Lessons from celebrity-estate planning cases for advisors.
Celebrity Estates: Clare Bronfman, NXIVM, Sex Cults and the Importance of Financial EducationCelebrity Estates: Clare Bronfman, NXIVM, Sex Cults and the Importance of Financial Education
The Seagram's heiress's association with the pseudo-intellectual sex cult NXIVM highlights the importance of educating the next generation.
In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Dan Griffith, senior vice president and director of wealth strategy at Huntington Private Bank.
Today’s celebrity example is Seagram’s heiress Clare Bronfman. We discuss Clare’s bizarre association with the pseudo-intellectual sex cult NXIVM—an organization she funded to the tune of over $150 million before landing in prison. We use this infamous case to dissect how financial advisors can assist clients in educating the next generation to help mitigate risks to generational wealth.
Clare Bronfman
Dan discusses:
Why educating the next generation about money is imperative;
Strategies that can be used to put money responsibly into the hands of the next generation;
How advisors can educate clients about the risks involved with generational wealth;
The importance of having financial conversations with your family;
And more.
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