Succession planning starts from ‘day one’
Vanessa N. Martinez, CEO and co-founder of Expressive Wealth, a Chicago-based RIA which launched this past spring, believes succession planning – and communication – should be a top priority for all advisors.
She’s focused and determined to create a generational wealth firm going forward.
“I don’t focus on generational wealth because I know that there’s this big transfer of dollars, but I know that there’s all those other pieces that people are forgetting to transfer,” she says. “As important as it is for most advisors that might focus on dollars, that’s not the whole story.
“Internally, as a business, succession planning starts from day one.”
Martinez asserts that while most advisors do tend to focus on the client’s generation and the ones they’re supporting, they often forget about the future generation in the planning process.
“We don’t all come from multimillion dollar families where it’s always an inheritance that builds the net worth of yours on top of whatever you’ve done in your life, it can go the opposite, where now it will deter from what you’ve built. But if it’s part of your financial plan, then you have an option and you have a strategy to help build that solution,” she added.
Martinez’s approach to running Expressive Wealth is twofold: not only does she focus on succession planning and generational wealth, she also highlights the one key aspect of the firm is communication.
“Communication is the laggard in all families,” Martinez admits. “If you think about any relationship and if you tie it down to what’s the problem, it’s communication. The more we understand everyone’s communication style, the more we’ll be able to move it forward. We need to incorporate that piece.”
That’s why generational wealth is so
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