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Your Estate Matters Newsletter

Your Estate Matters Podcast

Episode 24: Understanding the Needs of Ultra High Net Worth Families

IIn the latest episode of Your Estate Matters, we chat with Jonathan Beasley, a Director and high net worth relationship manager at Citibank Canada. We discuss the intricacies of wealth management for ultra high net worth individuals and families, explore the definition of ultra high net worth, the role of family offices, the specific needs and goals of wealthy clients, and the landscape of ultra high net worth individuals in Canada. Our conversation also delves into cross-border wealth management, Citibank's global services, emerging trends in wealth management, and the importance of alternative investments and hedge funds.

Your Estate Read

The 100-Year Life: Living and Working in an Age of Longevity by Lynda Gratton & Andrew Scott

With advances in medicine and technology, our chances of living a 100-year life increase every year. Given this, people will likely work into their 70s and even their 80s.

Over the coming decade, there will be significant change and churn in the labour market and some traditional jobs will disappear and new ones will appear, especially with technological advances and globalization. Given the dynamic external environment, if you work until your 70s and 80s, then setting time aside for fundamental investments in re-learning and re-skilling will be important.

Although getting your finances right is important for a longer life, the authors argue that it is not the most important. Family, friendships, mental health, productivity, and happiness are all crucial components, and key assets that we also need to consider.

Transitions will become the norm so letting go, being open minded, and building new networks will be key to sustaining a great career, and ongoing transitions will require foresight. Transitions will likely include taking on new roles, shifting lifestyles, developing new skills etc. Historically, this type of investment happened earlier in one’s career, but it will now happen throughout life stages, and in the later years, periods that have traditionally been seen as leisure time.

As life unfolds having more options is beneficial, and designing a life to keep many options open helps to manage some of the unpredictability. Family life will be impacted too, with the real possibility of four generations of a family being alive at any given time.

A key premise of a 100-year life is that we need both tangible and intangible assets to support our vitality and productivity. These include traditional assets like income, savings, and investments, and they also emphasize productivity assets like skills, knowledge, experience and professional networks. These assets are important for adaptability and employability. They also emphasize the importance of vitality: health, well being, strong relationships and a sense of purpose.

Take this quick diagnostic assessment to see how and where you might need to invest more time and energy to have a healthy and positive life as you age: https://www.100yearlife.com/diagnostic/​

Here are some ways you can work with us: ​Book a free consultation with Heritage Trust. Download our free checklist “Essential Steps for Estate Planning.” Purchase our course "The Estate Organizer for Canadians." Join the waitlist for the Canadian Estate Club membership here: https://www.estateclub.ca/canadian-estate-club​ ​ Follow us on social: ​​​​

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