Today, I am excited to launch our new podcast series on “FOXCast” – in this show, we will offer you expert analysis and insightful conversations with the key players, foremost thinkers, and leading practitioners in the family capital, family enterprise and family office space.

My first guest needs no introduction. I have the utmost honor to kick off this podcast series by speaking with industry legend and renowned thought leader, Jay Hughes.

I am sure you have heard frequent references to “the five forms of family capital” - a term Jay coined many years ago to describe the full range of assets and capabilities families of wealth possess. In this conversation, Jay offers the most comprehensive and intuitive description I have ever heard of the five capitals, and the important hierarchy and interplay among them. With just a wave of his hand, he leaves us with a memorable visual framework to understand and remember how to position financial capital so that ultimately it nurtures and serves the purpose of the family’s most important asset - its human capital.

In a similarly surprising, but obvious in retrospect, revelation, Jay examines the true meaning of the word “wealth” - a word all of us in our industry probably use hundreds of times each day. Yet, we rarely contemplate its origins and the forgotten meaning buried in its etymology. A meaning that, if rediscovered and embraced by both private wealth advisors and the families they serve, would help transform the wealth management industry and the outcomes it delivers for its exclusive clientele.

Finally, Jay shares a sneak peek into his latest research and upcoming book, where he asks the surprising and provocative question: “Will the family live in the plan?” Can you guess the answer his preliminary research is uncovering? Can you fathom why that is the emerging answer and what to do about it? Jay’s meditation on how to bring purpose, humanity, and ultimately success to the highly technical advisory disciplines that surround the average enterprise family is both a wake-up call and a marvelous inspiration for the future generations of wealth owners and their trusted family wealth advisors.