By David F. Roberts
As Affinity Legacy Planning through the sterling work of partner, Sean Freckleton forge forward to educate the Caribbean community in the UK about how to keep their wealth secured in their family, CaribDirect Multi-Media was on hand to witness an extraordinary presentation that focused on generational wealth planning, financial awareness and the money mind-set.
Given the recent untimely demise of British landowner, businessman and philanthropist Major General Gerald Cavendish Grosvenor, 6th Duke of Westminster, KG, CB, CVO, OBE, TD, CD, DL on 9 August 2016 the event could not have been more timely, particularly as the Duke left over £9 billion to his son Hugh Grosvenor who will pay absolutely no inheritance tax.
The mission of these sessions is to ‘foster and facilitate intergenerational wealth for the betterment of future African Caribbean generations.Topics centred around taxes, pensions, probate, insurance, trusts and more are key to empowering the African Caribbean community to being aware of the dangers of not planning for tomorrow whether as a private individual or a business owner.
Presenter Sean Freckleton is a specialist tax efficient inheritance expert with many years experience dealing with inter-generational wealth planning and all forms of Trusts including Property Trusts, Family Trusts, Pension Trusts, Child Trusts, Discretionary Trusts and other legal instruments plus inheritance planning tools and strategies that generally help individuals pass family wealth down their bloodline from generation to generation.
To give perspective to the event at the Croydon Supplementary Education Project in mid August, Sean posed the question to yet another packed room as to why generational wealth planning is important at this time. By referring to the unfortunate circumstances that befell the late Duke of Westminster he stressed, ‘as a community we spend too much time looking back rather than looking forward.’
Supported by 35 year veteran financial advisor and property specialist Antonio Stewart, Sean delivered an engaging lecture that provoked a barrage of questions and comments from the floor. He was seamlessly followed by experienced investment and retirement planning specialist Makala Green, proprietor of Green Wealth Planning Ltd. firm who jumped straight in to discuss the implications of inflation to one’s savings. Why do folks save and why it’s important to keep one’s money in an environment that will allow the value to remain constant or increase to meet personal goals. Makala warned of the dangers of storing money under the mattress or generally out of the banking system as a means of mitigating loss.
For those with a healthy appetite for risk Makala spent some time explaining why investing makes sense and how discipline plays an important part in making money and helping investors to lead fulfilling rewarding lives. She pointed out why diversifying one’s portfolio is sensible and recommended particularly in light of unpredictable and volatile world markets. Makala closed by highlighting many of the challenges of state pensions such that the maximum pay out from a state pension is £6,000.00. She notes, ‘Saving for retirement is very hard but retiring without a pension is a disaster.’
Following on from Makala was the eloquent and highly inspirational personal empowerment coach and self-styled creative social entrepreneur, Anthony Abiola DADA (aka Tony DADA). Tony Dada who is a close associate of one of the stars of the acclaimed blockbuster personal development movie ‘The Secret‘, Michael Beckwith, founder of Agape, went straight for the juggler with the most thought provoking question of the evening, ‘ What is your greatest asset?’ The answer being ‘ The Mind’. Then he asked how many understood how the mind works and almost no one responded. He stated that knowing about trusts, wills and how to invest and save responsibly means nothing if one has the wrong mind set. Tony Dada illustrated the point by enlightening the audience that it has been reported that 60% of lottery winners lose their winnings in almost entirety after 5 years. This he attributes to a poverty mind-set; a failure to understand the law governing money.
Tony Dada defined the term, mind-set as how one’s mind is set. He affirms that children’s minds are generally set around the age of 7 and that young adults formulate an impression of the world by age 21. Quite interestingly he quoted international motivational speaker Les Brown who said, ‘ If you do not condition your mind, your mind will be conditioned.’ Tony Dada also observes that the reason the Black community is in the depressed financial state it’s in is because though it has an abundance of ideas it lacks ‘vision’. He implores the community to ‘wake-up’ and work toward achieving a prosperous mind-set for personal and collective benefit.
Contacting any of the presenters mentioned above will enable you to engage the services you require to change your present disposition. The next Wealth Preservation Lecture will be conducted on Friday 28th October 2016 at the Royal National Hotel, Bedford Way WC1H 0DG. This session begins promptly at 6pm. All are invited.
This event is supported by: