The secret to true wealth is to have a plan. Take care of your assets. Nurture them and watch as they grow into the future... into purpetuity. A good plan is just that - a Purpetual Life of Asset Nurturing (P.L.A.N.)
I am honored to be a national member of The Equity Alliance Matrix (T.E.A.M.), which was founded by Utah resident Douglas R. Andrew, nationally recognized speaker and author of the best selling Missed Fortune and Missed Fortune 101 books.
At CompassMark, we advise individuals, families, businesses and institutions in how to optimize, protect, and empower their human, intellectual, and financial assets. We are thus able to provide greater clarity, balance, focus, and confidence for our clients.
When we have a reservoir located in the mountains above us, it can be used as a water source and especially comes in handy during times of drought. It can also be used as a recreational resource. If we install some turbines at the base of the dam, tremendous power can be generated that gives new life to an entire city, without giving up the use of water for consumption and recreation.
In much the same way, all assets can be capitalized to give them a new life. We specialize in capitalizing assets. A family's empowerment begins with its understanding of its responsibility and stewardship to "true wealth." When clients ask us what we do, the short answer is, "We optimize assets!" When we say the word assets, what do you think most people think of first? They think of their house, cash, stocks, bonds, etc. These assets are things - their financial and material possessions.
When asked, "What are your most important assets on this earth?" most people respond that their family, health, virtues, values, talents and relationships are among their most important assets. The family balance sheet hierarchy is comprised of first, human assets (people), then intellectual assets (wisdom), and lastly financial assets (things). True wealth is the sum of these three. Human assets enhance the individual health, happiness and wellbeing of each family member. Intellectual assets, when captured and capitalized, are available for the benefit of family members.
They include knowledge, experiences (both bad and good), education, reputation, ideas, skills, methods, and alliances. Financial assets ensure financial independence, provide for family legacy and enrich political and social involvement.
When we ask people, "Assuming you had no choice, if you could only transfer two of the three categories of assets to future generations, which two would you choose?" most choose to transfer their human and intellectual assets and leave the financial assets behind. Why? It's because you can rebuild financial assets with your human and intellectual assets.
Why, then, do professional estate-planning teams focus primarily on the least important of the three categories on the family balance sheet? Lee Brower, president of Empowered Wealth, states, "With or without estate and inheritance taxes, with or without 'traditional' estate planning, family wealth rarely survives three generations!"
Regardless of its complexity, traditional estate planning has become a process of D's: Divide up the estate, Defer the distribution, Dump the financial assets on ill-prepared heirs, and eventually it Dissipates. In other words, wealth is transformed without responsibility or accountability.
Traditional estate planning encourages extraordinary consumption, discourages savings and takes families from we to me! We ought to focus on the four P's: Preserve the assets, Protect true wealth, Perpetuate it to future generations, and emPower family members with stewardship and accountability of more than just financial assets.
At CompassMark, our mission is to assist families in identifying their stewardship responsibility to true wealth by creating systems, strategies, and structure for family and financial empowerment with ongoing accountability to enrich quality of life without giving up choice and control.
Through the use of the proper P.L.A.N. (Perpetual Life Asset Nurturance), all three categories of assets on the family balance sheet can be capitalized, thereby giving them a new life. CompassMark Financial Services, Inc., offers several unique and proprietary strategies that help clients capitalize assets and create positive cash flow.
To learn more about some of these dynamic strategies, please contact us for a schedule of our educational seminars or to arrange for a private consultation.
You can also read about many of these unique strategies in the book, Missed Fortune, by Douglas R. Andrew. Please visit www.compass-mark.com or contact us toll-free at (888) 391-1429; or send an e-mail to info@comapss-mark.com.
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