Special Feature: The Globe and Mail
More clients are realizing that estate planning isn’t only about who gets what – it’s also a way to share personal stories. Some are turning to documentaries, podcasts and books for this purpose.
Sharon Ruddy, principal and investor advisor with the Sharon Ruddy & Betty Hildebrand team at IG Private Wealth Management in Oakville, Ont., says some advisors shy away from discussions about how clients will be remembered, thinking it’s outside their jurisdiction. But others who see the value in exploring these deeper issues are using third-party services to help clients preserve their legacy.
“We’re happy to have emotional conversations with our clients in an industry that’s very technical,” Ms. Ruddy says. “Some are not willing to go to that place with their clients and really talk about the things that evoke emotion.”
Elena Iacono, founder of LegacyNex, a company that creates recordings, letters and other material to share with loved ones, says the idea grew partly from regret about the information lost when her father died.
While she learned about his personal values and leadership traits, she didn’t document and record the details. She says LegacyNex offers clients the option of recording their story in video, audio or written form based on a one-hour interview with her.
“People want to convey they’re more than their assets,” she explains. “There are stories behind how they earned their money — stories of resilience and values that shaped their lives. Their insights serve as guideposts for the future, something money can’t buy. I know from experience. And research, along with conversations with advisors, shows that legacy planning is shifting to honour the whole person — their wisdom, not just their wealth.”
Some clients have privacy concerns, so Ms. Iacono signs a non-disclosure agreement to protect their information.
Andrea Lekushoff also wondered what would happen to undocumented stories when people pass away. The founder of CONTEXT Studios in Toronto says her company creates high-end film and podcast documentaries to preserve stories that recognize the very essence of an individual – who they were before they became a parent, grandparent or had a career.
Ms. Lekushoff says the documentaries have a “Netflix feel,” complete with cinematographers, a sound engineer, makeup artist and director/interviewer on set, and content divided into episodes.
Her first documentary series featured the family behind the camera retailer Henry’s.
“Our documentaries are lasting legacies that help future generations connec with their roots and better understand where they came from,” she says. Ms. Ruddy and business partner Betty Hildebrand found that LegacyNex allowed clients to share memories and stories that would live on when they’re gone.
Ms. Hildebrand says business owners are especially intrigued by the idea as they want their families and future owners to understand how and why they started the business.
“Even though the business may not stay in the family, the story of the business gets to stay behind,” she says.
Clients who immigrated to Canada may want to share their experiences about the early days in a new country, the stumbling blocks, and how they ultimately created their wealth, she adds.
While stories may have been told to families, it’s powerful to have them in a more official and personal keepsake, such as a book or documentary that can be viewed again and again, Ms. Hildebrand says.
Joseph Bakish, portfolio manager and wealth advisor with Bakish Wealth at Richardson Wealth Ltd. in Montreal, says personal stories often get buried while preparing dry, procedural documents. He says services such as LegacyNex check many boxes on a client’s list of “before I go” wishes.
“It’s a way for clients to be more engaged in the estate planning process,” he says. “It’s not just about the money, and it’s often about their story.”
While wealthy clients typically conduct full-fledged legacy plans that may include videos, Mr. Bakish likes the accessibility of these third-party services, which are created for a mass market audience who may not have considered the option before.
Recorded stories may include details about a client’s marriage and the importance of forming a solid family foundation, for example, or why they made the jump to entrepreneurship after working for different employers. What isn’t discussed in these videos, podcasts or books, he emphasizes, are from-the-grave instructions for the assets the heirs are about to inherit. Instead, the purpose is to share visions, philosophies and even a historical perspective.
“They want to give the next generation an understanding of where they came from,” he says.