ThinkAdvisor interviewed Chief Wealth Advisory Officer and author Coventry Edwards-Pitt on steps parents can take to ensure their children grow up well rounded in the presence of wealth. In the article, “How Wealthy Parents can Raise ‘Wealthy and Wise’ Children”, Covie discusses the key factors of “productive, self-actualized” adults she identified while writing her book Raised Healthy, Wealthy & Wise, and advice for parents on how to encourage their children without inadvertently enabling bad habits.
“As advisors, we may unintentionally be doing harm if we recommend sharing wealth information if that isn’t going to help a child be productive. However, that information can be shared effectively if the right narrative is put around it: ‘Yes, there is money here. But it’s not for you to use now. You are encouraged to be productive.’”
Read the full article at ThinkAdvisor.
Coventry Edwards-Pitt, CFA, CFP®, is the Chief Wealth Advisory Officer at Ballentine Partners, a firm that specializes in providing investment and wealth management advice to wealthy families and entrepreneurs. She began her career at Goldman Sachs after graduating from Harvard University. Covie has been recognized as one of the “50 Most Influential Women in Private Wealth” (Private Asset Management 2016). Covie is also the author of Raised Healthy, Wealthy & Wise: Lessons from successful and grounded inheritors on how they got that way (2014). Since its publication, Covie has spoken at over 70 events for wealth owning families and their advisors, sharing the book’s key messages about what works when raising children amid wealth. She lives in the Boston area with her husband and daughter. Learn more about Coventry Edwards-Pitt.