight into generational wealth and legacy planning.
Giving with Purpose
Do women approach philanthropy differently than men? The short answer is yes. The longer answer is a more nuanced exploration of collaboration and connection from a female perspective. In her conversation with Burgundy’s Angela Bhutani, Dr. Sharilyn Hale advocates that women have always been at the forefront of philanthropy. As women increasingly take on the role of wealth creators, beneficiaries, and inheritors, it’s more important than ever for philanthropy to be on their radar.
Remembering Mary Ann Shadd Cary
Do more, talk less. In this Minerva milestone, Burgundy’s Elizabeth Andrews shares the life of a woman who embodied this concept. An anti-slavery activist, publisher, teacher, and lawyer, Mary Ann Shad Cary carved a path for women’s freedom and equality in the mid-19th century, exemplifying the critical role Black women have played and continue to play in advancing these ideals.
The Women of Burgundy was founded in April 2014. Our mission is to build a community that inspires women to make investing a priority. We will move forward together, fostering curiosity, confidence and continual growth as investors.
This post is presented for illustrative and discussion purposes only. It is not intended to provide investment advice and does not consider unique objectives, constraints or financial needs. Under no circumstances does this post suggest that you should time the market in any way or make investment decisions based on the content. Select securities may be used as examples to illustrate Burgundy’s investment philosophy. Burgundy funds or portfolios may or may not hold such securities for the whole demonstrated period. Investors are advised that their investments are not guaranteed, their values change frequently and past performance may not be repeated. This post is not intended as an offer to invest in any investment strategy presented by Burgundy. The information contained in this post is the opinion of Burgundy Asset Management and/or its employees as of the date of the post and is subject to change without notice. Please refer to the Legal section of this website for additional information.
