Generations: Family Wealth Services

XPYRIA principal, Mike Giammatteo is a trained member of the Institute for Preparing Heirs. In 2009, Institute for Preparing Heirs (IPH) saw a void in the services wealth advisors offer to their clients. While advisors do an excellent job managing a client’s money, few were equipped to assist families in preparing the heirs to receive and manage wealth. XPYRIA is deeply committed to share The Institute’s proven process and materials for guiding families through wealth transition, how to effectively use conversation-starting tools, how to assess a family’s readiness for wealth transfer, what actions families can take, and much more.

As a member of Institute for Preparing Heirs, we are trained, trusted family advisors. We help families preserve wealth and prepare heirs for successful and harmonious wealth transfer. We go “beyond the money” and understand that there are unique needs and concerns in every family. We serve wealthy individuals and their families by providing planning and financial services, professional referrals and communication tools.

The research shows that the main contributor that eventually undermined even the most successful transfer of family assets, fell within the realm of family dynamics. Most notably, families lose control of assets and unity because of the lack of trust and communication among family members, lack of preparedness of heirs and lack of a unified family vision for their wealth.

Your family is unique – in the number and the needs of individual members, in financial and other resources, and in financial objectives and concerns. At XPYRIA, we get to know you, your family, and its financial needs. This allows us to align our goals with yours and to partner with you to solve your financial challenges and achieve your goals. We take a multi-generational approach to help you protect and grow your wealth. So that your children and grandchildren will have the resources they need, when they need them, XPYRIA will

  • Consider short-term and long-term goals and consequences
  • Establish processes and systems to protect and increase your family’s resources
  • Help your family negotiate changing investment needs, over time
  • Educate you and your family members about financial issues and family communication
  • Provide assistance and tools so your family can successfully transfer wealth

Learn more

Contact Mike Giammatteo to discuss what XPYRIA can do to help your family preserve wealth for future generations.
Phone: 412-232-3310 x203
Email: giammatteo@xpyriainvest.com

The Impact of Wealth Transfer on Heirs

The Institute has conducted thousands of family interviews which revealed that 70% of the families lost control of their assets and family harmony in the first generation following wealth transfer. That means only one family in three retained its assets and family unity. The major causes of post-transition failure were discovered to lie within the family itself, and not as a result of poor professional advice.

Causes Underlying Wealth Transfer Failures

60% Trust and Communication Breakdown
25% Failure to Prepare Heirs
10% No Family Mission
5% Other Causes

The single most important issue that undermines successful transfers of family wealth is the breakdown in trust and communication among family members.

Trust and Communication

The interviews also revealed that families who successfully transition wealth while maintaining strong family unity share several critical traits:

  • Total family involvement in the estate planning discussion and process (including spouses, and children and grandchildren over age 16
  • Shared family vision of long-term family goals in a written Family Mission statement
  • High level of trust and communication among all family members

What is Family Wealth?

Wealth includes resources and assets in all forms, from cash to bonds to ownership interests, real estate property, even family name, reputation, experience and intellect, as well as education of all family members and spouses, and their influence in the community.

Five Steps to a Successful Transition of Family Wealth and Values

  • Assessing Your Wealth Transition Plan
  • Taking Action on Plan Deficiencies
  • Preparing the Heirs
  • The Heir’s Self-Preparation Responsibility
  • Continuing Evaluation and Measurement