Introduction

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

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description:

Host Steve Legler welcomes Aileen Miziolek as his guest for a discussion about the intricacies of working with families, and how thinking about them as a "relationship system" can be useful. They discuss ideas around facilitation as an outsider invited to work with a family system, as well as using some basic family systems concepts that can help FEAs better understand the family relationships they encounter when working with clients.

Guest bio

Aileen Miziolek brings a multi-disciplined and integrated approach to her work, including 20 years of experience in complex financial and estate planning for business-owning families. She holds the CFP®, FEA, ACC, and ORSC designations. Aileen is co-author of Inspired Wealth, Financial Leadership for the 21st Century, a book that serves as a guide for making critical life choices about money to create a fulfilling life. Her guidance has helped hundreds of families through the unique opportunities and challenges they face in the areas of inter-generational wealth transfer, business succession planning, estate planning, and philanthropy.

You can learn more about Aileen Miziolek on her website and LinkedIn.

Key Takeaways

[:26] Steve Legler welcomes Aileen Miziolek and invites her to share a little bit about how she ended up in family systems coaching.

[3:20] Coaching individuals outside of their systems leads to functional limitations and even conflict. Aileen explains how combined individual and system coaching offers results.

[6:35] Outsiders to the system need to remain outside and impartial, advisors are well-placed to identify patterns.

[8:28] Aileen's "Pong" analogy.

[9:51] What should be the very first meeting's very first question? Aileen explains how she builds a safe container.

[12:36] Aileen explains the ghosts in the system and how they can impact a business family.

[15:06] The system's mirror may be its greatest function. How advisors can build system awareness.

[16:10] Aileen points out a potential pitfall: are you making the family up? Striking the right balance between structure and flexibility.

[18:16] Aileen offers a sibling example of conflict with positive outcomes and the attitude the advisor should have in the presence of conflict.

[21:47] The learning family culture is how Aileen reframes conflict for families. She shares how she manages system pressure.

[24:39] Nurturing a system's belief in its ability to overcome is an important part of how Aileen works.

[26:40] Aileen touches on the increase of systems work being done with siblings.

[29:10] Aileen shares her reading recommendation as well as her advice for advisors.

[31:24] Steve thanks Aileen for joining the podcast and sharing so much of her expertise, and signs off until next month.

If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts, and other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at [email protected].

Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Systems Inspired Leadership: How to Tap Collective Wisdom to Navigate Change, Enhance Agility, and Foster Collaboration, by Frank Uit de Weerd, Marita Fridjhon

CRR Global ORSC Coaching program

More about Family Enterprise Canada

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Introduction

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

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

This month, we welcome Family Business Member, FEA and Family Enterprise Foundation Board Member, Ambreen Bhaloo, as guest host of our podcast. Ambreen welcomes Mike Sargeant, former BBC Correspondent, Speaker and Coach to talk about the lessons of high impact communication and listening, drawing on his experiences working in dozens of countries over 25 years, from war zones to Westminster to corporate boardrooms. Enjoy this engaging conversation!

Guest bio

Mike Sergeant is a former BBC TV correspondent who helps people become better communicators, giving them clarity and confidence. Mike's speeches, workshops, and coaching sessions distill the lessons of high-impact communication, drawing on his experiences in dozens of countries over 25 years from war zones to Westminster to corporate boardrooms.

You can learn more about Mike Sergeant on his website and LinkedIn.

Guest host bio

Ambreen Bhaloo is 2nd generation of an enterprising family and understands first-hand the complex and competing demands of family, business/management, and ownership. She lives in Toronto with her three children. Ambreen holds an honors degree from Western University and a Master's in Education from the University of Pennsylvania. She is a Certified Co-Active Professional Coach (CPCC) and a Family Enterprise Advisor (FEA).

You can learn more about Ambreen Bhaloo on her website and LinkedIn.

Key Takeaways

[:26] Guest host Ambreen Bhaloo introduces herself and welcomes Mike Sergeant to the podcast for a discussion on communication in business families.

[1:58] Mike shares his story into journalism, some of his most spectacular pieces, and how acting gave him a solid foundation to better communicate.

[4:11] Fear or excitement, Mike offers his perspective on an often vilified emotion, even in the midst of a war zone.

[6:06] From journalist to organisation, governmental, and business family coach, Mike shares the skills that he found useful in this transition.

[7:47] Mike's tips for building trust and confidence in new client families and how trust leads to better working relationships.

[10:40] What the generational wealth transfer coming in the next few years heralds as opportunities and challenges.

[12:33] Mike explains how family narrative can help build better communication and purpose.

[15:30] Step by step, what does it take to build a proper narrative? Mike shares critical aspects of storytelling.

[18:45] Taking the time to analyze family stories can build a broader understanding of the overarching family story.

[20:33] Each family is different and each family business is run differently; this means that storytelling will have varying degrees of intimacy.

[22:11] House of Gucci.

[24:38] The generational wealth transfer is also a value transfer. Mike offers that the upcoming gen needs to evaluate what they want to keep and change.

[26:56] After travelling the world, Mike offers the similarities and differences he has found within business families.

[28:56] Mike shares his reading recommendation as well as his advice for advisors.

[31:25] Ambreen thanks Mike for joining the podcast and sharing so much of his knowledge and experience, and signs off until next month.

If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts, and other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at [email protected].

Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Fear Less: Face Not-Good-Enough to Replace Your Doubts, Achieve Your Goals, and Unlock Your Success, by Dr. Pippa Grange

More about Family Enterprise Canada

Family Enterprise Canada (FEC)

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Special Video Episode: Watch the video here

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

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

DescriptionIn this special 50th video episode, host Steve Legler speaks with all three authors of the recently released book, Wealth 3.0: The Future of Family Wealth Advising, Jim Grubman, Dennis Jaffe and Kristin Keffeler. Together, they discuss both the past and future of the field of advising families about wealth issues and cover some of the differences between working with family businesses, family enterprises and families of wealth. To mark the 50th episode, this podcast is presented in video format, a first for Let's Talk Family Enterprise!

If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts, and other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at [email protected].

More about Family Enterprise CanadaFamily Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

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

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description

Host Steve Legler speaks with David York, author of The Gift of Lift and Entrusted, about the concept of stewardship and how it applies to enterprising families. York also shares his three questions that every rising generation family member needs to have answered, along with his views on the continuum that runs from entitlement to enslavement.

Guest bio

David R. York David R. York is an Attorney, Certified Public Accountant, and Managing Partner with the Salt Lake City law firm of York Howell. David practices law in the areas of estate planning, tax, business planning, and non-profit entities. He is a Fellow with the American College of Trust and Estate Counsel (ACTEC) and is the Dean of Legacy with the Purposeful Planning Institute. David has extensive experience in designing and implementing advanced wealth planning strategies for high-net-worth clients. He is the co-author of three books, Entrusted: Building a Legacy That Lasts, Riveted: 44 Values that Change the World, which after its release was the #1 Business Ethics book on Amazon, and The Gift of Lift.

You can learn more about David R. York on his website and LinkedIn.

Key Takeaways

[:26] Steve Legler welcomes David R. York to the podcast and asks him to talk a little bit about the subtitle of his latest book: Harnessing the Power of Stewardship to Elevate the World.

[4:21] David played "slug bug" as a kid, he makes a parallel with looking for and finding examples of stewardship in the world.

[5:50] Though we use and hear the word a lot, stewardship is rarely defined. David offers the working definition he came up with in his book as well as the opposite of stewardship: consumerism.

[8:36] Transcendence and investment characterize stewards, David talks about the ill-perceived trait of entitlement and shares his experience in a five-generation vineyard in Verona.

[11:49] Stewards have a unique perspective on the relationship with the past, present, and future. David shares the four key building blocks of stewards.

[13:55] David dives into the notions of equality of opportunity and cost versus value. He also touches on the four Ps: purpose, preparation, perspective, and participation.

[18:35] The insidious problem of snowplow parenting and the problem of perceived entitlement.

[20:11] The three critical questions David poses to help families surmount the biggest issues surrounding wealth transfer.

[25:16] Entrusted is right in the middle between entitlement and enslavement; Steve and David break down how to keep the balance through rights and responsibilities.

[29:04] David's reading recommendations and his advice for advisors.

[32:12] Steve thanks David R. York for joining the podcast and sharing so much of his learnings, and signs off until next month.

If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts, and other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at [email protected].

Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

The Gift of Lift: Harnessing the Power of Stewardship to Elevate the World, by David R. York

Think Again: The Power of Knowing What You Don't Know, by Adam Grant

More about Family Enterprise Canada

Family Enterprise Canada (FEC)

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Dans cet épisode spécial, l'animatrice invitée Lianne Ulin s'entretient avec Olivier de Richoufftz, secrétaire général de la Fondation des familles entrepreneuriales, du dernier rapport de recherche sur la continuité par Fondation des familles entrepreneuriales, Préparer la prochaine génération : feuille de route pour les entreprises familiales, disponible en anglais et en français.

Hôte

Lianne Ulin a rejoint le groupe M Bacal en 1998 car elle voulait apprendre l'entreprise familiale. Lianne possède les connaissances et l'expérience qui assureront la continuité des principales valeurs de M Bacal à l'avenir. En tant que vice-présidente des finances et de l'administration, Lianne gère le bureau et nos clients en sont venus à la considérer comme la personne à contacter pour tous leurs besoins en matière de service à la clientèle. Elle est spécialiste certifiée des prestations du vivant (CHS) et FEA (Family Enterprise Advisor).

Pour plus d'informations au sujet de Lianne Ulin visitez le site web de M Bacal et LinkedIn.

Invité

Olivier de Richoufftz compte plus d'une décennie d'expérience auprès d'organisations soutenant les familles d'affaires ainsi que dans la croissance et la consolidation de leurs réseaux. Sa connaissance des enjeux importants auxquels les familles d'affaires sont confrontées de génération en génération se combine à un MBA d'HEC Paris et à sa vaste expérience en marketing, vente et développement. Il a travaillé pour des organisations telles qu'Euro Disney Resort et France Tourisme, et ainsi apporte une perspective stratégique et innovante à la Fondation des Familles Entrepreneuriales.

Pour plus d'informations au sujet d'Olivier de Richoufftz, visitez le site web de la Fondation des Familles Entrepreneuriales et LinkedIn.

Notes

[0:29] Lianne Ulin est vôtre hôte pour cet épisode spécial, elle reçoit Olivier de Richoufftz pour discuter des résultats de la plus récente étude menée par Family Enterprise Canada.

[1:59] Olivier explique quelles différences existent entre l'éducation formelle, les groupes de pairs et le mentorat pour préarer la relève à intégrer une entreprise familiale ainsi qu'à quel moment cette éducation devrait débuter.

[5:21] Planifier 'avec' ou planifier 'pour', Olivier met en lumière l'importance de mitiger nos biais et d'éviter la transactionalité dans l'intégration de la prochaine génération à l'entreprise familiale.

[7:38] Le futur appartient aux prochaines générations, et les technologies qui en sont issues aussi. Olivier partage l'importance des questionnements éthiques dans l'éducation de la relève en ce qui à trait aux technologies.

[11:40] Sans vouloir conseiller des généralités, Olivier offre qu'il existe des constantes pour communiquer plus efficacement avec les générations à venir.

[13:28] Olivier explique ce qu'il entend par 'le futur se rétrécit' pour la génération montante, il offre aussi ce que la génération actuelle aime entendre d'eux.

[16:00] Lianne remercie Olivier d'avoir accordé son temps et ses connaissances pour cette discussion.

Si vous avez apprécié cet épisode, abonnez-vous à Let's Talk Family Enterprise sur Spotify, Apple Podcasts ou tout autre application qui diffuse des balados. N'oubliez-pas de partager avec votre famille, vos amis et vos collègues.

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Mentionné durant l'épisode

Le balado Let's Talk Family Enterprise est présenté par Family Enterprise Canada.

Fondation des familles entrepreneuriales

KPMG Bureau de gestion familiale

Ready, Willing and Interested — Or Not?

Who are the Guardians of Family Legacy?

Family Enterprise Canada

Family Enterprise Canada (FEC)

FEC Facebook

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In this special episode, guest host Lianne Ulin speaks with Richa Arora, Executive Director of KPMG Family Office about the latest continuity research report by Family Enterprise Foundation, Preparing the Next Generation: A Family Business Roadmap, made available in English and French.

Host bio

Lianne Ulin joined M Bacal Group in 1998 as she wanted to learn the family business. Over the past 21 years she has learned how to marry the client's needs with the best in class innovative insurance solutions available. As the VP Finance and Administration, Lianne manages the office and our clients have come to rely on her as the go to person for all their customer service needs. She is a certified living benefits specialist (CHS) and FEA (Family Enterprise Advisor).

You can learn more about Lianne Ulin on the M Bacal website and on LinkedIn.

Guest bio

Richa Arora leads the Dynamics and Governance Practice in the Greater Toronto Area (GTA) and serves as a Lead Relationship Manager for Multi Family Office clients. She has been with KPMG for over a decade and brings over 19 years of diverse global experience to the Family Office team. Richa works with family enterprises, and large private and public corporations in a variety of industries. Richa's deep experience in management consulting, human resources, and leadership development allows her to work with multi-generational families in developing custom roadmaps to suit their unique circumstances. As a Senior Family Advisor, she serves as a primary relationship link between Family Office clients, internal and external subject matter experts, and financial institutions.

You can learn more about Richa Arora on the KPMG website and on LinkedIn.

Key Takeaways

[0:29] Lianne Ulin is your host for this special episode, she welcomes Richa Arora of KPMG to discuss the results of the latest research released by Family Enterprise Canada.

[1:30] Richa explains what families can do to introduce children to and prepare them for the family business.

[3:56] The functional differences between formal education, mentorship, similarly-minded peers and external advisors as it relates to guiding children within the family business. Richa also offers which might provide more value.

[6:59] Planning "with" versus planning "for": Richa shares a canoe metaphor to illustrate the importance of working together. She talks about how to better engage and integrate the next generation family members into long term planning.

[9:22] The latest report indicates that families aren't quite ready for AI. Richa explains the position largely held by family business leaders when it comes to the role of nextgens and emerging tech.

[11:51] With the report results in hand, Richa shares her advice for current family leaders on communicating effectively with the next generation to leave them feeling prepared, as well as tips for the upcoming gen to respectfully find their path.

[14:10] Richa speaks of her own experience on the importance of creating a feeling of safety when it comes to succession planning, as well as the pivotal role of storytelling in effective communication.

[17:11] Lianne thanks Richa for coming on to the podcast and sharing the results of this report.

If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts and other podcast apps. Please remember to share this episode with family, friends and colleagues. Share your thoughts with us at [email protected].

Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Family Enterprise Foundation

KPMG Family Office

Ready, Willing and Interested — Or Not?

Who are the Guardians of Family Legacy?

More about Family Enterprise Canada

Family Enterprise Canada (FEC)

FEC on Facebook

FEC on Twitter

FEC on LinkedIn

Introduction

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

All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description

In this episode, host Steve Legler speaks with Dr. Paul Hokemeyer, a renowned psychotherapist who works with individuals and families all around the world. Together, they discuss Paul's book, Fragile Power, and venture into the challenges of working with exceptional clients from minority populations of the ultra-wealthy, including the narcissistic and the addicted, and how FEAs can try to better serve such family clients.

Guest bio

Dr. Paul Hokemeyer (J.D., Ph.D.) believes mental health matters for everyone, everywhere. He is the founding principal of Drayson Mews and the author of seminal resources for UHNW individuals, couples, and families seeking culturally respectful and clinically effective mental and relational health services. Prior to graduating from the Harvard Medical School's Global Leaders in Healthcare program, Dr. Paul explored the use of digital technologies to improve the delivery of behavioral health services to disenfranchised global communities at the Yale School of Management. Dr. Paul's research in the realm of UHNW identity and behavioral health has been peer-reviewed and published by the Journal of Wealth Management, the International Family Offices Journal, Globe Law and Business, and Lambert Academic Press.

You can learn more about Dr. Paul Hokemeyer on LinkedIn.

Key Takeaways

[0:26] Steve Legler introduces Dr. Paul Hokemeyer and asks him to talk about his book, and more specifically its subtitle: Fragile Power: Why Having Everything Is Never Enough; Lessons from Treating the Wealthy and Famous.

[3:36] Qualitative wealth tends to be non-linear and messy and will affect quantitative wealth. Dr. Hokemeyer shares how he thinks advisors and advisory firms might best navigate issues in this realm.

[6:40] Recognizing, understanding and networking in order to better support families.

[8:38] Challenging self-reinforcing traits as they relate to minorities in positions of power: isolation, suspiciousness of outsiders, and hyper-agency.

[14:23] Earning trust for a clinician is a tall order, Dr. Hokemeyer shares an example that explains the luxury rehab culture and how to avoid the biggest pitfalls.

[21:20] The handshake business of finding humanistic care.

[22:37] Dr. Hokemeyer explains how narcissism develops and why this trait may be more frequent in UHNW. He also abounds in the way of relying on empirical data and credentialed professionals.

[28:21] The two extremes of powerful and powerless minorities harbour stark internal similarities, despite their ever-growing divide.

[31:44] Dr. Hokemeyer shares his reading recommendations as well as his piece of advice for advisors.

[32:44] Steve thanks Dr. Hokemeyer for joining the podcast and sharing so much of his expertise, and signs off until next month.

If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts and other podcast apps. Please remember to share this episode with family, friends and colleagues. Share your thoughts with us at [email protected].

Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Fragile Power: Why Having Everything Is Never Enough; Lessons from Treating the Wealthy and Famous

The Alchemist, by Paolo Coelho

More about Family Enterprise Canada

Family Enterprise Canada (FEC)

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Introduction

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

All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description

Ruth Steverlynck sits down with industry giant James E. Hughes, author of several seminal works in the family enterprise space, to find out more about his new Foundation: The James E. Hughes, Jr. Foundation and the important role it will play in ensuring FEAs and family business leaders can benefit from all the Foundation is doing in support of their work with business families.

Guest bio

James E. "Jay" Hughes, Jr. is a sixth-generation counselor-at-law, now retired, author and co-author of multiple books and influential articles on family governance and wealth preservation. He is renowned for facilitating multigenerational family meetings, with an emphasis on governance issues. Hughes is frequently called on to address international and domestic symposia on helping families to flourish through the growth of their human, intellectual, spiritual, social, and financial capital.

You can learn more about Jay on his website and the James E. Hughes Foundation website.

Key Takeaways

[0:26] Ruth Steverlynck introduces and welcomes a very special guest — the man who revolutionized the field of wealth management — James "Jay" E. Hughes.

[4:03] The James E. Hughes Jr. Foundation was launched without his knowing! James shares the story of how it came to be, and the two things he asked to be changed at its inception.

[7:29] Supporting families flourishing is an endeavour that traces its roots to ancient times. The foundation hopes to disseminate and propel those thought lineages into the future through publishing previously impossible-to-access works.

[12:24] Jay shares his hopes for what impacts the foundation will have in the future: alleviating unnecessary suffering without battling entropy.

[17:04] Jay shares two seminal works that the foundation has disseminated.

[21:16] Jay shares his thoughts on the most valuable thing on earth as well as what people can do to support the foundation's work.

[25:10] Jay talks about the foundation's latest work on translation in the 4th economy and shares the website for people to go dig a little deeper.

[28:42] Jay shares two books that have influenced him and his advice for advisors.

[34:02] Ruth thanks Jay for joining the podcast, but also for the immeasurable contributions he has made to the field and signs off until next month.

If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts, or other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at [email protected].

Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

The James E. Hughes Foundation

Books by James "Jay" E. Hughes Jr.

Family Wealth: Keeping it in the Family

Complete Family Wealth: Wealth as Well-Being

Family: The Compact Among Generations

The Cycle of the Gift: Family Wealth and Wisdom

The Voice of the Rising Generation: Family Wealth and Wisdom

Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors & Trust Creators

Book recommendations from Jay

Nicomachean Ethics, by Aristotle

Politics, by Aristotle

Second Treatise of Government, by John Locke

More about Family Enterprise Canada

Family Enterprise Canada (FEC)

FEC on Facebook

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Introduction

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

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Host Steve Legler speaks with Kristin Keffeler about her recent book, The Myth of the Silver Spoon: Navigating Family Wealth & Creating an Impactful Life. They discuss how advisors to enterprising families and families of wealth can become resources to the rising generation of these families as they face challenges that are typically overlooked by society.

If you enjoy this episode and want to hear more from Kristin, don't miss out on her presentation at Symposium 2023 in Ottawa, May 29 – 31.

Guest bio

Kristin Keffeler, MSM, MAPP

Kristin is a thought leader, speaker, and consultant at the forefront of a global shift in family wealth advising, known as Wealth 3.0. She guides affluent and enterprising families, rising gen, and the professionals who support them in embracing the positive power of wealth and doing the "inner work of money."

You can learn more about Kristin Keffeler on LinkedIn and the Illumination360 website.

Key Takeaways

[:26] Steve Legler welcomes today's guest Kristin Keffeler and asks her to talk a little bit about the impact her peak human performance and positive psychology background have had on her new book.

[9:08] Kristin shares her perspective on the myth of the silver spoon.

[12:20] Clearing the clutter is an analogy Kristin uses to give perspective to the rising generation. She breaks down the four kinds of clutter.

[15:30] Budgeting is empowering, even in a situation of plenty, Kristin explains why.

[18:37] The identity factors that made some rising gens systematically thrive.

[20:45] Kristin shares her tips for advisors to help families lay good foundations.

[25:15] Having some "skin the game" in their own life is a critical part of skill building for younger generations.

[26:50] Being born into wealth shouldn't mean you are forced into any specific path in life.

[30:36] Kristin shares her book recommendation and a piece of advice for advisors.

[34:27] Steve thanks Kristin for sharing so much of her learnings and signs off until next month.

If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts, or other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at [email protected].

Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

The Myth Of The Silver Spoon: Navigating Family Wealth & Creating an Impactful Life, by Kristin Keffeler

Good Inside: Become The Parent You Want To Be, by Dr. Becky Kennedy

More about Family Enterprise Canada

Family Enterprise Canada (FEC)

FEC on Facebook

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Introduction

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

All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description

Host Steve Legler speaks with Coventry Edwards-Pitt about her third book, Engaged Healthy, Wealthy & Wise, which tells the true stories of wealth inheritors and their significant others, and how they navigated the situations surrounding the prenuptial agreements they were asked to sign by the family's well-meaning advisors.

Guest bio

Coventry Edwards-Pitt

As a Partner and the Chief Creative Officer at Ballentine Partners, Covie is responsible for thought leadership for the firm and ensuring that the firm brings novel thinking to our clients. She specializes in helping her clients manage their wealth's impact and ensure that their comprehensive wealth management strategy reflects their families' values and goals.

You can learn more about Coventry Edwards-Pitt on LinkedIn and the Ballantine Partners website.

Key Takeaways

[0:26] Steve Legler introduces today's guest, Coventry Edwards-Pitt, and invites her to share a little bit about her third book, Engaged Healthy, Wealthy & Wise.

[1:46] Covie frames her latest book in the broader context of the first two: Healthy, Wealthy & Wise and Raised Healthy, Wealthy & Wise.

[3:48] Flipping the usual engagement-related questions on their heads!

[6:04] Covie talks about the pain she heard in the book interviews that led her to see what is broken in the way families of wealth and their advisors tackle the question of engagement and marriage.

[8:25] No one ever really broaches the subject of that process, sharing these stories is a way of alleviating the emotional burden while trying to find a better way.

[10:50] The David and Goliath issue facing young couples beyond losing their sense of agency, loyalty, equality, and unity with each other.

[12:36] Covie shares a story that she calls the gold standard.

[14:10] Covie explains the history of the prenup and how it's evolved over time.

[16:22] If the strong majority of couples are made up of one inheritor and one not, how can we build a better prenup process so as not to generate discord in young couples?

[17:23] It isn't about if to prenup, it's about how. Coie speaks to how an advisor's role could be modified to better tackle the "how" of prenups.

[19:45] Covie shares best practices and talks about sibling relationships and how they might present particular challenges when it comes to prenups.

[23:12] Agency and autonomy is a new generation goal, Covie shares an example.

[25:20] Covie shares her thoughts on how advisors can better support their families.

[30:28] Covie shares her reading recommendation as well as her advice for advisors.

[35:00] Steve thanks Coventry Edwards-Pitt for sharing so much of what she learned and signs off until next month.

If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts, or other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at [email protected].

Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Engaged Healthy, Wealthy & Wise: Lessons from inheritors and their significant others on how they have navigated love and family wealth and forged their own joint path, by Coventry Edwards-Pitt

The Generous Prenup: How to Support Your Marriage and Avoid the Pitfalls, by Laurie Israel

In Three Generations: A Story About Family, Wealth, and Beating the Odds, by Kristin Heaney

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