The Legacy of Henry Phipps
Imagine it’s the late 19th century: industrialisation is booming, and visionary leaders are shaping not only their industries but their legacies. Among them was Henry Phipps, the business partner of Andrew Carnegie, whose story continues to inspire wealth creators today.
Phipps understood that true wealth wasn’t just about accumulation; it was about preservation and purpose. By establishing the Bessemer Trust as a family office, he laid the groundwork for his wealth to endure across the generations. Over a century later, the Bessemer Trust remains the Phipps family office and manages assets worth over $140 billion, built on principles of thoughtful governance, aligned family values, and a vision for wealth with purpose.
What can today’s financial planners and wealth creators learn from this?
The Hereditas Legacy Planning Process: A Modern-Day Approach to Enduring Wealth
Fast-forward to today, where the challenges of preserving and passing on wealth are even greater. The Hereditas legacy planning process builds on the same principles that guided Phipps, modernising them for today’s wealth creators, their families and advisers.
The Hereditas process helps families:
- Define their legacy goals – Beyond financial capital, what do they want their wealth to achieve?
- Engage the next generation – How can they ensure heirs are prepared to manage wealth responsibly?
- Simplify and systematise wealth management – Using tools like Digital Estate Planning, the process ensures clarity, continuity, and security.
For Financial Planners: A Unique Value Proposition
The Hereditas process transforms financial planners into trusted Wealth Management Coaches, helping them guide clients through a deeper, more meaningful exploration of wealth and its purpose. By offering this level of service, advisers can:
- Attract higher-net-worth clients.
- Strengthen long-term client relationships.
- Differentiate themselves in a crowded marketplace.
Just as the Bessemer Trust’s foundation was built on thoughtful legacy planning, advisers who integrate Hereditas can offer clients a similar path to long-term success.
Practical Tools for a Lasting Legacy
Today’s life and legacy planning is also about leveraging modern technology. Tools like secure digital vaults, life and estate planning software, and Hereditas’ structured processes ensure that wealth creators can simplify the transition of their estates while ensuring alignment with their wishes.
A Call to Action: Build a Legacy Worth Leaving
Henry Phipps didn’t just build wealth; he built a framework for the wealth that he had created to flourish and endure and have a positive impact on the following generations of his family. By incorporating the Hereditas legacy planning process, into your service proposition, you can help your clients do the same.
👉 Want to learn more about how Hereditas can elevate your wealth management proposition? Contact me today, or explore more insights at HereditasUK. Together, you can help your clients build a legacy worth leaving.
