Michael Grant, Trusted Legacy Strategy Planner For Successful Business Owners, is interviewed by television news presenter and reporter Amber Sherlock of TV’s Nine News. They discuss Michael’s belief that that there’s too much focus on the money side of legacy planning, and not enough on the human side.
Transcription
Amber Sherlock: So what are some of the challenges you see now or in the future?
Michael Grant: Well, you might’ve seen in the media discussions around the big transfer of wealth issue from the baby boomer generation to the subsequent generations. That of itself is a natural thing, but the problem is that there’s too much of a focus on the money side of things and not enough on the human side. So when I have a discussion with people about legacy planning, sure we look at the wealth transfer strategy, but a very important part of that in addition to is looking at what people want to get out of it as human beings. And one of the objectives I wanted to achieve as humans. So that means we need to look at things like, and these other advisors often overlook this, look at people’s health, where they’re at. Look at those critical relationships with their spouse or partner and their families, examine their friendships and look at how they might want to contribute back to the community. Because if these things aren’t factored in, then the whole wealth transfer process becomes a very cold and clinical exercise. And the key participants actually get disenfranchised and then don’t want to engage. And then the whole process falters.
