It’s no surprise that with the responsibility of being the family steward, there are also challenges individuals may face. Below are four common challenges we’ve helped walk our clients through, along with initial steps to overcome them.

• Prioritizing short-term gain over long-term benefits.  With the pressures of today, many may find it challenging to make sacrifices today for the sake of tomorrow. To overcome this hurdle, it’s essential to shift your perspective and understand that stewardship is an investment in a legacy that will endure beyond your lifetime. Focus on the lasting impact of your decisions and actions to help you remain motivated by the family legacy.
• Succumbing to societal pressures and consumerism. We live in a world that places value on materialism and consumption. This can be alluring, particularly in a culture where success is often equated with the accumulation of possessions and/or the pursuit of immediate gratification. To move through this challenge, it’s crucial to connect back to the larger family vision, tap into your deeper values, and develop a strong sense of awareness for aligning your values with your actions. Stewardship is often about making thoughtful and deliberate choices that are aligned with your family values as they contribute to the greater good. 
• Lack of planning and clear communication One key to a successful legacy is in-depth planning and communication within families. When wealth and assets are intended to pass from one generation to the next, it’s essential to have clear and transparent discussions about your intentions and expectations. Without proper estate planning and open conversations, misunderstandings, conflicts, and even legal disputes can arise, jeopardizing the legacy you intended to leave behind. Consider the help of a qualified wealth advisor who can assist in drafting a comprehensive plan.

Lack of financial education and knowledge. One thing at Beacon Family Office that we are passionate about is making sure the rising generation is knowledgeable about the financial landscape they’re in. This helps mitigate risk during the wealth transition. To mitigate the lack of financial education and knowledge so you can have greater impact as the family steward, make it a priority to educate yourself about sustainable financial practices and responsible asset management. Seek out resources, attend seminars, and engage with experts in the field. By increasing your knowledge and understanding, you can make more informed decisions that align with your stewardship goals, leaving a positive impact on the people around you. Additionally, teaching family members about the importance of stewardship encourages them to take an active role in discussions about managing the family’s wealth and legacy. This creates a shared sense of responsibility and accountability that will help them understand the outcomes of different choices and encourage them to think about not only their own interests but also how those choices affect the family and the community as a whole.