Wealth 3.0: From Fear to Engagement For Families and Advisors

An oft-repeated parable describes a wise grandfather explaining to his young grandchild how there are two wolves fighting for the soul of the world. One wolf embodies that which is evil—the qualities of hate, envy , greed, anger, resentment, fear and contempt. The other wolf embodies that which is good—kindness, generosity, hope, compassion and optimism. The grandchild asks with trepidation, “Grandfather, which wolf will win?” The sage replies: “The one that you feed.” In a recent conversation, one of us (JG) was discussing with an experienced wealth manager methods for preparing younger generations to handle wealth responsibly. The financial advisor shook his head over how often he had seen affluent children turn out badly. He admitted he and his wife even worried about their own preteen children who were growing up with more financial security than he ever anticipated.