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Educational resources to help build and preserve your family legacy 

Educational resources to help build and preserve your family legacy 

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Build your skillset and competencies with activities and frameworks to help you make more informed decisions.

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Review our current highlight on trending topics that could impact your family.

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Insights

Boost your knowledge with a collection of articles meant to deepen your understanding of family wealth and planning.

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Learning framework

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Our leaders recognize the complexity of family wealth and legacy. Our institute empowers families with educational resources to thrive across generations.

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Succession readiness scorecard

Discover your business transition readiness score with this simple and easy to use tool.

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Outcome planner exercise

An exercise to help business owners anticipate and plan for potential transition outcomes.

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Reimagining family business transitions

Gain insights into rethinking the ways to successfully pass the reins of the family business to the next leader or owner.

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Letter of wishes

Is a letter of wishes the right complement to your trust agreement? Read our white paper to understand your options and best practices.

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[neutral background music]

On screen:

As this video begins, a man and woman walk into a white room and sit down in Eames chairs. The room has shelves with small, framed pictures, houseplants, and other decorative items.

Logo:

A small 'J.P. Morgan Wealth Management' logo appears and remains on screen for the entire video.

Note:

A bold disclosure in a text box reads:

On screen:

INVESTMENT AND INSURANCE PRODUCTS:

  • NOT A DEPOSIT

  • NOT FDIC INSURED

  • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

  • NO BANK GUARANTEE

  • MAY LOSE VALUE

On screen:

Opening title:

On screen:

Preparing for Transition:

An Exercise for Business Owners.

On screen:

Now the man (who has short salt-and-pepper hair, brown eyes, and a goatee) speaks to us.

On screen:

Adam Frank

Head of Wealth Planning and Advice

J.P. Morgan Wealth Management

Adam Frank:

I'm Adam Frank, I lead the Wealth Planning and Advice team for J.P. Morgan Wealth Management.

On screen:

Now the woman (who has long dark-brown hair and brown eyes) speaks to us.

On screen:

Stacy Allred

Head of Family Engagement & Governance

J.P. Morgan Wealth Management

Stacy Allred:

I'm Stacy Allred and I lead Family Engagement and Governance at J.P. Morgan Wealth Management.

On screen:

Why is succession planning important to business owners?

Adam Frank:

Usually when we talk about succession planning, we're talking about a business owner or a founder or a wealth creator making the transition of the business to a successor: a child or children, employees, a purchaser, a third-party purchaser.

On screen:

An infographic shows arrows coming from a business owner, pointing towards those three different types of successors.

Adam Frank:

But I like to think about it more broadly. It's a transition from one stage of life to another. And I know, Stacy, you and your team focus on that a lot, and we often collaborate in that intersection.

Stacy Allred:

Absolutely. And the question is, I want something not just to go from, but something to go to, and what does that look like across the arc of the hundred-year life and this non-linear life?

Adam Frank:

Because if you don't have something to go to, what we find is that business owners in particular who were running a business and now aren't often regret having planned the succession so well; they're no longer needed, they're no longer relevant.

On screen:

How do we assist business owners with succession planning?

Stacy Allred:

The best transitions we see are ones that start with a really nice long on-ramp and think of it more as a process, right, not an event, and plan for that. We like to say that we have the frameworks and the questions, and they have the answers. And with these frameworks and questions, we can help them design that vibrant next chapter.

On screen:

What strategies do we use to help business owners prepare for a successful transition?

Stacy Allred:

A practical tool for decision making in the transition planning is this idea of the pre- and pro-mortem. We're going to go into the future. Pick a timeframe that makes sense. The pre- and pro-mortem use our natural ability to tell stories that have quote "already happened."

On screen:

The pre- and pro-mortem exercise

Select a term in the future (1-10 yrs.) and use your natural ability to tell stories that have "already happened."

Note:

Small print text reads:

On screen:

Gary A. Klein, "Performing a project premortem," Harvard Business Review (September 2007)

Stacy Allred:

We're going to ask you to create two stories. The first story, the pre-mortem, is the disaster story. The transition's gone really poorly. Name every reason how did that happen?

On screen:

STORY 1: PRE-MORTEM

A Spectacular Failure

Accept that the plan had failed and imagine a disaster

Ex: The family members dismantle and sell off business at a massive loss.

Stacy Allred:

Now let's go to the pro-mortem, the brilliant story, why it wasn't perfect, it was really great. Name every possible reason.

On screen:

STORY 2: PRO-MORTEM

A Brilliant Outcome

Accept that the plan succeeded and imagine an excellent outcome

Ex: The family business thrives and achieves the family purpose.

Stacy Allred:

And then, our teams would work together to promote the pro-mortem and to protect against the pre-mortem.

Adam Frank:

So, it's a great thought experiment and it really does help make the decision making today more informed to guide the family towards, hopefully, a better outcome.

On screen:

When is the right time for succession planning?

Adam Frank:

The best time to start planning is now. It's always now. Even if you could have planned three years ago for something that's happening, you can still plan now for the future.

Stacy Allred:

Planning helps increase the probability of success, and who doesn't want success?

On screen:

Closing text:

Logo:

J.P. Morgan WEALTH MANAGEMENT

On screen:

FOR MORE INFORMATION, CONNECT WITH US AT JPMORGAN.COM/YOURWEALTHADVISOR.

Note:

Legal disclosures appear:

On screen:

Opinions expressed are those of the speakers and may differ from those of other J.P. Morgan employees and affiliates. Neither J.P. Morgan nor any of its affiliates can represent that the statements or opinions expressed today will materialize.

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.

Copyright {{copyrightCurrentYear}} JPMorgan Chase & Co.

Trending topic: Preparing for transition: An exercise for business owners

Early planning can help ensure you and your business are set up for a successful transition. Learn how to get started.

READ MORE


Enhance your family’s financial literacy with our collection of family wealth and planning articles

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    [soft electronic music]

    On screen:

    This video opens with a title over white:

    Text on screen:

    Introducing the 10 x 10 Learning Roadmap

    Logo:

    A J.P. Morgan Wealth Management logo remains in an upper corner.

    Side note:

    A bold disclaimer in a text box reads:

    Text on screen:

    INVESTMENT AND INSURANCE PRODUCTS:

    • NOT A DEPOSIT
    • NOT FDIC INSURED
    • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
    • NO BANK GUARANTEE
    • MAY LOSE VALUE

    On screen:

    Identifying text appears beside an auburn-haired woman in a dark blazer as she speaks from a room with textured walls and brass decor:

    Text on screen:

    Stacy Allred

    Head of Family Engagement and Governance

    J.P. Morgan Wealth Management

    Stacy Allred:

    The 10 x 10 Learning Roadmap was the result of myself and the two co-founders of Money, Meaning & Choices asking the question: What are the skills each family member needs to effectively integrate wealth?

    Side note:

    Small text reads:

    Text on screen:

    Money, Meaning & Choices Institute, Stacy Allred, Joan DiFuria and Stephen Goldbart

    Stacy Allred:

    Wealth brings complexity, and that complexity requires a mindset of lifelong learning. The model looks at 10 life stages, ranging from age 5 to 100, and 10 core competencies: five external (what you know) and five internal (who you are).

    On screen:

    Text appears beside her:

    Text on screen:

    10

    Life Stages

    x

    10

    Competencies

    On screen:

    Then, more text appears under the heading '10 x 10.' It lays out 10 life stages beside text that reads:

    Text on screen:

    Select their life stage

    1.   AGES 5-11/12

    ELEMENTARY SCHOOL

    2.   AGES 12-14/15

    MIDDLE SCHOOL

    3.   AGES 15-18/19

    HIGH SCHOOL

    4.   AGES 19-25

    EMERGING ADULTHOOD

    5.   AGES 26-35

    EARLY ADULTHOOD

    6.   AGES 35-40

    MIDDLE ADULTHOOD

    7.   AGES 40s TO LATE 50s

    ESTABLISHED ADULTHOOD

    8.   MID-50s TO MID-70s

    LATE ADULTHOOD

    9.   LATE 60s TO 90s

    ELDERING PART I

    10.        LATE 70S TO END OF LIFE

    ELDERING PART II

    Stacy Allred:

    So, in essence, the 10 x 10 invites learners into this journey to select their life stage, look at the learning activities, and choose the top three relevant for them now and to get started.

    On screen:

    Next to text reading 'Look at the learning activities,' boxes with icons lay out five 'External Competencies' and five 'Internal Competencies'. External include:

    Text on screen:

    • Financial Skills
    • Wealth and Life Planning Skills
    • Stewardship and Governance Skills
    • Philanthropy Skills
    • Entrepreneurial and Family Enterprise Skills

    On screen:

    Internal include:

    Text on screen:

    • Emotional Abilities
    • Social Abilities
    • Learning and Growth Mindset
    • Responsibility and Accountability
    • Health and Wellness

    On screen:

    Last, text reads:

    Text on screen:

    Choose the top 3 relevant for them.

    On screen:

    Three icons appear:

    • a clipboard for 'Responsibility & Accountability'
    • a gavel for 'Stewardship & Governance Skills'
    • a family for 'Wealth & Life Planning Skills'

    Side note:

    Small text below reads:

    Text on screen:

    Source: 10x10 Learning Roadmap, Advancing Flourishing in Families of Wealth (2021).

    Stacy Allred:

    The beauty of the 10 x 10 is that you can use it with one individual, to a couple, to a family, to a multigenerational family. We used it with one family ranging in age from age 8 to 80.

    [uplifting music]

    Side note:

    Small text appears:

    Text on screen:

    Client story is for illustrative purposes only. Individual outcomes may vary.

    Stacy Allred:

    Let me give you a quick story of how we use the 10 x 10 with an individual in a real, important moment of a life transition. This smart, dynamic, graceful young woman came, and she was feeling overwhelmed and woefully underprepared. She had just lost her father and inherited a really complex set of structures.

    On screen:

    Text appears over white:

    Text on screen:

    10 Life Stages x 10 Competencies

    On screen:

    The life stages appear, and Stage '5: AGES 26-35 EARLY ADULTHOOD' is circled.

    Stacy Allred:

    We invited her into the 10 x 10 Learning Roadmap. She selected her life stage, read through the stage overview, looked at the learning activities across the ten core competencies, and selected the three most relevant to her.

    On screen:

    The competencies appear, then three are highlighted:

    Text on screen:

    Responsibility and Accountability

    Wealth and Life Planning Skills

    Stewardship and Governance Skills

    Stacy Allred:

    The first learning activity she selected was to navigate the impact of wealth within a fiscally diverse relationship. Next, navigating all of these entities, she didn’t want to be just a beneficiary, but an empowered, engaged, excellent beneficiary, really understanding the internal and external pressures to be financially independent in a family of wealth. After she selected the priorities, we brainstormed on an action plan, defining a set of doable steps and working with her advisor team. It was amazing a year later how much progress she had made. She had moved from overwhelm to having confidence and clarity. You know, the 10 x 10, these external and internal competencies working in synergy, result in family members knowing who I am, what I’m capable of, and what really matters.

    On screen:

    Text highlights her words:

    Text on screen:

    Who I am

    What I am capable of

    What really matters

    Stacy Allred:

    The most important thing with the 10 x 10 is to get started, to move past that intention-to-action gap and make progress, big or small, in a way that’s doable and right for you.

    On screen:

    A logo appears over white:

    Logo:

    J.P. MORGAN WEALTH MANAGEMENT

    Text on screen:

    FOR MORE INFORMATION, CONNECT WITH US AT JPMORGAN.COM/YOURWEALTHADVISOR.

    Stacy Allred:

    We invite you into the 10 x 10 Learning Roadmap. It’s accessible through your advisor.

    Side note:

    Legal disclosures:

    Text on screen:

    Opinions expressed are those of the speakers and may differ from those of other J.P. Morgan employees and affiliates.

    Neither J.P. Morgan nor any of its affiliates can represent that the statements or opinions expressed today will materialize.

    (In bold) JPMorgan Chase and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your personal tax, legal and accounting advisors for advice before engaging in any transaction.

    J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through (in bold) 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.

    Copyright 2025 JPMorgan Chase & Co.

    END

    Customized learning framework

    Our 10x10 learning model guides you in nurturing empowered, responsible family members through developing 10 core competencies along 10 life stages - from age 7 to 100 - for lifelong success.

    LEARN MORE

    Meet our team

    Our leaders recognize the complexity of family wealth and legacy. Our institute empowers families with educational resources to thrive across generations.

    Jess Douieb

    Head of Wealth Partners

    Learn more

    Adam Frank

    Managing Director, Head of Wealth Planning and Advice, J.P. Morgan Wealth Management

    Learn more

    Stacy Allred

    Managing Director, Head of Family Engagement and Governance

    Learn more

    Stuart C Burden

    Executive Director, Family Engagement and Governance

    Learn more

    Dr. Michele Mikeska Jaffe

    Executive Director, Family Engagement and Governance

    Learn more

    Elizabeth (Lisa) Nam

    Managing Director, Family Engagement and Governance

    Learn more

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    This website is for informational purposes only, and not an offer, recommendation or solicitation of any product, strategy service or transaction. Any views, strategies or products discussed on this site may not be appropriate or suitable for all individuals and are subject to risks. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation.

    This website provides information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC (JPMS). When JPMS acts as a broker-dealer, a client's relationship with us and our duties to the client will be different in some important ways than a client's relationship with us and our duties to the client when we are acting as an investment advisor. A client should carefully read the agreements and disclosures received (including our Form ADV disclosure brochure, if and when applicable) in connection with our provision of services for important information about the capacity in which we will be acting.

    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.

    Investments in alternative investment strategies is speculative, often involves a greater degree of risk than traditional investments including limited liquidity and limited transparency, among other factors and should only be considered by sophisticated investors with the financial capability to accept the loss of all or part of the assets devoted to such strategies.

    Borrowing with securities as collateral involves certain risks, including the possibility that you may need to deposit additional securities and/or cash in the account to meet a maintenance call, and that securities in the account may be sold to meet the maintenance call.  Proper management of your account and a thorough understanding of the conditions that may affect your investments will assist you in effectively using the margin lending program.

    Please read additional Important Information in conjunction with these pages.

    INVESTMENT AND INSURANCE PRODUCTS ARE:
    • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED