Make Your Wealth Last For Generations With These Strategic Wealth Management Tips

For families, preserving and growing generational wealth requires careful planning, informed decision-making, and a balance between financial goals and lifestyle aspirations. Angelena Mascilli, the Managing Director and Head of Wealth Management Banking at J.P. Morgan, specializes in guiding high-net-worth individuals and families through customized wealth strategies, helping them optimize liquidity, investments, and long-term financial success. With over 15 years of experience in financial services, including leadership roles at UBS Financial Services, she brings a deep understanding of strategic product development and investment solutions.

Ahead, Mascilli shares expert insights on key strategies for wealth preservation, balancing luxury spending with financial security, and leveraging philanthropy to create a lasting legacy. She also addresses common pitfalls families face when managing wealth, the impact of global economic trends, and how alternative investments—such as art, fashion, and collectibles—can play a role in a diversified portfolio. Whether navigating estate planning, investment allocation, or evolving market conditions, her expertise provides a valuable roadmap for affluent individuals looking to secure their financial future while maintaining a dynamic and fulfilling lifestyle.

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HAUTE LIVING: What are some strategies affluent families can use to help ensure their wealth is preserved and grows over generations?

ANGELENA MASCILLI: To help preserve and grow wealth across generations, affluent families should consider beginning with a goals-based plan that clearly defines their intentions for their money over time. Identify both short-term and long-term objectives, such as funding education, planned real estate purchases, supporting retirement or leaving a legacy for future generations.

Oftentimes, affluent families have an idea of what they want to do with their money but haven’t committed to the strategy or structure that could help them get there. Up front, it’s important to dedicate time as family to think through these goals, and how they may evolve over time. Then, families can work closely with a financial advisor not only to develop a diversified cash and investment strategy that aligns with your values and risk tolerance, but also to smooth the transfer of wealth by creating an estate plan that includes things like wills and trusts.

HL: How can lifestyle choices, such as luxury spending and travel, be balanced with long-term wealth preservation goals?

AM: It’s all about balance. While luxury spending can manifest as a planned, future event—such as acquiring a vacation home—it often unfolds spontaneously as life progresses. Balancing luxury spending and travel with long-term wealth preservation requires setting clear financial goals with a budget. For instance, a family might decide to allocate a specific portion of their annual income to luxury vacations or high-end purchases, while ensuring that their retirement accounts and college funds remain well-funded. Regularly reviewing and adjusting these allocations with the help of a financial advisor can help maintain this balance, allowing you to enjoy your lifestyle without compromising their financial future.

HL: What role does philanthropy play in creating a lasting legacy, and how can affluent families incorporate it into their wealth management plans?

AM: Philanthropy plays a critical role in crafting a lasting legacy by letting families make meaningful contributions that reflect their core values. In many cases, a family might choose to support local charities or establish a scholarship fund at a nearby university, which not only benefits the community but also instills a sense of purpose and responsibility in future generations. Regardless of the size or frequency of philanthropic efforts, families should consider including charitable giving in their financial plan. By doing this, families can create a legacy of giving that endures across several generations.

HL: What are some common pitfalls affluent families face in wealth preservation, and how can they be avoided?

AM: There are a few common pitfalls. The first is neglecting to work with a financial advisor to develop a robust goals-based plan that incorporates key life events, like getting married, having children or retiring. These events can significantly impact your spending, and you may need to adjust cash allocations in your overall wealth strategy.

The second is taking a ‘set it and forget it’ approach with your financial plan. It’s essential to regularly review and update your plan to ensure it remains aligned with your family’s evolving circumstances and goals. Lastly, families should stay proactive and aware of changing economic conditions with the help of their financial advisor. For example, a family portfolio that invests in a single industry may face significant losses if that sector declines. To avoid this potential pitfall, families can work with experienced advisors to create a diversified investment portfolio and stay informed about economic trends. Taking a proactive approach, including having open communication among family members about financial goals and expectations, can help keep the family on track to achieve their long-term financial goals while preserving wealth across generations.

HL: What impact do global economic trends have on wealth preservation, and how can families adapt their strategies accordingly?

AM: Global economic trends can have a significant impact on wealth preservation. Staying informed using trustworthy sources can help you adapt your strategies to changing conditions. A consolidated view of your finances can also help you make timely adjustments.

Global economic trends, such as inflation, interest rate changes and geopolitical events, can significantly impact wealth preservation. Families can adapt their strategies by staying informed about these trends and working with a financial advisor to adjust their portfolios accordingly. This may involve reallocating assets, exploring new investment opportunities, or implementing hedging strategies to help mitigate risks and capitalize on emerging market conditions.

HL: How can affluent individuals leverage their investments in fashion, art, and collectibles as part of a diversified wealth strategy?

AM: Investments in fashion, art, and collectibles can be a fun and enriching way to add diversity to an existing wealth strategy by treating these items as alternative assets. For instance, a family might invest in vintage cars or rare wines, which can appreciate in value over time. It’s important to thoroughly research, seek expert advice, and understand the market dynamics of these assets to ensure they complement your overall investment strategy and risk profile.

HL: What are the benefits of working with a wealth management advisor, and how can they help tailor strategies to fit a family’s unique lifestyle and goals?

AM: Working with a financial advisor offers many benefits, such as personalized financial planning, development of a carefully-crafted cash and investment strategy, and access to a wide range of banking and investing options. By taking the time to understand your family’s unique lifestyle, goals, risk tolerance and values, advisors can also craft strategies that are not only tailored to your current needs, but are also adaptable to the changes life may bring. This partnership is about more than just numbers; it’s about building a future for your family. As you move forward, you can take comfort in knowing that you have a dedicated advisor by your side, ready to help you navigate the complexities of financial planning and help ensure that your family’s dreams and aspirations are within reach.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

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