Control, Control, Control — Susan Schoenfeld
Susan R. Schoenfeld, CEO and Founder of Wealth Legacy Advisors LLC serves as a ‘thought partner’ to families of wealth through personal attention and human spirit. Susan is an award-winning Thought Leader; she provides guidance on legacy, next-generation, stewardship, governance, leadership succession, and philanthropy. Susan recently participated in a panel where she spoke about wealth creators, their desire to control, and patriarchy during transfer of wealth.
“The elephant in the room is the wealth creator’s desire to control their fortune even long after they are gone. We all know the three rules of real estate — location, location, location. The three traditional rules in family governance have been control, control, control, but the real answer is communication, communication, communication.
“The wealth creators who choose not to communicate to their descendants about the history and values underpinning their wealth may not fully appreciate the potential discord they are setting his family up for after their death. While the wealth creators are alive, they are the referees keeping everyone on an even keel, but once they are gone, that referee no longer exists.
“They need to understand that what they are creating is a recipe for their children to never speak to one another again. Consultants can help the wealth creators understand and envision the likely consequences of their actions, by asking whether this is the outcome the wealth creator desires, that their family will reap what they sow.”
Susan Schoenfeld, a public speaker & thought partner to families of wealth and their advisors, is an author and award-winning thought leader. Susan’s decision to switch from being a successful estate planning attorney and CPA to become a trusted family advisor and thought partner was inspired by families of wealth asking her searching questions beyond estate tax planning. As a conflict-free advisor who provides no investment, tax, or legal advice and sells no product, Susan shares her insights directly with wealthy families and with financial services experts. She is active as a keynote speaker and a leader of break-out sessions and workshops at conferences throughout the US.
