076: Intentional Legacy: Aligning Wealth and Values Across Generations

The Influential Advisor

This episode features an in-depth conversation with Morgan Nichols and Kelly Bays, financial advisors at Ameriprise and co-authors of the new book "Intentional Legacy." The discussion explores how legacy isn't something you plan for at the end of life, but something you live every day through your financial decisions, family interactions, and the values you demonstrate and pass on to future generations.

Guest Information

• Morgan Nichols: Financial advisor at Ameriprise for 10 years, comes from a family of financial advisors
• Kelly Bays: Financial advisor at Ameriprise for 19 years, joined the profession after discovering her passion for teaching others about finances

Key Topics Discussed

1. What is Intentional Legacy?

• Legacy isn't just what you leave behind when you're gone
• It's how you teach children about money, balance enjoying today while preparing for tomorrow
• It's the values that guide your everyday financial decisions

2. Aligning Financial Decisions with Personal Values

• Both advisors help clients identify their top five personal values
• They customize financial plans based on these values rather than using a "cookie-cutter" approach
• Example: Creating flexibility for a client who values adventure over traditional retirement

3. Value Exercises with Clients

• Use card exercises to help clients identify and prioritize their personal values
• Help couples discover where their values align and differ
• Create financial plans that honor these values for both today and tomorrow

4. Teaching Children About Money

• Morgan's experience earning an allowance with chore charts
• Kelly's experience with the three-jar approach (quick cash, long-term savings, "taxes" for family vacations)
• Importance of being intentional about teaching financial lessons, regardless of method

5. Breaking the Three-Generation Wealth Cycle

• First generation builds wealth
• Second generation enjoys the wealth
• Third generation squanders the wealth
• How to break this cycle through communication and value-sharing

6. The Sandwich Generation

• Strategies for those supporting both aging parents and children simultaneously
• Importance of self-care and avoiding burnout
• Delegating the "mental load" across siblings or family members
• Creating clear plans with parents about care preferences before crisis moments

7. Wealth as an Amplifier

• Money doesn't change who you are fundamentally—it amplifies existing traits
• Reframing money as a tool rather than a goal
• How greater wealth can allow naturally generous people to increase their impact

8. Emotional Aspects of Retirement

• Planning beyond the numbers to address the emotional transition
• The importance of "retiring to something" rather than just away from work
• Replacing the purpose, social connections, and sense of accomplishment that work provides

Closing Thoughts

The authors emphasize that creating an intentional legacy isn't just for end-of-life planning—it's about making mindful choices throughout your life journey. Their book aims to help readers make financial decisions that align with their core values, creating meaningful impact for themselves and future generations.

Where to Find the Book

The book "Intentional Legacy" is available at IntentionalLegacyBook.com

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Chapters

1. 076: Intentional Legacy: Aligning Wealth and Values Across Generations (00:00:00)

2. What Legacy Means Today (00:00:27)

3. Meeting Authors Morgan Nichols & Kelly Bays (00:02:40)

4. Aligning Financial Decisions with Personal Values (00:09:25)

5. Breaking the Three-Generation Wealth Cycle (00:18:00)

6. Navigating the Sandwich Generation (00:30:16)

7. Wealth as an Amplifier (00:33:40)

8. Emotional Aspects of Retirement Planning (00:36:45)

9. Final Thoughts & Book Information (00:44:17)