Wealth Strategy – Beyond Estate Planning to Purpose and Communication

SCS’s recent Boston event brought together Tony Abbiati, CEO; Adrienne Penta, National Head of Wealth Management; and Nicole Jackson Leslie, Head of Wealth Strategy, for a dynamic discussion on the evolving wealth landscape. The following highlights key insights shared during the conversation.

Wealth Strategy Is More Than Estate Planning

At the Boston event, Tony Abbiati opened by challenging traditional perspectives on wealth planning. He turned to Adrienne Penta to explain what wealth strategy is, why it matters, and why it has become a priority for SCS. She began by sharing:

“So many people think about wealth strategy as really just estate planning—putting in place all of those pesky trust documents and wills and GRATs and CLATs… and then you sign the documents, hand them over, they go in a vault somewhere, and you’re done.”

As she explained, that’s only one piece of the puzzle. Wealth strategy really has three stages: (1) purpose; (2) planning; and (3) partnership. It should start with articulating a purpose — what families want to achieve with their wealth — not just what they want to avoid.

Then they can put that purpose into action in their gifting, estate planning, and philanthropy. The final chapter is partnership – with the next generation, fiduciaries, and others who will help carry out the plan or benefit from it.

Purpose: A Values-Based Approach

Many families start the planning process with what they want to avoid – “I don’t want my kids to lose motivation. I don’t want to pay excessive taxes.” Using family values as a starting point for planning moves families from a fear-based approach to an affirmative, purposeful approach. Adrienne emphasized:

“Values are the core of how you make decisions and how families use all of their resources, not just wealth, whether you realize it or not.”

These values — whether compassion, entrepreneurialism, or education, or likely some combination of multiple values — should be the foundation for family decisions about wealth.

Partnership: The Missing Piece

Nicole Jackson Leslie highlighted why communication and partnership with the next generation matters; even the most sophisticated estate plan can fall short if families neglect this important step because technical planning alone doesn’t guarantee success. Without clear, age-appropriate conversations, heirs may misunderstand the purpose of the wealth or make assumptions that lead to tension and conflict.

A well-designed communication plan bridges this gap. It ensures beneficiaries understand not only the mechanics of the plan, such as how trusts work and when distributions might occur, but also the motivations behind it, which may influence how discretionary distribution decisions are made. Sharing the “why” behind decisions fosters alignment, reduces surprises, and helps the next generation feel connected to the family’s values. This proactive approach transforms wealth from a source of uncertainty into a foundation for unity and stewardship.

When to Start the Conversation

Every parent asks the question: when do I start talking to my kids about money? Adrienne explained this is actually two questions.

“When do you start talking to kids about money? The answer is now — at an age-appropriate level. And when do you start talking about your money? That’s a gradual process.”

She stressed teaching financial decision making early. The core elements of financial education include: teaching kids how to distinguish needs from wants, helping them understand delayed gratification, and increasing autonomy over time.

Year-End Planning Tips

Nicole closed with a few practical planning tips as we approach the end of the year, including annual exclusion gifts, charitable donations and required minimum distributions. She also highlighted key components of the tax legislation passed in July (the One Big Beautiful Bill Act) and planning implications.

For guidance on year-end planning and family engagement, read our insight, Closing Out 2025: Strategies for Gifting, Giving, and Family Engagement.

The Takeaway

Wealth strategy is not a static checklist — it’s a dynamic process that shapes how families live, give, and lead across generations. When purpose and values drive planning, and communication bridges the gap between intent and understanding, wealth becomes a tool for opportunity, continuity, and shared vision. Families who embrace this holistic approach position themselves not only to preserve wealth but to strengthen relationships and create a legacy that lasts.