In our new series, Investing Through the Lens of Legacy, we explore how ultra-high-net-worth families can approach investing with a long-term, multigenerational perspective.

As family needs and priorities shift over time, portfolio decisions may involve considerations around liquidity, lifestyle, growth, legacy, and differing perspectives across generations.

John Zimmerman and Phil Scherrer discuss how families can begin with their broader goals, translate those priorities into portfolio structure, and revisit their approach as circumstances change. They also explore diversification, concentrated holdings, governance, and the role of stewardship in long-term investment planning.

Key themes include:

• Starting with family goals before determining portfolio structure

• Balancing liquidity, lifestyle, growth, and legacy considerations

• Managing concentrated exposures within a broader portfolio

• Revisiting governance and investment policy over time

• Approaching long-term investing through the lens of stewardship

For more information on Ascent, please visit ascent.usbank.com

As we wrap up our first series of Wealth & Everything Else, we're looking back at some of the most meaningful conversations from Legacy in Motion.

In this highlights episode, we revisit key insights on navigating difficult conversations about wealth, preparing the next generation through intentional education, using philanthropy to strengthen family values, and viewing investing as a tool for long-term stewardship rather than short-term returns.

Whether you've listened to every episode or are joining us for the first time, this recap brings together the foundational ideas that help families build legacies designed to endure for generations.

In this episode, we discuss:

• Why communication is the foundation of successful multi-generational wealth
• How financial education prepares future stewards of family wealth
• The role of philanthropy in shaping values and strengthening family relationships
• Why investing should be viewed through a long-term, legacy-focused lens

For more information on Ascent, please visit ascent.usbank.com

In the final episode of our Legacy in Motion series, we examine how investing can be used not only to preserve and grow capital, but also to develop capable, confident stewards across generations.

The discussion centers on how families can use structured investment experiences to prepare the rising generation for long-term responsibility.

Key themes include:

• Framing investing through a multigenerational lens, with an emphasis on time and compounding
• The role of investment policy statements in anchoring decisions to long-term objectives
• Blending formal education with experiential learning
• Creating “sandbox” portfolios to allow measured risk-taking and real-world lessons
• Using investment committees to build communication, resilience, and decision-making skills
• Aligning investment education with personal values and philanthropic interests

This episode concludes our Legacy in Motion series and sets the stage for our next series, where we will explore investment strategy through the lens of legacy and long-term family objectives.

For more information on Ascent, please visit ascent.usbank.com

For many families, philanthropy is where values become tangible. In this episode of our Legacy in Motion series, we explore how structured, intentional giving can strengthen family cohesion while advancing meaningful impact in the broader community.

Guests Tom Thiegs and Justin Flach address how families can define a clear mission, evaluate donor-advised funds versus private foundations, and establish governance structures that align with their broader family enterprise.

Key themes include:

• Anchoring philanthropy in clearly defined values
• Selecting structures that reflect family goals and complexity
• Engaging the rising generation through meaningful participation
• Using philanthropy to cultivate stewardship and emotional intelligence
• Periodically reviewing giving to ensure alignment with mission

For more information on Ascent, please visit ascent.usbank.com

Additional resources:

https://www.usbank.com/wealth-management/financial-perspectives/financial-planning/philanthropy-and-charitable-giving/donor-advised-funds.html 

https://www.usbank.com/wealth-management/financial-perspectives/financial-planning/philanthropy-and-charitable-giving/benefits-of-private-family-foundations.html 

Empowering the rising generation to steward wealth and leadership is one of the most meaningful investments a multigenerational family can make. In this second episode of our Legacy in Motion series, we explore how intentional family education supports long-term continuity, confidence, and cohesion.

Guests Tom Thiegs and Justin Flach discuss why education must extend beyond financial literacy to include governance, decision-making, and clearly defined roles. They emphasize that effective preparation is not a one-time event, but an ongoing, values-driven process.

Key themes include:

• Aligning on shared values and purpose
• Designing education around real roles and responsibilities
• Using milestone-based and experiential learning
• Engaging the rising generation as active participants

For more information on Ascent, please visit ascent.usbank.com

In the first episode of our Legacy in Motion series, we examine why conversations around wealth are often among the most challenging for families to initiate, yet essential to long-term continuity. Discussions about expectations, stewardship, and estate planning carry both emotional weight and structural complexity. Without deliberate engagement, families may find themselves navigating critical transitions without the clarity or alignment they need.

Guests Tom Thiegs and Justin Flach explore the reasons these conversations are frequently deferred, the distinction between reactive and proactive planning, and how intentional preparation strengthens both governance frameworks and family relationships.

Key themes include:

• Beginning with incremental, ongoing dialogue rather than a single “reveal”
• Prioritizing shared values before discussing financial mechanics
• Approaching planning proactively rather than reactively
• Leveraging trusted advisors and resources to guide complex conversations

For more information on Ascent, please visit ascent.usbank.com

Additional resources:

https://www.usbank.com/content/dam/usbank/en/documents/pdfs/about-us-bank/usbank-wealth-survey-designed-report-final-2024.pdf