When we think of the word “legacy,” it often conjures images of grandeur—wealth passed down, a family name etched in history, or a lasting societal impact. But the true essence of a legacy is much more personal and profound. As Google defines it, a legacy is “the positive impact you have on others through your actions, accomplishments, and personal values.”
In wealth management, the concept of legacy takes on both tangible and intangible dimensions. Traditionally, legacy planning is associated with tools like Wills, family trusts, or legal frameworks to ensure assets are distributed according to one’s wishes. But there’s another dimension—family constitutions, shared value systems, or mission statements—that captures the softer, enduring elements of what we leave behind.
While legacy planning is often seen as a subset of wealth management, what if we flipped the narrative? What if legacy was not an afterthought or a specialized offering but the core lens through which we approach all financial decisions?
A Broader View of Legacy
Every choice we make today—how we earn, spend, save, and invest—not only affects our lives but also leaves lasting impressions on those around us, particularly our children. Think about it:
- Spending Habits: Do we spend thoughtfully or impulsively?
- Investment Approach: Do we prioritize long-term growth or chase short-term gains? Are we traders or investors?
- Financial Discipline: Do we budget, account, and plan diligently, or do we leave things to chance?
Our actions are constantly teaching. Even without realizing it, we are passing down lessons—good or bad—that will influence how our children and future generations view money and responsibility.
The Footprints You Leave
Legacy is not a one-time act; it’s the culmination of countless decisions over a lifetime. It’s as much about the softer, intangible values as it is about the tangible wealth you leave behind. By approaching wealth management through the lens of legacy, you can ensure that your impact extends far beyond your lifetime, inspiring generations to come.
So, the question isn’t just what legacy will you leave?—it’s what legacy are you building today?
