Family Wealth Counseling (FWC) is a revolutionary approach to working with families that has swept our country over the past several years.

The press, professional advisors, and especially the affluent have been impressed with the uniqueness and the power of this "human" approach to planning.

Imagine a question-based, purpose-driven, life planning process. Contrast that with the traditional estate planning process that many times is unfulfilling and often only serves to minimize tax "damage."

The most frequent comment from America's financial and legal advisors is that "everybody's talking about this kind of estate planning, but nobody is actually doing it." Sadly, they are correct. There are many advisors out there selling some piece of the puzzle, some inventive tool, powerful trust, clever strategy, or hot financial product…but they are not doing much about comprehensive planning. How then, can advisors get their clients to take action?

FWC is much more than simply looking at a financial statement and an estate tax table and then "running the numbers." There are actually three distinct aspects to each family's wealth: financial, social, and emotional. By fully exploring and incorporating all these aspects into the overall planning process, superior planning results and maximum benefits are achieved.

Traditional planning leaves families with a tax, inheritance, or business-continuation plan…but clients are not always clear on what they have done. Further, the traditional planning process does not generate any degree of excitement for clients. Once the FWC process is completed, the family understands how everything fits together into one big picture. They have built a master life plan that they actually understand and find fulfilling and motivating.

The FWC process leads families into action. In a future article, we will explore the "Three Aspects of Wealth:" 1) the importance of growing a strong family tree, 2) helping find life purpose, and 3) the psychological pyramid of priorities. Time and time again, guiding families through this process leads to plan implementation instead of the never-ending period of evaluation, hesitation and uncertainty that is common with traditional planning.

The concept of these aspects of wealth helps people understand that there is more to money than what it can buy them. Understanding the importance of building a strong family mission statement and finding a life purpose compels families to think about what is truly important to them. With proper planning, families can always be financially secure. With FWC, families empower themselves to create meaningful legacies. You might call it turning their success into significance.