The XPonential programme is designed for 18-30 year olds, it is delivered in a one-on-one setting for the most part, and takes about a year to complete, providing that the participants are committed to the meetings and process. A unique part of our programme is that parents also participate in “parent coaching” sessions, helping them with their financial goals and also ensuring they are supporting their children in this process.
What sets you apart from other financial planning companies?
Firstly, we do not just do “financial planning”. While we help families with business transition, wealth transition, and estate planning, we set ourselves apart by preparing the next generation for the wealth, rather than preparing the wealth for the next generation. We work with families who are intentional about wanting to preserve their wealth, and prepare their children.
Why would someone pay to train their children in financial skills? Couldn’t you do as good a job on your own?
Often times the entrepreneurialism and work ethic that allowed the wealth creator to generate wealth are not being passed down to their children and grandchildren. In order to avoid the cliché “From shirtsleeves to shirtsleeves in three generations”, we know that families must take deliberate actions to teach the younger generation the skills to manage and steward wealth, with a vastly different skill set than those used to create the wealth.
What do you charge for your services?
We charge a flat fee per participant in our program. For families who also do family meetings or other planning work outside of this scope, we charge a retainer on a per project basis.
How do you measure the success of participants in your XPonential program?
Success could be measured simply by the completion of all learning goals in the programme. Instead, we prefer to individualize the programme to address the needs of each family member. To begin this progress we have them complete a financial skills assessment, then set goals, both with the individual family members and with the family as a whole. As participants complete the programme, we can measure success by assessing their increased financial knowledge, by looking at how they are actually managing their money day to day compared with when they started and also by dialoguing with the family as a whole to see what progress they have made toward their individual and overall family goals.
In what ways can we safeguard our estate from marital breakdowns, accidents, and other unforeseen circumstances?
We provide several educational options to help families navigate the complexities their wealth has created. We have a one-day workshop on risk analysis and mitigation, we encourage families to have family meetings with open dialogue.
Our family does not see eye to eye on financial matters. Do you have a strategy for bringing family members “on board”?
We usually start with understanding personalities, values, and money beliefs and behaviours. By laying this foundation, it helps families when difficult topics come up to effectively discuss and let everyone be heard.
I don’t know how to begin to teach responsible financial management to my kids because I don’t feel I’m doing a good job myself.
Yes, we work with the whole family, including parents, kids and grandkids. We believe in a Growth Mindset. In other words, you don’t have to be “naturally good” at financial management in order to do it well, you just have to make it a learning priority for yourself and your family and then access the people and resources who can support your learning. As for where to begin, if you’re asking the question, you’ve already started.
I feel like our family is wasting resources that we’ll need in the future. How can I teach them to value what they have?
Understanding your family’s values relating to money and shifting them where necessary is crucial to changing money behaviours that may be an issue. We employ a number of tools to explore each family member’s underlying beliefs and values and look at how they are the driving force behind their use of money. Then, using hands-on, practical tools, we teach the real skills needed for managing personal finances and provide support and feedback while these are implemented.