What makes a legacy last?
At our recent Private Wealth Strategy Forum: Legacy in Focus, held as part of HORAN’s Educational Event for Affluent Families, Investors, and Business Owners: Fostering Connection, Unity, and a Legacy of Generational Wealth, we gathered experts to explore this very question.
Facilitated by Andrea Costa, Vice President of Wealth Strategy & Financial Planning at HORAN Wealth, the conversation featured national thought leader Susan Schoenfeld and seasoned investment advisor Mark Bennett, CFA®. Together, they explored how families can stay connected—not only financially, but emotionally—across generations.
This blog highlights four video clips from the forum. Each is short, practical, and focused on the most important themes that shape generational success: communication, clarity, collaboration, and purpose.
Why Families Lose Wealth (and Connection)
“It’s not just the money that disappears—it’s the conversations that stop.”
—Andrea Costa
Andrea opened the forum with a simple truth: most families don’t lose their wealth to taxes or markets—they lose it to silence. Without clarity and consistent communication, future generations are left to fill in the blanks.
Key Takeaways:
Most families don’t lose wealth to taxes or investments—they lose it to silence. When generations fail to communicate clearly about goals, expectations, and responsibilities, disconnection sets in. The money might still be there, but the unity dissolves.
The absence of clarity breeds confusion—and eventually conflict. When heirs are left to guess about intentions or priorities, they often fill in the blanks with resentment or assumptions that don’t match reality.
A lasting legacy depends on strategic collaboration across legal, tax, and financial advisors. Without alignment among professionals, families often receive fragmented guidance, which weakens both long-term results and relationships.
Legacy planning isn’t just about asset protection—it’s about emotional protection. Planning early and with intention helps prevent the relational breakdowns that often follow financial transitions.
HORAN helps families create coordinated, structured wealth strategies that serve both their balance sheet and family dynamics. Our role is to help preserve not just wealth, but the sense of purpose behind it.
Family Meetings – The Foundation for Trust
“A family meeting is not about the numbers—it’s about the narrative.”
—Susan Schoenfeld
🎥 Watch: Susan Schoenfeld on How Family Meetings Create Connection
Susan challenged the common perception of family meetings as finance-focused. The most effective meetings, she explained, begin with stories, values, and goals—not spreadsheets.
Key Takeaways:
Effective family meetings begin with values, not valuations. These conversations work best when the focus is on purpose, shared meaning, and legacy, not on percentages or tax structures.
Family meetings give voice to the rising generation. They allow children and grandchildren to be heard, ask questions, and understand the “why” behind family decisions—before they’re simply handed responsibility.
Without context and communication, heirs are left to make assumptions. And those assumptions—about money, fairness, or expectations—often lead to misinterpretation and unnecessary tension.
The structure of a meeting is just as important as the content. A well-planned agenda creates space for thoughtful dialogue, encourages participation, and prevents the conversation from devolving into a monologue or lecture.
HORAN helps clients prepare for and facilitate these conversations, ensuring family meetings build confidence, not confusion. Whether it’s the first meeting or the tenth, structure and support make all the difference.
Philanthropy as a Bridge Between Generations
“Giving together is one of the most powerful ways to stay connected as a family.”
—Mark Bennett
Mark explained how philanthropy can become more than a tax strategy—it can be a shared value system. Families who give together often stay more connected, because they’re acting on purpose together.
Key Takeaways:
Giving together deepens relationships by aligning values across generations. When families co-create a giving strategy, it becomes a shared expression of what matters most, not just a financial decision.
Philanthropy is a powerful entry point into family governance. It allows younger generations to engage with family wealth in a way that feels purposeful, personal, and approachable, without diving straight into financial complexity.
Purposeful giving helps reframe wealth as a tool for good. It encourages heirs to view wealth not just as something to spend or inherit, but as a resource to be stewarded and shared.
Strategic philanthropy can strengthen identity and cohesion within the family. The act of giving—whether big or small—becomes a story families tell together, reinforcing legacy through shared action.
HORAN works with families to align giving strategies with broader wealth planning goals, ensuring the emotional impact of giving is as meaningful as the financial outcome.
Starting the Conversation – Even When It’s Uncomfortable
“The best time to start this conversation was yesterday. The second-best time is today.”
—Susan Schoenfeld
Starting a legacy conversation doesn’t require a perfect plan—just a first step. Andrea and Susan shared how simple questions and small conversations can lead to greater clarity, openness, and shared vision.
Key Takeaways:
You don’t need the perfect plan to begin the conversation—you just need to start. A simple question or personal story can open the door to deeper dialogue and reflection across generations.
Asking instead of telling builds trust. Inviting family members to share their own values, hopes, or understanding of wealth leads to more authentic and meaningful engagement.
The longer you wait, the harder the conversation becomes. Starting early gives families time to develop a shared understanding without the pressure of a looming event, such as a transition or loss.
Legacy planning is a process, not a presentation. The most effective conversations happen over time, in small, consistent ways, rather than being delivered all at once.
HORAN helps families initiate and guide these conversations, wherever they may be starting from. Whether you’re taking the first step or building on a foundation, we can help you turn hesitation into momentum.
What’s Your Family Legacy Plan?
At Private Wealth at HORAN Wealth, we help families align their planning with their purpose, ensuring that both their financial strategy and the human connections that matter most endure across generations.
If this session sparked ideas or conversations you’d like to continue, we invite you to reach out. Whether you want to start a family meeting, explore your philanthropic goals, or create a long-term strategy with your children, we’re here to help guide the process.
📩 Contact your HORAN advisor or email us at PrivateWealth@horanwealth.com to view the full session recording or schedule a family wealth consultation.
📅 Join Us on November 12 For Our Next Education Event
Beyond the Balance Sheet: Building Family Trust, Purpose & Prosperity
🗓️ November 12 | Hyde Park Country Club
Featuring nationally recognized speaker Tom Rogerson, who will share the 7 Steps to Healthy Family Governance.
📧 Request your invitation: PrivateWealth@horanwealth.com
Meet the Speakers
Susan R. Schoenfeld, JD, LL.M. (Taxation), CPA, MBA
CEO and Founder – Wealth Legacy Advisors LLC
Susan is a nationally recognized speaker, advisor, and thought leader to families of wealth. She helps families explore the human side of wealth—legacy, governance, communication, and purpose.
🔗 WLALLC.com | 🔗 SusanSchoenfeld.com
Mark A. Bennett, CFA®
Principal & Portfolio Manager – HORAN Wealth
Mark is a senior strategist who helps families protect their lifestyles and plan for long-term financial security through customized portfolio and investment guidance.
📧 MarkB@HoranWealth.com | 📞 513.587.2715
Andrea D. Costa, Esq.
Vice President, Wealth Strategy & Financial Planning – HORAN Wealth
Andrea specializes in legacy and multigenerational wealth strategy, bringing a legal background and collaborative planning experience to high-net-worth families.
📧 AndreaC@HoranWealth.com | 📞 513.587.2729