'Once Upon a Time, There Was a Very Rich Family...': Wealth managers can be instrumental in helping parents teach their children about the value of money-and managing for optimum portfolio longevity. The key? Starting early.

They're young. They're affluent. And they don't know the first thing about managing money. They're the children of first-generation wealth, and chances are their parents haven't broached the subject of their family's finances, let alone taught them how to nurture the nest egg after mom and dad have passed on. Enter the wealth manager.

"We recommend getting the children involved as early as possible- we've seen children as young as six," observes Charles Massimo, president of wealth manager CJM Fiscal Management of Long Island, NY. "It's important to talk early about how they should communicate their wealth to their children, and help them teach the kids how to manage it."

In the next generation, …