Building Wealth Across Generations: Timeless Financial Planning Strategies

If my grandfather, Alden Oerther, were alive today, most people would consider him a rare breed. Starting from humble beginnings as the son of German immigrants, he grew up long before television or social media existed. “Keeping up with the Joneses” was a concept that never crossed his mind. He was content with what he had and cared far more about the quality of his relationships than their quantity. While many people today change jobs every few years, he worked for the same company for forty years until he retired. Before World War II, he held three jobs at once to support his young family, and during the war he sent money home so their house would be paid off when he returned.

As a teenager during the Great Depression, he saw firsthand how quickly financial security could vanish. His generation learned lessons the hard way, and although the world is far more complex now, many of those lessons still apply. When my father was nearing his own retirement, he asked me to explain what our firm does. We talked about financial and retirement planning and investment management. After a while he smiled, shook his head, and said, “I wish your grandpa were still here. You two would talk for hours, and he would love what your firm does.” I have thought about that conversation often. Here are a few of the reasons I believe he is right.

1. Fiduciary Duty

The word “fiduciary” may sound formal, but it simply means putting the client’s interests first. My grandfather lived that way long before it became a legal standard. A fair day’s work for a fair day’s pay and treating people decently were not negotiable to him. Knowing an advisor is required to act solely in the client’s best interest would have felt comforting and familiar, much like the handshake deals of his era when a man’s word was his bond.

2. Holistic Financial Planning

He always saw money as connected to life. Providing for his family, paying bills, and saving for tomorrow were part of one continuous effort. He would have appreciated that we consider taxes, estate plans, insurance, healthcare, cash flow, and family goals together instead of in isolation. To him, money was never just numbers; it was about giving loved ones stability and opportunity.

3. Preservation of Capital

The Great Depression taught him how fragile wealth can be. Savings could disappear overnight when jobs were lost or banks failed. Because of that, he never took money for granted. Protecting what you have before chasing higher returns would have seemed obvious and responsible to him.

4. Asset Allocation

Spreading risk across different types of investments would have struck him as plain common sense. His generation diversified out of necessity: a factory job, a garden, livestock, and side work all helped families weather hard times. Seeing the same principle applied systematically in portfolios would have made him nod in quiet approval.

5. Individual Assets

He liked to understand exactly what he owned. Blindly following trends was foreign to him. Carefully choosing individual stocks, bonds, or real estate rather than buying whatever was popular would have matched his practical nature and his belief in personal responsibility.

6. Fee-Only Advice

This one would probably have impressed him most. He valued honesty and transparency and distrusted hidden complications. A model where clients pay directly for advice with no commissions or conflicts would have felt fair, straightforward, and trustworthy, the kind of arrangement he respected his whole life.

If my grandfather were here today, I think he would be quite pleased by how the financial planning profession has developed. He might not know our vocabulary, but the ideas behind fiduciary care, comprehensive planning, capital preservation, diversification, thoughtful selection, and transparent fees would feel deeply familiar. The tools are more sophisticated now, yet the core principles of trust, prudence, and responsibility remain the same. His generation’s discipline and decency still guide good work today.

And if my grandfather sounds like a great man, you should have met my grandmother.