Generational wealth can be defined as “assets passed down from one generation to another.” The goal for many people who start a family is to leave behind a substantial inheritance for their next of kin to have when they pass on. However, many families squander their generational wealth, with 70% losing it by the second generation and 90% by the third, according to Williams Group wealth consultancy. Enter Richard Dolan.
Dolan is the founder of a wealth management boutique firm called LEGACY. He’s the self-proclaimed “Coach of Coaches” with a dream of helping millions of Americans become millionaires. Over the years, he has worked as a financial advisor for some of the world’s biggest companies and celebrities. Dolan even created his own philosophy called the urban financial philosophy. Here, he shares some of his unique viewpoints and advice on how to leave a LEGACY behind.
An Impressive Roster
With a 30-year tenure in the wealth management and real estate investment industries, having raised over $7 billion in assets, and becoming one of the biggest global names in coaching and financial advising, it’s clear that Dolan is not an average guy. He has coached thousands of financial planners, investment advisors, and institutions on living, leading, and leaving a LEGACY. He has even advised celebrities like Steve Aoki and Mike Tyson and worked with some of the biggest names in business, including Bentley Motors, Chanel, and Google. So, what sets Dolan apart from his competition?
What Makes Richard Dolan Unique?
For one, Dolan did not grow up privileged. He grew up in a broken home in the inner city, where the easy path would have been to fall into a mediocre life of financial struggle, crime, and drugs. At the young age of 16, Dolan took charge of his life and started working in the financial sector to enjoy a life of financial freedom and luxury.
Another thing that makes Dolan unique is his broad range of studies. He has studied the fields of behavioral finance, financial psychology, happiness economics, and investor resilience, eventually combining knowledge from each of them to create his own philosophy called the urban financial philosophy, which is what he uses to guide his clients to success.
Dolan also has an eclectic background in the world of performance. After providing specialized advisory services for Juwan Howard and the Miami Heat, he earned two NBA championship rings in 2012, 2013, and he earned a third in 2020 from the LA Lakers. He has also had the good fortune of touring with four U.S. Presidents and sharing the stage with icons such as Oprah Winfrey, Ellen DeGeneres, and Michelle Obama.
Leading Others to Leave a LEGACY
Today, Dolan specializes in getting people’s relationships right with money, wealth, and worth. He achieves this through coaching, education, mentorship, and advisory services using his urban financial philosophy. Dolan and his team provide these services to help people live a great financial life: a whole, complete, and financially performing life. Richard Dolan is hell-bent on mentoring others so that they can enjoy financial freedom, and he shows no signs of slowing down. He says, “Retirement means, among many things, ‘cease to exist,’ and therefore, no, I will never retire.”
Photography by: Richard Dolan