Wealth manager Jason Butler has launched a consultancy business aimed at wealthy families.
Generation Next will work with a small number of wealthy families each year to help prepare their heirs for their inheritance.
Mr Butler has worked in financial services since 1990, most recently as founder of Bloomsbury Wealth Management which he sold in 2015.
He is now head of financial education at workplace financial wellbeing provider Salary Finance.
He said: “I didn't want to make rich people richer, which is one of the reasons why I left my wealth management business, but I realised that by a lot of these families that are wealthy they have a real problem in in trying to pass the wealth on and make it a source of good.
“If you can help prepare the heirs, then there's more chance that the monies can be used for society good, as opposed to buying boats or planes, for example.”
In preparation for the launch of Generation Next, Mr Butler trained with The Heritage Institute a US company that has developed a framework to “shape and guide the decisions people make regarding their financial and estate planning”.
Enquiries for the service are expected to come from Mr Butlers existing relationships with wealth managers and advisers and, given the scope of the work conducted with each family, Mr Butler is likely to only take on up to 10 clients a year.
There is no minimum wealth amount that can take advantage of this service and the fees charged are tailored to the needs and situation of the individual families.
“The fee will represent the complexity and size of a family. The reality is it matters to the family that the money is a help rather than a hindrance, and they really value communications trust and common purpose,” Mr Butler said.
Generation Next is not a regulated business and will not provide advice.
