Nancy McColgan Quoted on Dynastic Wealth in Kiplinger Article

Three Ways to Create Dynastic Wealth

Nancy McColgan, Managing Director of Verdence/Family was quoted in an article on Kiplinger.com. She talks about how substantial wealth and ultra high net worth families and dynasties are created. And it might not be how you think:

Substantial wealth is typically created in one of three ways:

1. Entrepreneurship – Building and scaling a successful business from the ground up.
2. Elite Earnings – Earning at an exceptionally high level, such as C-suite executives making $30M-$50M annually.
3. World-Class Expertise – Reaching the top of a field, whether in sports, entertainment, law, investment banking, or medicine.

Nancy McColgan, leader of the family office division at Verdence Capital Advisors, highlights that many dynastic wealth and fortunes are built through businesses that generate significant cash flow and eventually experience a major liquidity event, such as a sale. The dynamic U.S. economy allows wealth creation for those not born into affluence.

While industries like technology have produced billionaires, long-term wealth can be built in less glamorous sectors such as HVAC, plumbing, and logistics. The key is understanding risk, scalability, and the willingness to fail in pursuit of financial success.

Read the article at Kiplinger.com for more:

https://www.kiplinger.com/retirement/estate-planning/how-to-create-a-family-dynasty-for-lasting-security