Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors (FEAs) in supporting their clients.

 

 

Myra Salzer is the Founder of The Wealth Conservancy and has been repeatedly listed among top financial advisors in the U.S. by Worth Magazine.

 

Myra joins host Ruth Steverlynck to share her insight and knowledge on working as an advisor for inheritors. She shares tips, best practices and what to consider when building relationships with this often underserved and misunderstood clientele.

 

Key Takeaways

[0:16] Ruth introduces Myra Salzer — known as the inheritors’ advocate — and asks her to explain what an inheritors' advocate is.

[3:12] There has been a rise in resentment against the wealthy and Myra touches on how this has affected inheritors and what emotions she usually sees in new beneficiaries. She also shares tips on what advisors should check, in themselves, in order to do their jobs well.

[5:34] Hostile envy is a phenomenon that can manifest itself in some individuals in direct relation to their own relationship to money and can be very destructive to inheritors. Myra also gives her definition of minorities, how inheritors do fall within those parameters and why they require an advocate.

[8:26] Myra shares her experience on how to best work with inheritors from an advisory perspective, as well as the biggest pitfalls to avoid, the first of which is to work on being aware of your own prejudices and find ways to circumvent them in order to prevent dehumanizing your clients.

[14:09] So you’ve found that you do have some biases and latent prejudices? Myra explains how relying on other people or teams to better serve your client may be the best way to move forward in that relationship.

[15:36] Myra offers a workshop for inheritors as many tend to hide their wealth and try to fit in. She shares the story of when she realized how alone this minority group was and how helpful this workshop can be.

[23:03] Advisors should also have a place to safely talk about their experiences and bounce ideas off of other experts and meet new resources.

[24:00] For listeners who are interested in this topic, Myra recommends a book, her TEDx talk and her workshop, all of which are linked below.

[25:45] Ruth thanks Myra for her time and experience, then invites listeners to subscribe and tune in for the next episodes.

 

Mentioned in this episode

Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange

 

Myra’s resources

• Workshop: Inheritors of Wealth Workshop
• Myra’s Books
• Myra’s TEDx Talk
• Book: The Cycle of the Gift: Family Wealth and Wisdom, by James E. Hughes Jr., Susan E. Massenzio, and Keith Whitaker

More about the Family Enterprise Xchange

• Family Enterprise Xchange (FEX)
• FEX on LinkedIn
• FEX on Facebook
• FEX on Twitter

 

More about our guest

• Myra Salzer at The Wealth Conservancy
• Myra Salzer on LinkedIn