Preserving wealth across generations with lessons from Financial Advisor LaVaisha Davis
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Preserving wealth across generations with lessons from Financial Advisor LaVaisha Davis
This week on the Season 7 premiere of “Black Men Sundays,’ host Corie Murray interviews Wealth Advisor LaVaisha Davis. She suggests treating your family like a business itself and adopting the “family CEO’ mindset. “It starts with identifying who’s gonna step up and decide that our family business is primary,” she says. Check out every episode of ‘Black Men Sunday’ in the media player below.
Davis, founder of Ell Wess Advisors, knows that many of us are seeking entrepreneurship and trying to find different businesses where we can make more money. When it comes to developing generational wealth, she suggests treating your family like a business itself and adopting the “family CEO” mindset.
“When you realize that my family is a business, I have to start off that initial role, I have to appoint that role as founder or CEO. Without that, there’s no one to paint the vision, there’s no one to get the buy-in, there’s no one to design the plan of where this family could potentially go,” she said. “It starts with identifying who’s gonna step up and decide that our family business is primary.”
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Davis describes a common pattern in generational wealth transfer that should be avoided at all costs, during which a second generation typically enjoys or depletes the resources that the first generation worked hard to get together. This, she says, can leave the third generation with loss.
“What we struggle with is making our wealth portable while other communities or some of our other counterparts or peers are more successful in being able to transfer that wealth and actually keeping it inside of a family or whatever system they create for it to stay in,” she said. “There is a very huge difference between independent financial security where we are just, you know, striving to support our sales, when we choose to no longer work and we just wanna be able to maintain our lifestyle and not be a burden on anyone, just have an abundance of resources for ourselves, versus creating multi-generational wealth. Two different paths, two different planning strategies, they’re just completely different.”
Hear the interview and more in Season 7, Episode 1 of “Black Men Sundays.”
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below.