Dec 14, 2021
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
Steve Legler speaks with Dr. Jim Grubman about everything from "Wealth 3.0" and the Ten Domains of Family Wealth to the importance of having knowledge, skills and the ability to learn to play well with others.
Guest bio
Dr. Jim Grubman is an internationally recognized consultant to families of wealth, family enterprises and the advisors who serve them. His work with clients at many levels of affluence — from the “millionaire next door” to The Forbes 400 — has earned him a global reputation for thought leadership within the field. Whether facilitating a family meeting or training advisors in the complexities of wealth, he draws on his deep knowledge of psychology, family dynamics and family business, with specialty interests in trusts and estates law and family governance. His goal: to help integrate life and wealth for the benefit of the family and society.
You can find out more about Dr. James Grubman on his website and his LinkedIn.
Key Takeaways
[0:26] Steve introduces today’s guest and invites him to share a bit more about the 10 Domains of Family Wealth from Ultra High Networth Institute as well as how “playing well with others” ties into it.
[4:12] Jim speaks to how the 10 Domains of Family Wealth have helped evolve the way we think about wealth management from an initial — and exclusive — focus on money.
[6:41] What is wealth 3.0? Jim gives us the “Reader’s Digest” version, from trying to avoid the “shirtsleeves to shirtsleeves” to the 70% rule on wealth transfer and what it means for the future of advising.
[13:49] On top of demographics as a factor in how advisors and families evolve, Jim touches on the many influences at play, and what is still missing in the field for it to be truly recognized.
[19:03] Jim explains what he means when he says that for a strong field in the future, advisors will need to be conversant if not fluent.
[24:00] Having everyone — from the head of the family to the siblings — around the table and educated on the family dynamics and plans may be the surest way into wealth 3.0, Jim explains.
[29:00] Jim’s reading recommendation as well as his advice for advisors.
[32:41] Steve thanks Dr. Grubman for joining the podcast and
sharing his experience and expertise with the audience. Listeners,
please subscribe!
Share your thoughts with us at fea@familyenterprise.ca
Mentioned in this episode
The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.
Ultra High Net Worth Institute
Books:
Strangers in Paradise: How Families Adapt to Wealth Across Generations, by James Grubman Ph.D.
Cross Cultures: How Global Families Negotiate Change Across Generations, by Dennis T. Jaffe Ph.D., and James Grubman Ph.D.
The Moses of Rovno: The Stirring Story of Fritz Graebe, a German Christian Who Risked His Life to Lead Hundreds of Jews to Safety During the Holocaust, by Douglas K. Huneke
More about Family Enterprise Canada