Category: Wealth Management

Engaging the next generation

Posted By Kevin Dean On December 18th, 2012

At the end of November we held our launch event for NextWave, Newport Private Wealth’s initiative for young adults to help them become better equipped at managing wealth.

We had a tremendous turnout with over 40 young adults in attendance for an evening of networking and a brief introduction to the concept of NextWave, as well as introductory topics that will lead into our future events. Feedback from attendees was enthusiastic: “These are exactly the kinds of questions I have but I don’t know who to talk to” and “I was so happy that I actually understood what you were talking about because I feel totally underprepared when it comes to financials”.

The feedback confirmed our belief that there is a strong desire to learn. Young adults want to take more responsibility, but with little in hard financial assets early in their careers they feel like they don’t have access to qualified individuals to discuss their concerns. [read more >>]

Tags: Children and Money, NextWave, wealth management

Catalyst funding… for families?

Posted By David Lloyd On December 5th, 2012

‘Catalyst funding’ is a notion commonly associated with business, health care and even the not-for-profit sector. It describes investments that are made to accelerate the development of an innovation or strategy. The theory being that with such funding, desired outcomes can be achieved faster or perhaps on a larger scale.

At Newport Private Wealth, we’ve coined the term catalyst funding to describe various strategies used by families to give their children a ‘leg up’ and as a means to educate them to better manage their finances. It’s a different way to think about how you provide financial support to your children – purposefully, strategically and objectives based.
[read more >>]

linkedin Catalyst funding… for families?

Tags: catalyst funding, wealth management

Filling the knowledge gap for the young affluent

Posted By Caitlin Lloyd On November 20th, 2012

Wealthy baby boomers are retiring and the ‘Great Transfer’ of wealth is well underway. Yet, according to the 2012 U.S. Trust Insights on Wealth and Worth Survey, more than two-thirds of parents believe their children are not adequately prepared to handle wealth. This is not surprising because managing wealth isn’t generally taught by our education system and is often not discussed within the family.

It is common for young adults of affluent families to start receiving money in their twenties as beneficiaries of estates and trusts and many are ill equipped to make sound financial decisions with the capital. Conversely, adult children of wealthy families may have misconceptions regarding entitlement to family wealth and/or the relationship any wealth transfer might have on their planned lifestyle.

NextWave is Newport Private Wealth’s initiative to fill the knowledge gap for young adults to become better equipped at managing wealth through a series of discussions tailored specifically to this demographic and present these topics in a way that resonates with these young adults. The following are concerns among young people that will be discussed in NextWave’s series of upcoming financial workshops. [read more >>]

email Filling the knowledge gap for the young affluent

linkedin Filling the knowledge gap for the young affluent

bird Filling the knowledge gap for the young affluent

Tags: managing wealth, NextWave, wealth

Wealth management is more than just financial

Posted By David Lloyd On November 9th, 2012

Wealth management is a tag line used by many financial advisors to describe their services. It’s a familiar term but what does it actually mean and, more importantly, what should it mean?

Wikipedia says “at the most general level, economists may define wealth as anything of value which captures both the subjective nature of the idea and the idea that it is not a fixed or static concept”.

If one adopts the “anything of value” concept, one’s balance sheet as a measure of wealth should include more than just financial assets like investments, real estate and businesses. One’s intellectual assets like education, experience, skills, interests, passions and reputations are valuable and therefore should be part of the total wealth equation. Similarly, personal assets like values, relationships, community/civic involvement and physical, mental and spiritual health should also be captured. Balancing these asset categories can be tricky as adding in one category can drain the assets of another (e.g., career vs. family, etc).
[read more >>]

email Wealth management is more than just financial

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bird Wealth management is more than just financial

Tags: financial, wealth

Wealth in the Royal Family

Posted By Kelly Willis, Editor On June 7th, 2012

Source: WealthX

With ‘jubilee fever’ running high these days, Britain’s Royal Family is once again the subject of public fascination (or, perhaps to republicans, repudiation).

But leave the bunting and pageantry to others, I was interested to read the latest estimates of the net worth of the royal family as released yesterday by WealthX, a global market intelligence firm for the wealth industry.

Of the top 14 adult royal family members, it was no surprise who topped the list: Her Majesty Elizabeth II has an estimated net worth of at least $510 million. Interesting though, this places her well down the list of the world’s wealthiest women – with the top five all having more than $13 billion according to a separate report released by WealthX.

In fact, only five members of the Royal Family are what WealthX defines as “ultra high net worth” having more than $30 million. Young Prince William, the Duke of Cambridge, doesn’t make the cut. His fortune was estimated at a modest $19 million.

According to WealthX CEO, Mykolas Rambus, “The fact that the combined wealth of the top 14 members only reached US$1 billion reflects what has been suspected for some time: that new wealth is overtaking old wealth in Britain.”

And throughout the world no doubt…

Values based wealth management

Posted By Kelly Willis, Editor On May 29th, 2012

Earlier this month, we hosted another in our series of Inside the Tent events for clients and friends. This time the topic was personal: Net worth. Self worth. What values will you pass on?

How do we make sure our money doesn’t mess up our family?

How much financial support should we give our kids?

How do we create a sense of generosity and not entitlement?

[read more >>]

Tags: Children and Money, Wealth & Happiness, wealth management

Who’s minding the store?

Posted By Mike Vanderburgh On March 4th, 2010

An article in the Globe and Mail by Wallace Immen; “Getting serious about succession” discusses the difficulties faced by many businesses in ensuring there is a process in place to groom future leaders of the company.

What about entrepreneurs? It’s not that simple when leadership also involves owning the company!

Recently, McKinsey Quarterly published an article, “The five attributes of enduring family businesses”; which describes the succession pitfalls faced, specifically, by family businesses. According to research, ”less than 30 percent of family businesses survive into the third generation of family ownership. Those that do, however, tend to perform well over time compared with their corporate peers”.

[read more >>]