Episode 019: For high-net-worth families, wealth is more than just numbers on a balance sheet. It represents a legacy, a responsibility, and a means to achieve their unique aspirations. Managing the intricacies of wealth preservation, succession planning, philanthropy, and lifestyle management for these families is no easy task. It requires a tailored and holistic approach that takes into account their financial objectives, deeply held values, and unique needs.

In this episode of Connected, Kyle is joined by Frazer Rice, Director of Family Office Services at Next Capital Management. Frazer talks about the role of family office services in managing the wealth and lifestyle of high-net-worth individuals and families. Frazer emphasizes the importance of communication and conflict resolution in preserving wealth across generations.

Join us as we discuss:

Key Takeaways

Quotes

"When you start moving up the wealth chain, and people start understanding that they have enough to spend during their lifetime and their legacy going forward is what's important to them, that's when you start getting into a different level of discussion and framework-building." ~ Frazer Rice

"The biggest threat to wealth isn't bad tax planning or investments. The ecosystem of smart people to solve those problems is broad and wide. But the biggest issue is communication. And it's amongst in between the generations." ~ Frazer Rice

"It's really my job and the job of the firm to help the families identify the different issues that are out there, look around corners, and look for opportunities, either for tax savings or structuring to further their goals." ~ Frazer Rice

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