Note from Bruce
With over 40 years in the money management business, I have realized my dream and started a firm focused on growing the wealth of individuals and their families, where I could meet and be of service to all kinds of fascinating and successful people. Our success in this endeavour should be measured by our ability to construct and manage portfolios that generate strong returns, and more importantly, help our clients grow their wealth for generations through proper education and guidance.
As my children entered high school, university and the job market, the reality of wealth transition was staring me in the face. How much of my accumulated wealth should I leave to my children – all of it, none of it or somewhere in between? How much should I leave to a charity, a university, or to my grandchildren?
How do you build, manage and transfer wealth? I remember when I was eight years old, sitting on my Dad’s knee as he was looking in the Globe & Mail at stocks that he had inherited. I could feel he was overwhelmed and did not know what to do. He was the third generation in a “riches to rags” story. My great grandfather had made a small fortune in the textile and mining industries, but each generation thereafter was paralyzed by a lack of investment knowledge and experience, which led to the family wealth gradually dwindling as the portfolio stagnated. Their significant investment in Stelco (and other companies from the past) ultimately eroded the family wealth. My Dad left me with an unspoken charge to restore the family wealth, which led to my passion for investing.
I have taken steps to educate my children on how to manage the family’s wealth, lessons I have learned over my long career in the investment industry. For instance, I have set up assets for them to manage and have guided them towards a gambit of managers ranging from extremely aggressive to relatively conservative for them to experience a range of different outcomes. I have encouraged them to make their own investment decisions.
At The Murray Wealth Group, we are living with many of the same challenges you are. We will work with you and your family to build and sustain your wealth, investing with you every step of the way.