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- Wealth Management Magazine, July 2000, Vol 5, Issue 7
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wealth can bring and the responsibilities it entails.
A popular technique in this respect, at least as far as the very rich are concerned, is the establishment of a small charitable foundation headed and run by their children. This can provide valuable training for future life, especially when supported by a family office. Working alongside a parent in the family business, or assisting with the operations of the family office can also provide valuable experience.
These efforts can be also be supplemented by more formal training. A number of private banks and other wealth managers are offering courses to rich sons and daughters to inculcate them about the business of looking
after their inheritances. |
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Of course there is no guarantee that training will help. Inheritors may still end up succumbing to the effects of affluenza in one of its various guises. This is because according to some experts the psychological dysfunctionalities of affluenza are generational and passed on from parent to child. Like some of those that have acquired their wealth from other sources the beneficiaries of an inheritance may end up having a painful inability to identify real needs; a difficulty of establishing authentic and trusting relationships; and a need to connect with meaningful work or an occupation.
In these more remedial cases help may be required from practitioners like Dr Lami. |
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Maslow's theory of motivation is useful in this respect. The acquisition of significant wealth should have enabled the individual to have satisfied most of the relatively lower order material needs. The aim is to enable the individual to attain the higher needs such happiness and self-fulfilment.
The treatments can take a number of forms encapsulating everything from presentations about wealth-related issues, interactive consultations and life coaching. "The aim is to take an holistic approach to the problem", said Dr Lami. "it is not just a case of telling the individual what to do or focusing on the past. The aim is to provide new perspectives on the present and future."
Nonetheless, as a qualified hypnotist Dr Lami has at least one other weapon in her armoury of treatments!
For further information about affluenza and its treatment contact Dr Lami at +44 (20) 7409 1111
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Geneva-based Loedstar, for example, provides special educational courses for young people preparing to inherit substantial wealth. These not only focus on business and financial management-related issues, but also on human factors, including the impact of substantial wealth on family and social relationships.
Not only can relevant training programmes be put in place to enable rich offspring to deal with their wealth but these can be reinforced by a huge range of measures. The most obvious tool in this respect is a trust. This can provide worried parents with considerable powers over the way in which offspring can use their wealth. The "incentive" trust, which makes inheritance conditional on the achievement of a number of objectives, can be particularly useful in this respect.
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Clearly each and every case will be different but in many instances the condition can be treated, she said pointing out that there were a number of similarities with affluenza and more general conditions such as addiction, anxiety and stress management.
In the main this comes down to a consideration of the individual's core beliefs and in particular an assessment of whether or not they are realistic or not given the current situation. If these core beliefs are unrealistic then they must be replaced by a new set.
Take the miser or workaholic, example. Both conditions may emanate from anxieties about financial security. The key is to get the individual to realise that the acquisition of substantial wealth makes these anxieties increasingly relevant.
As is often the case Abram |
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