Wealth of Wisdom: Recent Episodes
Tom McCullough
Welcome to the Wealth of Wisdom podcast with your hosts Tom McCullough and Keith Whitaker. This podcast is an audio companion to the book, ‘Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask’ written by Tom and his co-author Keith Whitaker. The book features insights from more than 50 of the world’s top thinkers and practitioners in the family wealth field and each podcast episode features an interview with a different contributor to the book.
In this episode, Michelle Osry discusses how she used Otto Scharmer's Generative Dialogue framework to help a stuck family improve their communication. The framework includes four conversational fields, from Politeness to Flow, each representing a different level of conversation depth. By applying this framework, families can navigate difficult conversations and achieve a state of flow where new possibilities emerge, fostering lasting success across generations.
In this insightful chapter of the Wealth of Wisdom podcast, Jill Shipley delves into the impact of our money history on our current financial behaviors and attitudes. She emphasizes the importance of reflecting on the messages and experiences we encountered growing up, which often unconsciously shape our relationship with wealth. By engaging in personal reflection and guided conversations, we can uncover and transform our money narratives, fostering a healthier and more intentional approach to wealth.
In this episode, Tom McCullough, and Ian McDermott explore the incredible power of questions and how they shape our thinking and conversations. Ian illustrates the profound impact of framing questions differently so they will trigger positive internal searches in the brain. This can offer valuable insights for families and advisors alike in fostering effective communication and problem-solving.
In this podcast episode, Leslie Pine explores the world of family philanthropy and introduces the TPI Philanthropic Curve, a tool to assess philanthropic journeys. She outlines the six levels of the curve, emphasizing the importance of strategic giving, impact measurement and collaboration, and inspiring families to reflect on their philanthropic aspirations and potential for positive change.
In this episode, Natasha Pearl highlights the importance of personal and administrative infrastructure for wealthy individuals and their advisors. Using the example of "Mr. Bluebird," she illustrates how a lack of infrastructure can lead to financial and personal challenges. Natasha provides a seven-step plan to help identify and address infrastructure deficiencies, emphasizing the value of resilient infrastructure in wealth preservation and quality of life.
In this episode, we delve into Dr. Kirby Rosplock's insights on developing a family wealth education plan, highlighting the journey from financial parenting to engaging adult family members with innovative learning strategies. Discover the transformative approach to preparing generations for wealth stewardship, ensuring the sustainability and growth of family legacies through tailored educational frameworks.
In this episode, Kathy Lintz and Ned Rollhaus demonstrate the importance of selecting the right advisor to ensure a family's long-term prosperity. They highlight key considerations including firm culture, the quality of people, alignment of interests, scope of services, fee structure, and matching the family's profile with the advisor's expertise — all in a helpful checklist.
In this engaging podcast episode, co-host Keith Whitaker and Barbara Hauser explore the concept of democratizing family decision-making to avoid conflicts and foster fairness within families. Drawing on her extensive experience, they discuss the importance of transparency, accountability, and participation as key principles for successful family governance, sharing real-life examples of how these principles transformed family dynamics and decision-making processes.
In this thought-provoking podcast episode, co-host Tom McCullough talks with Stephanie Hardwick and Mimi Ramsey about the complex dynamics of expectations versus agreements within affluent families. They highlight the often unspoken and unmet expectations that can lead to turbulence and resentment and they provide a practical process for transforming these unshared expectations into co-created agreements, fostering healthier relationships and family harmony. Worth a listen!
Does the best thief make the best guardian? Where are the potentials for fraud in your family office structure? How can you make decisions "stick" amid the swirl of family passions? These aren't pleasant questions to think about, but family offices ignore them at their peril. In this engaging episode, family office COO Eugene Lipitz discusses the importance of creating internal controls policies, and procedures for family offices to protect clients, enforce decision-making, and streamline operations.
In this episode, join Stacy Allred as she shares insights on making better decisions by leveraging the power of storytelling. Discover the concept of prospective hindsight and how it can combat common decision biases. Learn about the premortem and promortem tools, developed by cognitive psychologist Gary A. Klein, to identify risks, optimize opportunities, and strengthen decision-making. Gain practical steps to conduct a premortem and promortem, and explore real-life scenarios where these tools can be applied in wealth-related decisions. Don't miss this episode packed with valuable strategies for making informed choices and improving outcomes.
In this episode, Mark Pletts encourages families to understand the costs associated with financial services and products, especially due to the pervasive lack of transparency in the industry. He advises them to ask their advisors detailed questions about fees and compensation structures to become better stewards of their wealth and avoid conflicts of interest. This includes attorneys, CPAs, wealth advisors, insurance agents, and other advisors.
Join us for a thought-provoking episode as we explore the concept of ethical wills with Scotty McLennan. Discover how an ethical will goes beyond material possessions, focusing on passing on a vision of the qualitative dimensions of life that matter most. Learn how to craft a values-based letter to your loved ones, expressing your beliefs, lessons, hopes, and requests, and leaving a lasting legacy of love and purpose. Gain insights into the process of creating an ethical will and the positive outcomes it can bring to family relationships and estate planning.
In this week's episode, Keith Whitaker and Christian Stewart explore practical tools for building healthy families, emphasizing the importance of becoming a learning organization. It explores both individual and family perspectives on improving communication, trust, and collaboration, offering a curriculum to enhance skills and foster resilience within family dynamics.
Join us for a fascinating exploration of family roles and responsibilities in a family enterprise with Dr. Lee Hausner. Using the "Hats Off to You!" exercise, we dive into the invisible hats that family members wear and the power dynamics that come with them. Through a lively discussion around various roles, such as owners, managers, and family members, we uncover the rights and responsibilities associated with each hat. Discover how this exercise can enhance family communication, promote understanding, and guide decision-making in a family enterprise.
In this week’s episode, Keith Whitaker talks with Etienne Eichenberger and Malgorzata Smulowitz about the "Family Philanthropy Navigator" as a guide for philanthropic families, emphasizing the importance of choosing the right focus and involving the rising generation in philanthropy. It encourages aligning motivations and interests to achieve meaningful and impactful giving.
In this week’s episode, Tom McCullough talks with Kofi Hope and Zahra Ebrahim about the Identity Wheel, a tool that helps individuals explore different dimensions of their identity and understand the power dynamics connected to them. Through personal reflection and group discussions, we examine how our self-perception aligns with how the world perceives us and explore the impact of identity on our lives, relationships, and decision-making.
In this episode, Keith Whitaker and Courtney Pullen discuss the "Stages of Wealth Integration" that help individuals and families explore their relationship with wealth. It encourages self-awareness, conscious choices about behavior with wealth, and alignment with values, ultimately fostering empowered relationships with money.
In this episode, Tom McCullough and Jim Garland delve into the story of the Jeffrey family and their investment education seminars. The Jeffrey Company, a family-owned business, created a private mutual fund and conducted seminars to educate family members on their unique investment objectives. These seminars aimed to foster family cohesion and provided valuable insights into investment fundamentals, behavioral finance, taxes, and estate planning. Join us as we explore the importance of investment education for family members and its impact on family wealth preservation.
In this episode, Keith Whitaker talks with Sharna Goldseker and Danielle Oristian York about the importance of aligning values within family businesses, offices, and philanthropic endeavors. They introduce their Motivational Values Cards©, a powerful tool that helps individuals and families identify their deeply held values, engage in meaningful conversations, and make intentional decisions based on their values. This tool has proven effective in empowering individuals, transforming families, and guiding collective decision-making over the past 20 years.
In this episode, Tom McCullough talks with Blair Trippe and Doug Baumoel and delves into the "Family Factor" concept and how it can deconstruct conflicts within families. They explore the three components of the Family Factor: shared history, shared vision of being a family in the future, and trust. Listeners will gain insights into evaluating their own family factor and learn practical steps to build and strengthen it over time, fostering resilience and connectedness within their families.
Welcome to the next edition of the Wealth of Wisdom podcast, with your hosts Tom McCullough and Keith Whitaker. This podcast is an audio companion to the book, 'Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors', where we focus on practical applications and how a family can use these tools, exercises, practices to learn, develop and thrive. In this episode, Keith Whitaker talks with Richard Franklin and Claudia Tordini about a transformative approach to family wealth and well-being. They propose a framework that integrates various domains of well-being, such as career, social, financial, physical, and community and emphasizes the importance of incremental progress and growth.
In this episode, co-editor Tom McCullough interviews investment expert Jean Brunel to discuss the challenges individuals and families face when constructing an investment portfolio that aligns with their specific goals. They highlight the importance of considering multiple goals with different time horizons and stakeholders in mind and emphasize the need to factor in costs, such as taxes, when adjusting asset allocation. Through practical examples and statistical analysis, they guide listeners through the process of setting goals, identifying sub-portfolios for each goal, and combining them to develop an overall investment portfolio. Listeners will gain valuable insights into how to align their investment strategy with their family's financial aspirations and make informed decisions about portfolio construction.
Welcome back to the Wealth of Wisdom podcast with your hosts Tom McCullough and Keith Whitaker. This podcast is an audio companion to the book, 'Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors', where we focus on practical applications and how a family can use these tools exercises, and practices to learn, to develop, and to make progress. In this episode, Scott Peppet, President of Chai Trust Company, introduces the "Four Horsemen" graph, a powerful tool for families to monitor their stewardship of financial capital. By condensing information on investment gains or losses, fees, taxes, spending, and inflation into a simple visual, the graph helps families assess whether they are preserving their purchasing power and effectively managing their wealth for future generations.
In this episode, co-editor Tom McCullough interviews Guillermo Salazar, a family business advisor, exploring the power of genograms as a tool for understanding family patterns. Genograms go beyond traditional family trees, using symbols to depict the dynamics and interactions among family members. Join us as we delve into the fascinating world of genograms, uncovering hidden stories, identifying patterns, and discovering how they can help families navigate their legacies and create a brighter future.
One of the most challenging aspects of managing financial wealth together as a family is making shared decisions. The family enterprise structure and system, which often includes the family office, family foundation, operating businesses, trusts, trust protectors, family council, close advisors, and other operating partners, can be fertile ground for confusion and duplication if not managed efficiently and with transparency. In this episode of the Wealth of Wisdom podcast series, co-editor Keith Whitaker interviews Kathryn McCarthy on the “RACI” (pronounced RAY-SEE) governance framework. RACI distinguishes among people who are Responsible, those who are Accountable, those who should be Consulted, and those who need to be Informed. They discuss how a family enterprise can keep track of these different categories for different stakeholders and make better decisions.
In this episode of the Wealth of Wisdom podcast series, co-editor Keith Whitaker interviews Joline Godfrey. They discuss her chapter and the concept of "making kids happy" vs. "raising happy kids". She introduces the Birthday Eve tradition, which promotes maturity, self-sufficiency, and the balance between privilege and responsibility in children.
In this podcast episode, Tom McCullough interviews Arden O'Connor, founder, and CEO of the O'Connor Professional Group. They discuss her chapter on the impact of mental health issues on families, addressing warning signs, family dynamics, protective behaviors, and crisis management. Arden emphasizes the potential for growth and recovery in this journey.
In this episode of the Wealth of Wisdom podcast series, co-editor Tom McCullough interviews founding member of the Generation 6 firm Greg McCann. Tom and Greg discuss his chapter - Assessing Your Readiness for a (Family Enterprise) Leadership Coach. Greg explains how his leadership model 'coaching for family businesses' helps families develop to their full capacity (greater self-awareness, deeper empathy, etc).
In this episode of the Wealth of Wisdom podcast series, co-editor Tom McCullough interviews Greg Burrows and Ruth Stverlynck. Tom, Greg, and Ruth discuss their chapter "Creating Impactful Learning Programs for Families" and how having empowered, engaged individuals in the system is the antidote to entitlement and dependence. Their chapter provides the tools for impactful learning.
In this episode of the Wealth of Wisdom podcast series, co-author Keith Whitaker interviews management and organizational consultant, Barton Parrott. Keith and Bart discuss Bart’s chapter - Finding What’s Next for Your Family - which helps families find "what's next" after a significant change (sale of business, death of a matriarch or patriarch, a shift in the business landscape, etc).
In this episode of the Wealth of Wisdom podcast series, co-editor Tom McCullough interviews Family Advisor and Author, Matthew Wesley. Tom and Matthew discuss his chapter - Gamechanging. They discuss family keystone habits, the importance of identifying them, and how gamechanging causes cascading effects through an entire system.
In this episode of the Wealth of Wisdom podcast series, co-editor Keith Whitaker interviews Linda Bourn. Keith and Linda discuss her chapter - Undertaking a Family Risk Assessment - this chapter provides an assessment tool that can help identify family’s risk landscape and help provide insight into unique risks that require a more detailed plan.
In this episode of the Wealth of Wisdom podcast series, co-editor Tom McCullough interviews Katherine Grady and Wendy Ulaszek on “Leading Successful Family Meetings” - and how this chapter provides the tools to learn how to become an "ambidextrous leader" by tending to both family and enterprise needs with agility. We also talk through their excellent checklist of 10 questions to ask in planning and leading your family meetings.
In this episode of the Wealth of Wisdom podcast series, co-author Keith Whitaker interviews author, lawyer and educator Patricia Annino. Keith and Patricia discuss her chapter - Managing the Risk of Diminished Capacity - and how her chapter provides a checklist for families to use for advanced planning for diminishing capacity. Patricia gives her advice on family 'proxies', family dynamics, and tips every family should hear in case of a family emergency.
In this episode of the Wealth of Wisdom podcast series, co-author Keith Whitaker interviews Kim Kamin on her chapter 'Choosing Trustees with Care and Wisdom' and the main purposes for using trusts. Kim's chapter provides a comprehensive guide to understanding a trustee's role and the proper tools to decide on one and common cautions that could arise in the process.
In this episode of the Wealth of Wisdom podcast series, co-author Keith Whitaker interviews author, lawyer and educator Patricia Annino. Keith and Patricia discuss her chapter - Managing the Risk of Diminished Capacity - and how her chapter provides a checklist for families to use for advanced planning for diminishing capacity. Patricia gives her advice on family 'proxies', family dynamics, and tips every family should hear in case of a family emergency.
In this episode of the Wealth of Wisdom podcast series, co-editor Keith Whitaker interviews Don Opatrny and Keith Michaelson. Keith interviews them on their chapter - Using the Ikigai Model to Foster a Legacy of Meaningful Engagement - Their chapter discusses how to explore meaning and purpose using the Ikigai Diagram and how applying family resources to an Ikigai exploration can lead to the development of character, competence and contribution.
In this episode of the Wealth of Wisdom podcast series, co-editor Keith Whitaker interviews Stacy Allred, Joan DiFuria, and Stephen Goldbart. Keith interviews them on their chapter - Advancing Flourishing: A 10x10 Learning Roadmap - their chapter provides a comprehensive framework for family members of all ages to effectively manage wealth and life choices by using the 10 core competencies across 10 life stages.
In this episode of the Wealth of Wisdom podcast series, co-editor Tom McCullough interviews the Chair & Co-founder of Silver Sherpa Inc., Susan Hyatt. Tom and Susan discuss Susan's chapter - Building a Smart Aging Plan. They discuss 'Smart Aging' and how to incorporate health and personal care into your financial retirement plan to live your best 'third act'. Susan gives her advice on the best time to discuss this plan with your loved ones and other great examples.
In this episode of the Wealth of Wisdom podcast series, co-author Keith Whitaker interviews founder and managing partner of Wealthbridge Partners, Ellen Miley Perry. Keith and Ellen discuss her chapter on the four profound questions families should ask for a pathway to deep connection, emotional intimacy, and a greater familial well-being.
In this episode of the Wealth of Wisdom podcast series, co-author Keith Whitaker interviews James Grubman. Keith and James discuss James' chapter - Understanding the True Goals of Wealth Preparation - and how this chapter provides an exercise for families of new wealth that puts things into perspective, revealing what they do not yet understand about preparing for wealth and how to properly strategize.
In this episode of the Wealth of Wisdom podcast series, co-editor Tom McCullough interviews family, business and legal consultant Josh Kanter. Tom and Josh discuss Josh's chapter - Creating a Family Owner's Manual - and how this practice can help track key family information, identify blind spots, and educate family members and advisors.
In this episode of the Wealth of Wisdom podcast series, co-editor Tom McCullough interviews the founder and owner of illumination360, Kristin Keffeler. Tom and Kristin discuss Kristin's chapter - Tapping Character Strengths to Move Families Forward - and how this chapter provides the tools to measure, apply and recognize character strengths amongst family members. Kristin discusses "strength spotting" and provides an example of a client and his family that applied this exercise resulting in a heartfelt moment of true connection.
In this episode of the Wealth of Wisdom podcast series, co-author Keith Whitaker interviews Josh Baron and Rob Lachenauer on their chapter 'Deciding If You Should Join the Family Business'. Josh and Rob discuss their assessment tool in their chapter that will help articulate what’s driving one's decision.
In this episode of the Wealth of Wisdom podcast series, co-author Keith Whitaker interviews Andrew Doust founder of Plenitude Partners and co-founder of Kore Venture. Keith and Andrew discuss Andrew's path to advisory work, how he helps families flourish, and his chapter that discusses the practice of a 'College Send-Off Ritual' for all generations in the family.
In this episode of the Wealth of Wisdom podcast series, co-editor Tom McCullough interviews John A. Warnick. Tom and John A. discuss his chapter, the practice of giving your trust a heart and soul that is a reflection of you, and the benefits it will bring to your family.
In this episode of the Wealth of Wisdom podcast series, co-editor Tom McCullough interviews Dr. Jamie Traeger-Muney. Tom and Jamie discuss her practice of “creating your future now”. Instead of just thinking about what you want, if you ask your brain to visualize it as if it has already happened, you have a far greater ability to envision your future.
In this episode of the Wealth of Wisdom podcast series, co-author Tom McCullough interviews renowned sixth-generation counselor-at-law, now-retired attorney James E. (Jay) Hughes. Tom and Jay discuss his journey, what really matters to families, and three practices he has used successfully with families over the years.
In this first episode of their new podcast series, co-authors Tom McCullough and Keith Whitaker are interviewed by Scott Dickenson on their new Wealth of Wisdom book and podcast series. The group discusses why Tom and Keith decided to write another Wealth of Wisdom book and how this one differs from their first book. A great overview of what the book is about, who it is for, and some of Tom and Keith’s favourite chapters and practices from the new book.
In this special 50th episode of the Wealth of Wisdom podcast, co-editors Tom McCullough and Keith Whitaker are interviewed by Scott Dickenson on their experience writing Wealth of Wisdom and recording 50 podcast episodes since October 2018. Tom and Keith discuss their favourite chapters from the book, the topics that have resonated the most with readers, and what specific skills and ideas that each of them brought to the project. They also cover how the podcast came to be and some of their most memorable interviews over the last year and a half. We hope you enjoy this special 50th episode of the podcast and that it inspires you to go back and listen to some of the previous episodes that you might have missed the first time around.
How can you think through the use of wealth that exceeds your personal needs? This is a perennial question to which Paul Schervish applies the perennial insights of St. Ignatius. In this conversation with Keith Whitaker, Paul shares elements of the 'discernment process' and its application to the disposition of wealth. He also talks about how discernment takes into account the joys and anxieties wealth-holders feel about the impact of wealth on others. And he even recounts some of the challenges he faced in a career of studying wealth and philanthropy within academia. This is a useful discussion for anyone seeking to connect wealth with deeper purpose.
In this week’s episode of the Wealth of Wisdom Podcast, Tom interviews investing legend Howard Marks on his chapter from the book entitled, "How should private investors understand and deal with investment risk?" Howard is a well-known investor, speaker and author on the topic of investing and risk. Listen as Tom and Howard engage in a wide-ranging conversation on the current market environment, his thoughts on investor behaviour, the trend towards passive investing, and how his memos to clients became must-read material for the entire investment community.
In this episode, Tom McCullough interviews Meir Statman, well-known author and professor at Santa Clara University who specializes in behavioral finance. We talk about what behavioral finance really means and how it impacts the lives of families of wealth. Meir also talks about his chapter in Wealth of Wisdom answering the question “What is the right balance between saving and spending in retirement?”
In his research interviews with couples in retirement age, he finds that many have more than enough money to pay for whatever they need, without risk of running out of money before running out of life. Yet they resist, insisting that they cannot afford these services. Why do people behave this way? Can they change? Should they change? Fascinating conversation with a remarkable person.
How much should we give our children and when? That's probably the most common question that parents with wealth ask. In this interview with Keith Whitaker, Peter Evans, a leading personne de confianceto wealthy families, takes on that question directly. He discusses the importance of not giving significant financial resources to children before they have become mature and independent. He also describes tools that families can use to learn about themselves--the surprising key, Peter argues, for long-term family success.
Dean Fowler is one of the founders and leaders of the field of family business consulting. In this conversation with Keith Whitaker, Dean shares his perspective on how the field has changed over the last 35 years. He also describes the seven habits that he has found help prepare successors in families with business or wealth to succeed as family leaders. Dean discusses strategies for successors to establish their own independence and reshape family communication patterns, as well as to learn how to manage financial risk. He also talks about how to apply the seven habits in families with financial wealth and to situations where, due to longevity, multiple generations are in the process of succession. This is a rich and rewarding conversation for anyone interested in family business and family wealth transitions.
In this episode, Tom McCullough interviews Chris Brightman, Chief Investment Officer of Research Affiliates, who discusses the rates of return investors can expect from their investment portfolios. Of course no one can predict exactly what returns will be, particularly over short periods of time, but in this conversation Chris lays out a fact-based, time-tested approach that will help families and advisors plan for the future. In this conversation, Chris also shares how he set up a diversified all-weather portfolio for his own adult children that is likely to deliver results and be resilient over time.
Lisa Parker is president and executive director of the Lawrence Welk Family Foundation, which was established by her grandfather, the world-famous entertainer and entrepreneur. In this interview with Keith Whitaker, Lisa talks about lessons she learned from her work with the second, third, and fourth generations of her family, as well as what she's learned from other families about how to engage children and grandchildren in philanthropy. Along the way, Lisa addresses the challenge of navigating family members' different interests, stages of life, and values. This is a great conversation for listeners seeking to deepen their families' commitment to giving as generations.
Family business consultant and educator Greg McCann has decades of experience consulting to other families and helping to run his own family's business. In this interview with Keith Whitaker he shares insights into a key challenge for every family enterprise: how to develop leaders. Greg describes the elements of vertical leadership development. He also offers a wealth of tips and practices that families can immediately put to work in developing leadership in all aspects of individual member's lives.
What is the point of family governance? Many a first-generation family leader has asked this question with some doubt that there is a point. Family business consultant Katherine Grady ably describes in this podcast how governance plays an essential role in the well-being of businesses and families that last for generations. In her interview with Keith Whitaker, Katherine describes the main structures of family governance--the Board and the Owner's Council--and their roles, as well as the perhaps surprising fact that family governance may be even more important for families who have sold their operating business and are now trying to manage a foundation, family office, or investable wealth together as a family.
How do you prepare for a good goodbye? That is, the final goodbye, death. That is the fundamental question that Kathy Wiseman takes up in this podcast and her contribution to Wealth of Wisdom. In her conversation with co-editor Keith Whitaker, Kathy talks about the role of the study of anxiety in her work with families, and she draws several lessons from her experience about how to raise the question of death with aging family members and other relatives. Kathy also shares the wisdom that, while we all know that this topic is an important and difficult one, it can be handled by families in a way that provides for a good death for family members who pass away and for stronger relationships for those family members who remain.
In this episode, Tom interviews Mary Duke about family meetings. Families are very complex ‘organizations’ all on their own, and the addition of wealth brings even more complexity. Families also face many changes over time – some predictable and some unexpected – which adds tends to add stress. So, good communication is key and family meetings are a helpful way to keep members in the loop and make decisions together. Mary offers practical guidance on using family meetings effectively. What are the benefits of a family meeting? Should every family have them? What should be on the agenda? Where should they be held? Who should and shouldn’t be invited? Should you use a facilitator? What should the ground rules be?
In this episode, Tom talks to Ashvin Chhabra (one of the fathers of goals-based investing) about ‘how you can make sure your portfolio lines up with your actual goals?’ This probably sounds obvious, but it is not commonly practiced in real life. In fact Ashvin argues that investing is not really about the markets at all - it’s about you, the investor. He show how you can organize your balance sheet into categories based on your goals and then fund each of those buckets with asset classes that are most likely to deliver success. A great conversation!
Lee Hausner is one of the leaders in the field of family wealth and business. In this conversation with Keith Whitaker she shares insight on what makes families thrive, when parents should consider telling their children about wealth and how, when parents should begin giving their children access to family funds, and how to manage the question of giving fairly versus equally to the rising generation. She also offers practical direction on using family meetings to communicate and manage the family's affairs.
When should a family call it quits and go their separate ways? How can a family even think about this painful question? In this podcast, Keith Whitaker speaks with family business consultant Doug Baumoel about these fundamental questions, ones that, from time to time, any family that is managing a business or wealth together have to face. Doug reviews the concept of the 'family factor,' which measures a family's ability to navigate change together, based on shared history, shared vision, and trust. He also talks about ways to raise, in a productive manner, the question of whether to stay together or not, and he shares examples in which families actually found ways to separate without mutually-assured destruction.
Business, wealth, family, and life itself all have a way of drawing our attention away from what matters most to what matters now, from the important to the urgent. In this episode, Tom talks to Thayer Willis whose chapter answers the question: What are the key considerations in crafting your legacy? Thayer offers a path to answering that question for yourself. It begins with identifying and clarifying your values, determining how you can better exemplify your values and priorities, and examples of specific ways to talk about these important issues with your heirs. “We apologize for the occasional glitches on the recording caused by our telephone connection. We thought about re-recording or retouching the interview, but didn’t want to risk losing the energy, freshness and candor of our original conversation. We hope you agree.”
Jill Shipley’s chapter in Wealth of Wisdom is titled, ‘How Do You Raise Responsible, Independent, and Productive Children (versus Entitled Trust Fund Babies)?’. When working with wealthy families, this question comes up as often as any other question covered in the 50 chapters of the book. In this episode, Tom McCullough interviews Jill on what she thinks the best practices are for wealthy parents when it comes to raising their children. From thinking about how children mirror their parent’s behaviours, to investing in learning and fostering a reason to get off the couch, Jill covers some great starting points for families thinking about these issues.
Though it may not be – nor should it be – the first question families ask, is often one of the most important ones when it comes to the management of their financial assets: What should my asset allocation be? When it comes to wealthy families, we can think of no better person to answer that question than Jean Brunel, the managing principal of Brunel Associates. In this wide ranging conversation, Tom McCullough talks with Jean on the goals based approach to investing and asset allocation, and his decades of work with ultra high net worth families.
Life is complicated and it gets more so as wealth increases. At the same time, navigating the world of investments, financial products and planning is becoming more challenging every day. You can't be good at everything, so it is probably inevitable that you will have to rely on advisors with key technical skill and practical experience at some point. What do you do when you think you have found a good advisor, but you're not sure? In this episode Tom McCullough talks with Bob Dannhauser, the head of global private wealth management at the CFA Institute, about how investors can find qualified advisors, avoid the next Bernie Madoff and, in the words of Ronald Reagan, learn to “trust, but verify.”
What are tools to build healthy families? That's the question that Keith Whitaker discusses with Christian Stewart in this podcast. Christian is a non-practicing solicitor in Hong Kong who consults with global families around family governance. Among other things, Christian describes exercises he uses with families around managing difficult conversations and expressing gratitude. He also talks about how advisors can develop a comfort level in deploying these tools with their families.
In world where it is pretty much assumed you need a specialized and complex strategy to be a sophisticated investor, Robert Maynard argues that a simple, transparent and focused approach is a viable and successful alternative. He runs the $17 billion Public Employee Retirement fund for the state of Idaho and practices what he preaches. In this interview, Bob talks about the three ways to make money, the importance of understanding your goals, and the role of active management, among many other fascinating topics.
In common law countries, a very large proportion of wealth will be held in trusts by the third generation. As such, finding and retaining good trustees will be increasingly important. Yet, somehow, family trusts often preserve a family's financial assets, yet fail to preserve either family or trust. Hartley Goldstone, a trained lawyer and an experienced consultant to trusts and trustees, talks about how families can source great trustees and how trustees can ensure they fulfill their important responsibilities. He also shares the results of his substantial research and interviews with beneficiaries and trustees on what works most effectively and does the most good.
John Davis is a household name in the world of families and business. He is one of the creators of the three circle model, which has been a helpful tool for understanding how families, managers and owners interact in family enterprises for over 40 years. In this episode, John talks about how he found his way into this work, the history of the three circle model, why family unity is important and how it can be built, and the future of enterprising families.
In this interview, renowned investor Charley Ellis pulls no punches. Active managers, he says, cannot beat the market on a consistent basis. Fifty years ago, Charley argues, institutions did less than 10% of total NYSE trading, and individuals did more than 90%, and beating the market was probable for well-informed professionals. Today, full-time professionals who are constantly comparison-shopping inside the market for any competitive advantage are executing more than 98% of trades in listed stocks, and nearly 100% of derivative transactions, which makes it almost impossible for the average manager or investor to outperform. A fascinating conversation about investment performance, fees, and the future of active management for private investors.
Even as passive investing continues to rise in popularity, many families struggle with the choice of active versus passive. In this podcast Harvard Business School professor Randy Cohen, a close researcher of investment returns, argues that there's no going back to the days when famous managers could 'beat' efficient public markets. However, Cohen does identify four strategies that--with patience and the right advice--families should consider in order to achieve outsized returns with a significant part of their portfolios.
Risk is a commonly misunderstood concept – even more so for private clients, who have to operate in world that is increasingly tilted toward institutions and professional investors. In this interview, long-time investor Jim Garland, who shepherded the Jeffrey family portfolio for many years, provides his guidance on how families should think about investing and how they can manage risk. The way Jim thinks, risk means the possibility of not having available the money you need at the time when you need it. And you definitely want to hear his analogy about ‘Chicken farmers’ and ‘Egg farmers’.
All parents want their children to learn good values. But what do we mean by values? And how are they learnt? These are just a couple of the question that Ellen Perry takes on in her chapter and this podcast interview with Keith Whitaker. Ellen also discusses what families can do when there are real disagreements over values or the choices that those values lead to, as well as specific activities that parents and grandparents can use to prompt productive conversations among their family members about the values they hold dear.
There are strong forces against family business continuity. So every enterprise must find ways to engage the rising generation. In this interview with Tom McCullough, Dennis Jaffe talks about how business families can increase the critical elements of connection, transparency, capability, and commitment. He also highlights some of the best practices around designing and holding effective family meetings, which can help to sustain these family building blocks.
This podcast demolishes the myths that family businesses are beset by conflict and poised to fail. Instead, Josh Baron and Rob Lachenauer outline ways that family business owners can learn to practice "active ownership" and thereby materialize the true value that they bring to the business. In this interview with Keith Whitaker, they also discuss the signs that you're losing control of your family business and what to do about it.
In the first chapter of the book, Patricia Angus tells a fascinating story about a conversation she had with a cab driver about wealth and life and asks the question – “Are you wealthy?” This question may seem at first blush easy to answer, just a quantitative matter. But of course it all depends on what you mean by “wealth”. In this conversation with Tom McCullough, she invites listeners to think through that question in ways far beyond money, including the impact that each of us has on the world around us.
What is the meaning of life? Why are we here? What opportunities--and challenges--does financial wealth pose for living well? These are just some of the questions that Rev. Scotty McLennan takes on in this wide-ranging discussion with Keith Whitaker, which also makes the case that reading well is key to living well.
There are few topics more important and more challenging than family communication. Jennifer East is an advisor to business families and brings unique perspective to the topic. In this conversation with Tom McCullough, Jennifer talks about her own experience growing up in an entrepreneurial family and what she has seen in the many families she has worked with. She offers practical, concrete steps for improving family communication, which come down to good planning, structure, and the courage to take action.
What greater asset can there be than our children? Yet the desire for "enrichment" can often lead to children feeling pressured by the expectation for achievement. Psychologist Suniya Luthar and her daughter Nina Kumar have studied, written on, and lived the complexities of this experience. In this podcast with Keith Whitaker, they share what parents should look for and practices that they can use to help young children and teenagers navigate the complexity of school, sports, friends, and wealth.
Some families have determined that they could benefit from the integrated objective approach offered by a family office, which then leads to another set of questions such as “Should you choose a single‐ family office or a multi‐ family office?” In this interview with Tom McCullough, family office expert Kirby Rosplock walks us through a thoughtful, reasoned, and personally relevant way to make this decision. She also offers some handy evaluation tools to understand the choices.
Do you ever worry that you haven't found your philanthropic "passion"? Ellen Remmer, who has led one of the world's most innovative philanthropic consulting groups, challenges that concern right from the start of her interview with Keith Whitaker. Ellen talks about philanthropy as a journey that involves much experimentation, with learning from success and failures. She also supplements her chapter's definition of several key philanthropic terms with special attention to impact investing, which she sees as a way for families to make the most out of all their resources, not just their tax-exempt ones.
Dirk Jungé is a leader and pioneer in the family office field, providing leadership to his family’s firm, Pitcairn, for many years. Dirk was kind enough to write the foreword for Wealth of Wisdom. In this episode, he talks to Tom McCullough about how wealth is an amplifier of all things and how, if not properly tended, it can be a family’s undoing. And he tells many stories about experiences of client families and of his own (like “Rock Acres”) that have shaped his views of families and wealth.
Jay can rightly be said to be the founder of the field of family wealth. In this discussion he reflects on the journey that brought him to this work, his current role as an elder, and the paramount importance of elders for families who wish to succeed over generations. Jay also discusses the true meaning of the proverb "Shirtsleeves to shirtsleeves in three generations" (hint: it's not just about money) and specific practices that families can and must adopt to face a future of radical changes.
There are few assets that generate as much emotional heat as a family vacation home or estate. Jamie Forbes knows the power of family vacation property through his growing up part of the Forbes family, with their shared estate of Naushon Island off Cape Cod, which has been in the family for over 150 years. In this podcast Jamie shares specific practices that his family and others use to strengthen family communication and decision-making. He also talks about what it is like to grow up as a member of a prominent family, both the positive and negative aspects of the experience.
This is a question that practically every parent asks, whether or not they have money. But wealth can deprive children of the natural education in financial literacy. Coventry Edwards-Pitt has written an entire book about how successful heirs develop healthy money skills. In this podcast she shares concrete practices that parents can adopt, whether you are parenting young children or adults.
Conflict is a normal part of family life. But it can be difficult to talk about and to manage, especially when significant wealth or a family business is involved. Blair Trippe is a counselor who has years of experience working with families in conflict. In this podcast Blair defines the different types of conflict, shares strategies for dealing with different forms of conflict, and talks about measuring the "family factor" needed to help families weather the usual slings and arrows that fortune sends their way.
Family unity sounds like a good thing, but in this podcast a senior advisor to families, Andrew Hier, argues that unity is in fact vital to the long term success of a family or its enterprise. In his conversation with Tom McCullough, Andrew talks about the corrosive effects of disunity (including disputes, divisions, mistrust, political maneuvering, entropy) that can fester and ultimately crush a family and its enterprise. Thankfully, Andrew also provides practical ideas on how to build and strengthen family unity.
With an increasingly aging population, families need to turn their attention (sooner rather than later) to the issues of mental competence. This may refer to the traditional problem of older family members living longer with diminished competence, but also to those who live longer in good shape with sustained competence (-think Queen Elizabeth). Both of these scenarios have significant consequences for families. Tom McCullough talks to lawyer and family advisor Patricia Annino about this critical topic and how families can anticipate and prepare for it.
Life is complicated, and it gets more so as wealth increases. While advisors are almost always necessary, it can be hard to find good one, with the the skills, experience, empathy and integrity you want. And, once found, it can be often difficult to manage them in a effective way that stays focused on the needs of the family. In this podcast, Tom McCullough has a fascinating conversation with Philip Marcovici, a retired lawyer and consultant to global families, about the challenge of finding and keeping effective advisors you can trust.
In this episode, Tom talks to contributing author Alex Scott, a business leader and a member of a multi-generational family of wealth from the UK. Alex answers the question ‘Can a Family Stay Together After the Operating Business Is Sold?’ with an enthusiastic ‘yes’. But of course that result does not come about without considerable intentionality and effort, so Alex describes some of the practices that worked well for his family and how other families might apply them. Note that this episode has a lot of relevance for families that don’t have operating businesses as well as those that do.
In this special episode of the podcast, Keith Whitaker (Tom’s co-author on Wealth of Wisdom) is interviewed by Scott Dickenson. Scott and Keith discuss Keith’s career, his past books, and his experience working with Tom while writing Wealth of Wisdom. Be sure to listen to the end, where Keith speaks about a few of his favourite essays in the new book, and what he hopes that families get from it.
In this episode, Tom interviews contributing author Dr. James Grubman on his chapter in the book titled, ‘How Do You Balance Family Stability with Resilience Over the Generations?’. Jim is a psychologist and consultant to multi-generational families about the issues that arise around wealth. He shares from his own experience with families and talks about how they can successfully adapt to changing conditions over time, yet not lose the benefit of the values and skills from the past that got them to where they are today.
In this episode, Tom interviews contributor Barnaby Marsh on his chapter in the book titled, ‘How Can You Wisely Develop a Long-Term Strategy For Your Philanthropy?’. Barnaby is co-founder of the philanthropic services agency, Saint Partners. In this podcast, he reflects on the massive (and probably inevitable) societal changes we are going through, and how you can wisely develop a long-term strategy for your philanthropy in that context.
In this episode, Tom interviews contributor Heidi Druckemiller on her chapter in the book titled, 'Does Family History Matter?'. Heidi is a senior consultant at The Winthrop Group and suggests that the story of your past can help you to discover your family's unique values, shape its moral purpose, and direct its strategic decision-making. It will also, inevitably, give your life meaning in ways that you can't yet imagine.
Tom interviews contributor Scott Hayman on his chapter in the book titled, ‘Is It Worth Having a Financial Plan’. Scott is the President of Northwood Family Office and has been Tom’s business partner for the last 15 years. Scott discusses his thoughts on the benefits of having a financial plan and expands on some of the ideas he brings up in his chapter.
Tom McCullough is interviewed by his colleague Scott Dickenson on the new book, where the idea for it came from, and how his co-author Keith Whitaker got involved. A great overview of what the book is about, who it is for, and what Tom hopes readers get from it.