Tolleson Wealth Management shows how its customized, local approach helps wealthy families establish financial well-being for generations to come.
Dallas-based Tolleson Wealth Management is a family-led business.
While it’s true wealth management often comes to mind later in life or after substantial changes such as selling a company or welcoming a new family member, Dallas-based multi-family office Tolleson Wealth Management demonstrates that its services are beneficial throughout your financial lifetime.
Susan Jenevein, Tolleson’s managing director of family engagement and philanthropy, helps to provide customized support to client families around communication, decision-making and success planning through a family office strategy. “We work with more than 200 ultra-high net worth families, and we serve in a comprehensive way,” she says. “We equip individuals with crucial skills, working with families to make sure that their values are reflected in their financial planning.”
As a private and family-led business, Tolleson is uniquely positioned to help these clients because they understand what it’s like to receive the services. “John Tolleson [Founder and Executive Chairman of Tolleson Wealth Management] likes to say he eats his own cooking because the Tolleson family engages in every service,” Jenevein says. “They personally understand what the services are, so they can ensure that we're delivering at the best level according to the needs of client families.”
Read on to learn Jenevein’s insights on the ways Tolleson’s services can benefit wealthy families at every stage of life.
Susan Jenevein is Tolleson’s managing director of family engagement and philanthropy.
Guiding Important Conversations
One of the most important ways working with a wealth advisor can start serving your family early on is through facilitating communication among family members to establish clear goals and help ensure everyone is on the same page. According to Jenevein, this is especially beneficial ahead of any big transition.
“We have years of experience working with families through a wide variety of financial scenarios so we can ask good questions and help everybody think through the consequences,” Jenevein says. “Once we know what the goals are and have a good plan in place, then we can facilitate great conversations for everybody impacted so that false narratives do not arise and skills that are needed can be built. We work with families in advance of the transition, and then when the transition comes, Tolleson is there to walk beside the family, which is often less difficult because they're better prepared.”
While many families tend to avoid difficult conversations surrounding wills and estates ahead of time, Jenevein notes that these are particularly crucial. “66% of Americans plan to leave money to their children and instructions at that time, and only 27% of heirs have had that conversation,” Jenevein says. “The main benefit of having a family engagement type practice—where there's communication in advance, intentional skill building and clear expectation set among generations—is that nobody can fill in a negative narrative or assume things that aren’t true.”
Not only does Tolleson help generate communication among multiple generations, but its advisors also create space for their high-net-worth clients to talk to and learn from one another. “We find that what families really want is to convene with other similarly situated clients and peers,” Jenevein says. “Every family needs to understand a little bit about investing, spending and saving, but our ultra-high net worth families also need to understand things like what it's like to be a good beneficiary and how to have a strong relationship with an advisor.” A core benefit of a multi-family office is that clients have access to an advisor who can provide seasoned expertise across family situations as well as connections to other families with similar experiences.
Identifying, Upholding and Transmitting Family Values
Another vital part of what Jenevein does at Tolleson is helping families establish, maintain and clearly articulate family values. Whether a child is taking over the family business one day or will carry on the family legacy through other avenues like philanthropy, it’s important that the goals and values of the previous generations are communicated and upheld.
“We work with some iconic families to help them transmit the values they were founded on through generations,” Jenevein says. “Often the rising generation is coming into their own while trying to understand what it means to be a part of their family. They want to achieve their own identity, but in a way that honors the values and vision of the incumbent generation. And the incumbent generation wants to equip the rising generation with the key values of the family. Our youngest client is in kindergarten, and she knows the family values, she knows a little bit about the family history and she knows the family business helps people. It can be that simple. It doesn't have to be overwhelming, and it's never too early to start.”
So, what does this transmitting of values look like, and how does it benefit the family as a whole? Jenevein shared how Tolleson’s family engagement approach makes difficult times as stress-free as possible.
A family was dealing with the tragic onset of a degenerative disease that would eventually affect their loved one’s ability to make important financial decisions. Through this challenging time, Jenevein and the Tolleson team worked with the rest of the family to establish expectations, goals, a support system and a plan of action for the future. When the family member eventually passed away, their spouse and children had the comfort of knowing that their loved one’s legacy and values would continue to be honored and instilled in the younger generation.
Tolleson’s advisors and family engagement team help families establish goals, pass along values and equip children with the skills they need to succeed.
Equipping The Next Generation
Along with helping pass on the long-standing values and goals of the family to the younger generation, Tolleson works alongside families to prepare them with foundational financial skills. Jenevein says the earlier you start these money conversations with your kids, the better.
“As soon as kids start interacting with money, which is pretty early, it’s good to begin teaching a healthy philosophy for what money is and our relationship to it,” she says. “You don't have to start by telling children numbers or showing a balance sheet, but you can start by talking about general concepts, the expectations in the family surrounding wealth and the family’s goals. If you can begin there, by the time you start talking about actual numbers, you’ll create a solid foundation for the younger generation.”
Another influential way Jenevein helps her clients equip their children with financial literacy, communication skills and strong values early is by bringing them into the conversations surrounding philanthropy and letting them make decisions about causes they’re passionate about. According to Jenevein, one of the best ways to do this is through a Junior Advisory Board.
“This board allows children as young as 10 to have a little bit of money delegated to them, so they can learn the practice of researching a cause that they care about, making a gift, reporting to the larger board and following the gift to see its impact,” she says.
When it comes to wealth management and setting up financial well-being for future generations of your family, the keys to success are preparation, communication and clarity. But first and foremost, it’s about finding an advisor you trust to guide you and help build these skills.
Learn more about Tolleson Wealth Management and how they can help empower your legacy for generations to come.
Photography by: courtesy of Tolleson Wealth Management