Why should wealthy parents get teens involved in giving?
In a recent interview with Kathleen McBride of AdvisorOne, Julie Williams Lytle, executive director of Philanthropic Services of Whittier Trust Company, says that children of wealty families often feel undermotivated and unempowered. Getting them involved in philanthropy is an excellent way to bring dignity, pride and self-esteem to teens, says Lytle. She also explains that there is a direct correlation between philanthropy and maintaining wealth, and lists the ways wealth advisors should care:
- “70% of intergenerational wealth transfers fail by end of successor generation,” Lytle said, because of “poor family communication,” or “inadequate preparation.”
- “60% intergenerational transfers result in a change of advisor.”
- “65% of high-net-worth (HNW) families fear that inheriting wealth will hurt the children” instead of help them.