“The Letter” with Nicola Tomlin

Protecting family wealth is an endeavor that might include establishing trusts, insurance policies, and business succession plans. Throw in some emotional roadblocks, tough conversations, and family dynamics, and it’s not hard to see why “shirtsleeves to shirtsleeves in three generations” is an expression that can be found on multiple continents. When one advisor sensed that her third generation client didn’t fully appreciate what her grandfather and parents had built and left for her, she set out to write “The Letter.” Nicola Tomlin helped a granddaughter connect to a grandfather she never knew as well as his “spend a little, save a little, invest a little” philosophy through that letter. Nicola is a contributor to “More Than Money: Real-Life Stories of Financial Planning” and serves as Branch Principal and Senior Investment Manager at Raymond James Investment Services Hart in Hampshire, UK. In this episode we discuss her own experience working in a multi-gen business, how she is preparing her own children to be responsible with wealth, and why you might want to consider hosting a “will party.”