Genealogists and family historians tend to take the “DIY” approach for learning more about their ancestors. Those that hit a “brick wall” might ask for help from genealogy websites or the local genealogy group. You probably wouldn’t think to ask a financial firm for help, but some of them have started offering family history assistance to their clients.
Ascent Private Capitol Management (which is part of U.S. Bancorp) provides its clients with family history services. It is one of many specialized services that is offered to clients. The main reason why financial firms are doing this is to attract and keep wealthy clients.
The head of family history at Ascent Private Capital Management is Karen McNeil. She said that families become interested in family history services when there is a milestone. That milestone could be a business succession, an anniversary, or a birthday. Some families want to preserve the personal experiences of the oldest members of the family before it’s too late to do so.
The family history services offered by Ascent Private Capital Management include the following: family genealogy; archival research; oral histories; family story development; family mission, vision, and values; and family books, videos, and visual presentations. It is easy to see why these services are sought out by people who do not have a genealogist in the family tree.
Much of these services are things that a genealogist can put together about their own family based on their research. If your family is wealthy enough to need a capital management service, it might be interesting to see what they come up with while researching your family’s history and genealogy. Would you trust their accuracy, or would you feel the need to fact-check it? Perhaps what they find will match what you already knew to be true.
Ascent provides a brief explanation about the benefits of family history. They describe it this way: “Using information gleaned from historical research, our wealth impact planning consultants can help your family apply values demonstrated throughout your history to formulate a mission statement, target philanthropic interests and develop a plan with the goal of preserving your wealth and managing its impact for generations to come.”
That description is a bit different than what a professional genealogist might come up with. However, it is easy to see why a financial services company would explain the benefits of family history that way. Their clients are wealthy people who want someone to figure out how to preserve their wealth so that it can be there for future generations of their family.
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