Applying Ancient Roman Wisdom to Contemporary Wealth Planning

To manage such complexity, they must establish clear goals – planning for the future by keeping in mind a maxim that is 2,000 years old:

"If a man knows not to which port he sails, no wind is favourable."

The timeless wisdom of Seneca – the Ancient Roman philosopher – continues to resonate today. That is especially true for the next generation, who believe that living a richer life requires purpose, passion, and making a positive impact on society and the environment.

In that context, defining the DNA of a wealthy family is both an art and a science, requiring a deep understanding of their unique needs and long-term goals.

“Every family, and especially those that are preparing to transfer wealth, need a holistic plan,” explains Jorn Wastyn, Quintet Private Bank’s Group Head of Wealth Planning. “Developing such a plan requires an understanding of the family structure, the total wealth and preservation strategy, their lifestyle, legacy and values. Most important is to understand their plans for the long term, including the required level of financial security and independence. Each of these factors is interdependent, reflecting the characteristics of every individual family member, including their age, education and objectives.  Gaining such a deep and holistic understanding allows you to develop a strategic roadmap in collaboration with all the family members and those closest to them.”

That strategic roadmap encompasses not only financial decision-making but also the personal convictions of those involved. This distinct combination is based on a relationship of trust, supported by experienced professionals and achieved through the investment of time and proximity.

“As Jorn explains, managing wealth is far from being only a numbers game,” notes Anne-Sofie van den Born Rehfeld, Managing Director at Copenhagen-based Harbour Family Governance, a Danish partner working with Quintet.

“Creating a multi-generational ownership strategy can make an incredible difference on all levels of the family’s wealth management and attitude to their fortune or family-owned business,” she says. “Creating a joint purpose, clarifying values and establishing structure, investment logic and ownership roles is crucial to making sure that you fulfil your dreams and ambitions and that you do all this in harmonious, meaningful collaboration with your partner, children, parents and external advisors.”

In the coming years, we will see the largest transfer of wealth in history as the assets of baby boomers will be transferred to millennials and Gen Zs. Van den Born Rehfeld advises to start the strategic inclusion of the next generations earlier than ever. “Whether or not wealthy families actively include their children in the management of their wealth, the next generation are aware from a young age that they have certain comforts compared to their friends. Parents can help them build knowledge to fulfil their role later in life,” she says, suggesting to include them in conversations around purpose-driven wealth management, impact investment and possible philanthropy efforts. In short, many of the facets of being wealthy that do not necessarily include spreadsheets.
 
Wastyn adds: “Wealth is more than just numbers; it is tied to individual emotions and values. Across Quintet Private Bank, we have developed a framework supported by a specific wealth-planning tool – that helps families prioritize what a Richer Life means to them. This supports our ability to provide the best possible expertise and support for such families to achieve their holistic goals.”

The significance of wealth in modern times extends beyond mere acquisition. Beyond amassing riches for personal gain, better education and opportunities, wealth serves to fuel innovation, support philanthropic efforts, and foster societal progress. Wealth is a tool used for shaping communities, driving change, and advancing collective well-being. In this modern context, wealth holds the potential to be a force for both individual prosperity and the greater good, echoing its multifaceted role in Roman society.

“Managing wealth has become more complex and inclusive than it used to be. It’s all about navigating a family’s affairs,” says Jorn Wastyn. “It’s about understanding and connecting with people. Through a well-defined family governance structure, families can preserve individuality while collaboratively pursuing their shared vision for a richer life.”