At OCM we understand that talking about money remains a taboo in many families, with almost half of married couples not knowing how much their spouse earns. According to the Financial times, many wealthy parents also avoid telling their children the extent of their wealth, for fear of them contracting “rich kid-itis” – a “loss of work ethic and the ability to spend money like water” as the paper describes.
However, we believe that there’s a growing need to discuss individuals long term financial planning, with a more unified approach. The ability to provide advice to the families as a whole and having multiple generations meeting with financial planner, is invaluable.
At OCM we provide wealthy families with an extensive range of services, with a focus on helping you to ensure a smooth transition of wealth from one generation to the next. Preparing the next generation for the transfer of family wealth is an essential component of family wealth management and we believe that education should be in place so that all generations involved understand the responsibilities of managing and maintaining wealth. We believe that developing a Family Plan can go a long way in giving clients confidence, knowing their family and heirs are not only well informed, but prepared. The client first culture we have means that we are focused on good communication and family engagement in a collaborative process.