Editor’s note: Dave Buck is a longtime columnist with Rethinking65. Read more of his columns here.
William Tripp lived well into his nineties. While generally quiet in his demeanor, Bill (to his friends) could tell stories about his life that kept those around him riveted. Born July 13, 1913, his life experiences included: surviving the great influenza epidemic of 1918, helping his father complete their unfinished house to get water and electricity functioning, being the family’s “chief gardener,” getting his family’s first telephone, suffering the pain and loss of the Great Depression, meeting the love of his life, and starting a family.
How do I know all this information? Bill was my wife’s grandfather. With constant urging from my wife, Gramps (as he was affectionately known to family), wrote a summary of his life. It begins with, “I would like to present as a gift to my daughters, my grandchildren, and my great-grandchildren, ’My Legacy —- The Story of My Life.’” In the years since his death, Gramps’ book remains a gift that keeps giving — even to his great-great-grandchildren.
Financial planning focuses on the tangible aspects of wealth transfer — investment portfolios, real estate and financial assets. However, the most profound inheritance isn’t measured in dollars and cents, but in stories, experiences and wisdom passed from one generation to the next.
Financial advisors have a unique opportunity to guide clientele beyond traditional estate planning and wealth transfer, helping them craft heirlooms that truly resonate with their families and preserve their life’s most valuable lessons. Devoting just a little bit of your time, will increase your opportunity to stay involved with future generations and help their wealth continue to accumulate.
Every client has a story — a rich tapestry of experiences, challenges overcome, lessons learned and values cultivated. These narratives are rich in emotional value. As a wealth manager, your role can extend beyond administering investments; you can become architects of memory, helping clients document and share their life journeys. This doesn’t mean you should be their scribe or editor, but you can inform them about the many tools that are available.
Modern technology offers unprecedented opportunities to capture and preserve these personal histories. Video biographies, digital archives, podcasts and multimedia storytelling platforms provide accessible and engaging ways for clients to share their wisdom. These aren’t just nostalgic projects — they’re powerful tools for family connection and intergenerational understanding.
Gramps wrote in his book, “The [wedding] reception was held at Helen’s home, after which we left for our honeymoon at the Wisconsin Dells. It is hard to believe now, but I had $24.00 in my pocket. We spent four days at the Dells on that!”
Clients Often Need Motivation
As I mentioned earlier, Gramps did not decide on his own to document his life; he was invited and prodded. Typically, he asked with authentic humility, “Why would anyone want to hear about my life?”
Many clients initially hesitate to document their personal histories. They may feel uncomfortable being on camera or believe their stories aren’t interesting enough. Financial advisors can overcome these barriers by emphasizing that their audience will determine the worth, technology can make the process easy, and legacy planning could bring a broader understanding of long-term financial goals.
The Psychological Benefits of Legacy Creation
Beyond family connections, creating personal narratives offers significant psychological benefits for clients. The process can create a greater appreciation of their life’s journey and could inspire renewed energy. Sharing core values and lessons learned can guide future generations. A client and their extended family can find current and future meanings from past experiences. Finally, documenting one’s life story can create a sense of continuity and renewed purpose for someone struggling in retirement life.
Gramps did not write his story in one sitting. He completed it in parts, breaking it into segments that represented key milestones in his life. Pacing and planning are important to keep the exercise fun and engaging.
Practical Steps for Advisors
Introducing content legacy planning should be done when you sense or see a change in client behavior. Usually, they will declare they do not know what to do with their time. In other instances, a client might seem depressed or distant.
If some combination of physical or early cognitive decline has robbed your clients of the ability to continue current activities and/or begin new opportunities, this could be a good time for them to delve into the past. You can encourage your clients to think about the nonfinancial legacies they’d like to leave and let them know how powerful it can be to compiles this information.
Referring them to a lifestyle or nonfinancial retirement coach to unpack new life goals will help. Invite clients to workshops with guests to can help with personal storytelling techniques. Provide technical resources and guidance to show them how easy it is to get started. Include legacy documentation as part of your comprehensive financial planning packages.
Gramps enjoyed writing and documenting his life. It gave him a renewed sense of purpose. His memory and his legacy live on, and his influence is felt throughout all subsequent generations. Help your clients do the same.
David Buck is the author of the book “The Time-Optimized Life,” co-author of the book, “The Retirement Collective,” owner of Kairos Management Solutions LLC, and founder of the Infinity Lifestyle Design program. As a certified professional retirement coach (CPRC), David works with financial services providers helping their clients create a post-career lifestyle strategy. To learn more, contact him at dave@kmstime.com or visit Infinity Lifestyle Design.
William Tripp lived well into his nineties. While generally quiet in his demeanor, Bill (to his friends) could tell stories about his life that kept those around him riveted. Born July 13, 1913, his life experiences included: surviving the great influenza epidemic of 1918, helping his father complete their unfinished house to get water and electricity functioning, being the family’s “chief gardener,” getting his family’s first telephone, suffering the pain and loss of the Great Depression, meeting the love of his life, and starting a family.
