Bryn Mars Consulting
All consulting models begin with an in-depth conversation with key decision makers within the family. A proposal is then presented and refined, culminating in a customized program for each family. Upon conclusion of each program, client families will be given the opportunity to asses the process and consultant before moving onto the next phase.
On Going Consultation
Paramount to on going consulting is a complete family assessment. After a proposal is accepted by key decision makers, individual conversations with all family members is key. In this way, programs, timing, and communication can be addressed. This program is best suited for families who are looking at their on going education process, and have a mentality of building upon a knowledge base overtime. It is highly recommended that families have a sense of family history, and have written vision and mission statements prior to beginning an ongoing education program. We can work on these elements together, in the instance that families don't have a strong decision making process yet determined.
Single Day or Weekend Programs
A cornerstone of family education programming is the single day, or full weekend programs. Like on going consultation, it is important to talk directly to the family members who will be gaining insight from the program. Families who already have an education program, and are looking for specific programs, or families who are just beginning the road to education are a great fit for single day, or weekend programs. Larger institutions, such as multi-family offices, private banks, accounting firms, etc., can benefit from single day or weekend programs for their family clients, or advisors.
Single hour speaking engagements are also an option for both families, and institutions alike.
Full Family Mission, Vision, and Governance:
In order to determine which areas of financial education are most necessary to a family, it is important to have a written mission and vision statement, as well as a process of decision making.
Example: Utilizing various tools from a family tree, to the 21/64 Picture Your Legacy cards, determine what has worked well for the family, and come up with common values and legacy goals. Write a family vision statement, as well as a mission for the future.
This is best suited for an on going consultation, as it takes time to sift through the family history and thoughts about the future.
Many of these programs are actually designed for parents rather than kids. In these programs, parents learn how to teach their children the value of money and budgeting.
Example 1: How do you determine when to begin giving allowance, and how much? What should children be buying from their allowance versus what you purchase for them? In a few short hours parents can learn the basics and continue to expand on the principles as children grow.
Example 2: Children of all ages know what issues are important to them. Learning that giving of time is equally as important and necessary as giving money is a great lesson that can be a fun experience for the whole family. Learn how to talk to your kids about giving, as well as how to vet potential charitable organizations.
This is best suited for single day or weekend programs, or as a single part of on going consultation.
Middle school is a great time to learn past the basics of the value of money, and start to learn about how to apply it to interesting and creative situations. There are over 27 million entrepreneurs in the US today, and that number is only growing. Just think - even if your family business was started over 5 generations ago, someone was once an entrepreneur.
Example 1: One of the most exciting programs that can be tailored to middle school, all the way through adult "next gens," is the business planning/entrepreneurship program. In this program, small groups of at least three people are each given a box of random items. The groups must come up with a business that is reflected in at least three of the items. they then must come up with a business plan to get it off the ground. In the younger groups, the business plan is a basic profit and loss, while the older groups must come up with strategic plans inclusive of marketing, qualities of C-Suite level employees, etc.
Example 2: Understanding what motivates us as individuals, as well as what we value personally is a huge driver in the type of person we become. Often, we don't start thinking about our values until we're older, perhaps in college. In this program, we look at what motivation is, and how our values drive our behaviors. The program works best with 7th/8th graders and up through adulthood, and can be reassessed as frequently as every year.
These programs are best suited for single day or weekend programs, or as a single part of on going consultation.
This is a great age to introduce Next Gens to investing, the importance of governance, and strategic decision making.
Example 1: Programs include creating a cousins investment group, or foundation. Each meeting of the group is an opportunity to learn and grow together, while learning how to make decisions, and think about the future of the family. Begin with the basics, and grow the knowledge base over time.
This program is best suited for on going consulting.
Example 2: Even if you're planning on paying for your child's car or education, it's never a bad idea to start teaching them about the great expense that comes with adult sized bill payments. In this program, we utilize a real life example of comparison shopping for cars, education, or even homes. Kids learn to evaluate what type of income they would need to support themselves in the future.
This program is best suited for single day or weekend programs, or as a part of on going consultation.
This is an excellent time to discuss the challenges that come with living completely on your own for the first time. This may include living with a potential future spouse, and the intricacies that may develop with conveying information about family wealth.
Example 1: Conversations about prenuptial agreements can be difficult and uncomfortable, but if you plan in advance - maybe even before you've met a potential spouse - it makes it much easier. In this program, we'll talk through what goes into a prenup, how to obtain one, and develop a process for your family to follow, to take the pressure off the individual.
This program is best suited for a single day or weekend program, or as a part of on going consultation.
Although enhancing the lives of families is the end goal, often families already have trusted advisors. The problem? Not all trusted advisors know how to devise the right programs for the family. Bryn Mars Consulting can help advisors think through the best way to educate across multiple generations. Come to us for help:
Devising a family education plan
Designing a family retreat
Learning how to navigate conversations with older family remembers not ready to pass on the reigns,
Or next gens who are not as engaged as their cousins or siblings.
These programs are best suited for single day programs.
Coaching for Parents:
In some cases, all you really need is some coaching, and you don’t need a consultant to revamp your education and engagement plans. If you’re still unsure where to begin, coaching is a great way to get started and keep on track. Some of the issues we might address are:
Determining the basic financial literacy terms necessary for your children,
Designing tools you can use to teach financial literacy,
Coaching around issues such as allowance, or discussing philanthropy,
Discussing the challenges of raising wealthy kids in the age of social media.
This program is best suited for ongoing in person or video coaching.