Background

We are practitioners working at the intersection of family wealth and well-being theory. Wealth and inheritance have historically been approached by red cape¹ professionals² building on rather anecdotal data instead of data-driven research. Influential characters have rooted in society negative stigmas and ideologies of wealth as ill-being^{3, 4}. This have led parents to mistrust and alienate their children, manipulate them through their wealth, and increase unhappiness.

Aims

We bring a positive approach for families to focus on their wealth as a resource to support family members’ well-being and flourishing. 

Method

We pioneered the use of positive psychology, well-being theory to offer a new lens for families to use their wealth as a resource to make life worth living. We delve into the unsupported stigma of wealth bringing to light the anecdotal aspect of widespread ideas such as that money ruins children³ or that family businesses are depleted after three generations⁵. We draw on empirical research such as world-wide life expectancy studies⁶, the U-shape happiness curve⁷, the nurture vs. nature well-being break-out⁸ and positive spending experiences⁹ to support innovative practices such as an early inheritance (or giving over the arch of parents’ lives) model¹⁰. We model Nordic countries that have consistently topped the world happiness ranks¹¹ to shape families’ wealth and inheritance decision-making into a positive framework.¹²

Results

We built a family wealth and well-being framework¹³ to help families shift their focus from preservation and control of their wealth to support individuals’ well-being and flourishing. We are changing the dynamic between parents and their family members and with their service providers (such as trust and estate lawyers and wealth managers) too.

Conclusion

As our clients start adopting our tools and models, we are collecting data that supports positive impact on well-being.