FB ACADEMY
Sandy Loder is founder of AH Loder Advisers Ltd, a specialist family consultancy business that focuses on family businesses, family offices, and financial and entrepreneurial education. Loder is a fifth-generation
member of the Fleming family and worked in the family business for 18 years.
AT WHAT AGE SHOULD YOU BEGIN TO SPEAK TO SCHOOL AGE CHILDREN ABOUT GREAT WEALTH? Sandy Loder: There are different approaches in different parts of the world. In the case of first- to-second generation succession, Europeans tend to talk to their children at a much later stage than in the US. In the majority of cases, I am not sure European founder parents ever really fully explain the situation until they are on their death bed or have a critical illness. This is different down the generations, as the wealth is starting to be institutionalised and formalised. My advice on discussing inheriting wealth is
to let children be children. Do not burden them with the weight of responsibility until they are mature enough to handle it. With the amount of information that the internet holds, they will soon discover and learn more about their heritage and family wealth. This is learning by osmosis and I think it is a very sensible way for them to slowly learn more and more as they travel through their adolescence.
WHAT ARE THE FIRST STEPS? SL: The first step is to give them a debit card that cannot go overdrawn, so they can start to have some autonomy and also learn about managing a regular income of pocket money and earning money for doing chores. The next step will be whether they start to
receive money from a trust. Be aware that the more you give them, the more they spend, and you start to eliminate consequence out of their life. As they become adults, then they will legally be required to sign tax returns and other legal forms, so a conversation around their 18th birthday has to take place. My advice would be to let them get through
higher education such as university and go out into the world to learn new skills and
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DID GREAT, GREAT, GREAT GRANDPA HAVE AN IPAD?
ISSUE 75 | 2019
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