Susan R. Schoenfeld, CEO and Founder of Wealth Legacy Advisors LLC, serves as a ‘thought partner’ to families of wealth through personal attention and human spirit. Susan is an award-winning Thought Leader; she provides guidance on legacy, next-generation, stewardship, governance, leadership succession, and philanthropy. She recently spoke on Family Governance and The Family Office: Planning for the Next Generation at Opal Group’s Family Office Forum in Newport, RI.
I consulted recently with a family who wanted to introduce their middle-school age son to the notion of giving back to his community, and of recognizing that with his privilege came a responsibility.
I suggested to them that they delegate to their son a portion of their annual charitable giving; I recall that we picked $5,000 as his portion, and to a middle schooler, that’s an awful lot of money. We provided him with tools, and told him to do some research and really think about what cause he would like to benefit. He was to make a little presentation to his parents, who pledged that as long as they were satisfied that he did his homework and that his charity selection came from an altruistic motive, they would write the check, even if his selected charity was not one they otherwise may have supported.
I still get goosebumps when I think about this. This young man made a presentation to his parents and said, “I walk past my old nursery school every day on my walk to middle school. That nursery school attracts kids from all over the community, not just our wealthier neighborhood but also some disadvantaged neighborhoods in town. And I’ve noticed that the nursery school playground is looking a little rundown, and I would like to use my gift to rebuild the playground.”
The reason I still get goosebumps when I tell this story is because this young man showed so much selflessness. He wasn’t giving to a cause that might ultimately indirectly benefit him or his family in any way. He actually recognized a need in his community, and he wanted to make a difference and provide an opportunity to future students.
And to me, that embodies the very nature of philanthropy, of giving back, of thinking about the responsibility that we all have to heal the world beyond the privilege that we enjoy. And I share that story with you in the hope that one of you will take that idea and run with it.
Susan Schoenfeld, a public speaker & thought partner to families of wealth and their advisors, is an award-winning thought leader. Susan’s switch from successful estate planning attorney and CPA to a trusted family advisor and thought partner was inspired by families of wealth asking her searching questions beyond estate tax planning. As a conflict-free advisor who provides no investment, tax, or legal advice and sells no product, Susan shares her insights directly with wealthy families and with financial services experts. She is active as a keynote speaker and a leader of break-out sessions and workshops at conferences throughout the US.
Connect with Susan Schoenfeld on LinkedIn.
