While succession planning is a priority for many families, too few are involving younger generations in the management of their wealth. In today’s speedily changing financial environment, the greatest gift parents can give their children isn’t just the wealth itself, but the knowledge to manage it wisely.
Timothy Macharia, head of wealth management at KCB Investment Bank in Nairobi, notes that financial education is a critical yet often overlooked aspect of successful succession planning. Without it, he warns, inheritors may struggle to manage their newfound wealth, risking mismanagement or loss.
