Get clear on investment goals so your adviser can help you build, not damage, your family’s wealth

A family should each have its own plan, identifying what its specific goals are and therefore how its wealth can be managed in the most efficient manner to achieve them.Illustration by Chloe Cushman/National Post files

“We were immediately attacked by some businesses who said, ‘Yeah, you’re just loading another holiday on us and we don’t see why it’s necessary.’ As I recall, I had to take on parts of my own caucus who said, ‘Aw, come on, we don’t want to do that.’

“In the cabinet room or in the caucus room, I stood up and walked around the room, saying, ‘Goddammit, we’re gonna do it,’” – Don Getty, Former Alberta premier

Other than falling on what is usually the coldest time of the year, I love Family Day long weekends as it puts the focus on the importance of family values in today’s society. Interestingly, it was first celebrated in 1990 as an Alberta holiday by Premier Don Getty and despite initial pushback as an unnecessary financial burden, it has since spread to include most of the other provinces.

While each family comes with its own amount of complexity, in the end, the strength of the family unit is what is paramount especially when it comes to helping the next generation not only become self-sufficient but also able to contribute in a positive manner.

So it makes a lot of sense that a family should each have its own plan, identifying what its specific goals are and therefore how its wealth can be managed in the most efficient manner to achieve them. While these goals will vary from family to family, there are some broader commonalities that can be a great starting point in this process.

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