In this enlightening interview, Paul Counihan, Chief Wealth Advisor at Fedgroup, delves into the intricacies of generational wealth and its significance in financial planning.

Counihan defines generational wealth as the passing on of wealth from one generation to another, emphasizing its role in providing future generations with the flexibility to pursue their aspirations without financial constraints.

He discusses various assets, including businesses, education, real estate, and investments, as vehicles for building generational wealth. Counihan highlights the importance of proactive planning and professional advice in preserving wealth across generations. Additionally, he sheds light on fixed endowments as a strategic tool for securing and transferring wealth to future heirs.

Throughout the conversation, Counihan underscores the necessity for families to prioritize generational wealth planning, irrespective of their socioeconomic status, and emphasizes the pivotal role of financial advisors in guiding clients through this intricate process.