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In this presentation, you will learn how you — as strategic advisors —can translate and incorporate the financial picture of a client from one generation to the next. Skip to main content.

Your Money: The Missing Manual by J.D. Roth

Home Find a speaker Liz Miller. Personal Details Bio Elizabeth Miller, president of Summit Place Financial Advisors, is a recognized market strategist, economist and author working with successful people to coordinate all of their wealth needs. Summit Place Financial Advisors. Finalist for Wealth Manager of the Year.

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The Wharton School at the University of Pennsylvania. Columbia University. Your Estate Planning - Your Family. Multi-Generational Advising.

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All 1 Videos Photos Press information 1 This speaker hasn't uploaded any videos yet. Summit Place Financial Insights Blog. Expertise 17 Business. Five Star Wealth Manager. So that is a money value of security. Miller: You are absolutely right. What becomes interesting is if someone with that value has a spouse with a very different money value. It is equally common to find someone who is self-made and has been very successful who views their money as a measure of success. And no matter how much they accumulate, they are always looking at that as a number, and they measure their own personal self-worth and success by that number.

That person is very interested in continuing to grow it, in continuing to grow it better than somebody else, even if there is very little chance they will spend it all. They are tied up in their success and their self-worth in measuring what is in the bank. Those are two extreme money values. If these two people come together as a couple there is a discussion to be drawn out to make long-term decisions. In a day-by-day situation, those two money values may never come in conflict in the marriage, particularly if money was never an issue. But when we start working with them and talk about future values, future goals, legacy goals, we need to unpack those money values and see how they come into play for what each is trying to accomplish.

Knowledge Wharton : Could you give a couple of examples of the consequences when members of a family are out of sync on money values? How can these issues be addressed and solved? Miller: I love to tell the story of a young couple, the children of a main client. They needed a new car, and they shared with me that they would be buying one. The next time I met with them there was clearly a tense situation, clearly disagreement, and befuddlement over all of the emotion around this car.

I asked them to share the story about the car and I heard very differing views. So I looked at each of them and I said, tell me about the cars in your family when you were growing up. One told me about a family where a new car was purchased every few years. It was always shiny and new and had the latest features.

When this person became of driving age there was a car to drive.

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  • There was nothing barebones about it. For this person, a car was a vehicle to be enjoyed, a vehicle to give a wonderful ride to wherever you were going. There was no focus on toys in the car. It was not viewed as something luxurious or wonderful to be in. In this case, the husband bought the new car and brought it home.

    Citi Wealth Insights

    He believed he had put a lot of thought into the features his wife would enjoy. But the wife had grown up with very basic cars and she was resentful of the car that came home. The different view of money values came out clearly in the way they were raised in their approach to cars and there was this horrible disconnect.

    But it launched a wonderful conversation that went great from there. Knowledge Wharton: I remember this story from the book. The husband bought a more modest car than he might have because he was deferring to his wife, but it still caused some conflict. Miller: What I have found is that if we can help open that conversation where they realize there is such thing as a money value and that they look at money differently, then we can help adjudicate disagreements over time.

    Knowledge Wharton: If some members in a family value security while others value independence or success, what implications would this have for the kind of assets in which they should invest? Miller: A person who cares about protection tends to be a conservative investor while someone who sees opportunity and success generally looks for more aggressive investments and enjoys tracking them.

    It is not always easy to combine these two approaches. In some cases, while the couple shares their wealth, we also make them have some separate accounts in their individual names. We tilt these separate accounts in favor of their individual approach. Knowledge Wharton: When it comes to choosing advisors, affluent investors sometimes judge them based on how often they beat the market.

    See what makes wealthy “Generation Digital” consumers tick — and how to win them over.

    What do you think of that approach? Miller: We firmly believe that is not the right approach. Your overall goals are 20, 30 years out and are about sustaining a lifestyle, creating a legacy for a family, and perhaps creating some type of philanthropic legacy. We work with clients and identify the major goals, and through a series of analysis put a number to it. What is the goal of this portfolio to grow year-in and year-out to have confidence that we can meet a number of short and long-term goals, whatever they might be.

    If we can track quarter-after-quarter, year-after-year, that the portfolio is hitting the goal we know will get us to the endpoint, how we perform relative to the market becomes irrelevant. Knowledge Wharton: Your book recommends that wealthy families should focus on the three L goals.

    Can you explain what these are and why they matter? These are goals that are up and beyond your everyday life and current lifestyle and can apply at any age. And you have to offer the digital-based banking features and functions that this group values, from basic online and mobile banking to advanced investment platforms, helpful online tools and advice, multiple payment methods and more. Mass affluent millennials and boomers are highly likely to own a smartphone, with 93 percent and 73 percent ownership respectively — compared to 71 percent of the adult mobile population as a whole.

    Tablets are also popular, with 42 percent of wealthy millennials and 38 percent of wealthy boomers claiming one, versus 33 percent of the general mobile population. Interestingly, wealthy millennials prefer to manage banking tasks online rather than with a mobile device.

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    Who knew? Yet, wealthy millennials are highly like to use digital payment methods like PayPal, Checkout by Amazon or Google Checkout. Three-fourths of Generation D use at least one online channel to learn about products or services. For instance, more than two-thirds of millennials would like their banks to provide tools to help them build and monitor a budget.

    Meanwhile, mass affluent investors want access to scenario-based portfolio reviews. As you might expect, Gen Z — full of digital natives — is the most comfortable using digital means to move money. Forty-four percent of them expect to use both traditional banking services and fintech options, with a smaller percentage of millennials 37 percent and Gen X 27 percent feeling the same.