Podcast appearances and mentions of keith whitaker

We have a special treat today, an interview I conducted live with Jay Hughes at the recent Southeastern Family Office Forum, or SEFOF, in Atlanta.  SEFOF is a remarkable non-profit family office and family enterprise network that is now 14 years old.  I had a wonderful time there and met many nice folks.  My thanks to Brian Hughes, Bryn Monohan and Betsy Brown and all the volunteers for making this keynote interview possible.   The interview was conducted over a livestream in front of an audience of three hundred, and I do want to address some minor audio issues you might notice.   While there may be a few slight fluctuations in sound quality, rest assured, these issues are not significant and should not detract from your listening experience. Jay Hughes is an author, advisor to families, and founder of a law partnership in New York that represented private clients throughout the world, and now retired from the active practice of wealth advisory. His wonderful book, Family Wealth, Keeping it in the Family, has become a classic in the family wealth space, and he warns that the shirtsleeves proverb is a warning and not a curse.  Jay's wisdom is on full display in this engaging interview, and it is readily apparent why this man has had such a large impact on many families and individuals over the last thirty years.   This interview is part of a series done in partnership with the James E. Hughes Jr. Foundation. Please listen to my previous interview with Jay in 2023, as well as Christian Stewart, John Warnick, Gunther Weil and Keith Whitaker. WEBSITE: https://jehjf.org/ Book: https://www.amazon.com/Family-Wealth-Keeping-Intellectual-Financial-Generations/dp/157660151X NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is the CEO of Circulus Group, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: circulus.substack.com PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it. ©2024 Joe Reilly

Keith Whitaker is an educator who consults with leaders and rising generation members of families with significant wealth. We had an interesting conversation touching on Plato, Aristotle, Aquinas, but also on Keiths long practical experience working with the wealthy.  We talk about the cycle of the gift in families, the concept of magnificence, and his work on books with Jay Hughes, Paul Schervish on Wealth and the Will of God and his recent collaboration with Tom McCullough on the Wealth of Wisdom books. Keith is Managing Director of Wise Counsel Research.  He is the co-author of Wealth and the Will of God, The Cycle of the Gift, The Voice of the Rising Generation, Family Trusts, Complete Family Wealth,  Wealth of Wisdom: the Top 50 Questions Wealthy Families Ask, and Wealth of Wisdom: the Top Practices of Wealthy Families and their Advisors. Keith has served as a Managing Director at Wells Fargo Family Wealth, an adjunct professor of management at Vanderbilt University, and an adjunct assistant professor of philosophy at Boston College. Keith holds a Ph.D. in Social Thought from the University of Chicago, a BA and MA in Classics and Philosophy from Boston University. Keith is one of the most thoughtful people in the family wealth world, and his knowledge of philosophy and respect for tradition made him a real pleasure to talk to.  Please enjoy my conversation with Keith Whitaker. AUTHOR PAGE:  https://www.amazon.com/stores/Keith-Whitaker/author/B001HOPVCA WEBSITE: https://www.wisecounselresearch.com/ KEITH'S PODCAST: https://www.wealthofwisdombook.com/podcast NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it. ©2024 Joe Reilly

On this revisited episode of Beyond the Balance Sheet, James Hughes joins us to speak about family governance and explain why families need it. James is the author of Family Wealth: Keeping It in the Family and Family – The Compact Among Generations. He also discusses the work he has done as an advisor to high-net-worth clients, and what are some of his favorite resources to share for his clients. Tune in as we talk about the four functions needed for the human community to prosper and how power plays a role in family dynamics.   IN THIS EPISODE:   [02:05] What is family governance and do all families need it?  [07:00] How families have been rediscovering themselves during the pandemic.  [10:35] Mr. Hughes speaks about navigating his work as an advisor to families.  [15:15] Working with high-net-worth families, Mr. Hughes recommends his favorite resources.  [21:00] The four functions needed for the human community to prosper.   KEY TAKEAWAYS:   The pandemic has asked people to actually get to know each other again.  Do you know how your family learns? That's something you need to figure out so you can grow and flourish together.  Families can prepare themselves to wake up if they know how each other learns.  All relationships are relationships that involve power. Find ways to use your power together.    LINKS MENTIONED:   Website   www.jamesehughes.com   Power and Love   https://www.amazon.com/dp/B005P2A6IE/   BIO:   Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press, and is the co–author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom, The Voice of the Rising Generation, and Complete Faith Wealth, all published by John Wiley & Sons and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors". In addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com.  He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day.  He is a current active Fellow of Wise Counsel Research Foundation (www.wisecounselresearch.org) a Boston based think tank providing qualitative advice to families who seek to avoid the shirt sleeves proverb and to help their  families flourish. He is a member of the Advisory Board of Arlington Partners; the Chair Emeritus of Lineage Private Trust Company, a Fellow of the Family Firm Institute, a member of the Society of Trusts and Estates Practitioners, a founding member of the Collaboration for Family Flourishing, a Laureate of the Purposeful Planning Institute, and a Founding Advisor to the Sino-American Family Office Foundation. He has spoken frequently at numerous international and domestic symposia on the avoidance of the shirtsleeves to shirtsleeves proverb and on the dynamic growth of families' human, intellectual, social, spiritual and financial capitals toward their families' flourishing. He has authored various Forwards to multiple published works on families and their flourishing and has been cited in the New York Times, the Wall Street Journal and various professional journals. He is a member of boards of various private trust companies, an advisor to numerous investment institutions, and a member of a number of private philanthropic boards. He is a graduate of the Far Brook School, which teaches through the Arts, The Pingry School, Princeton University and The Columbia School of Law. He is a counselor to the Family Office Exchange and recipient of its Founder's Award, the recipient of the Private Asset Management Lifetime Achievement Award, the Ackerman Institute Family Partner Award, and the Wealth Management Lifetime Achievement Award.

James E Hughes Jr. shares on the Five Capitals Of Wealth About: James (Jay) E. Hughes, Jr., Esq. Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press, and is the co–author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom, The Voice of the Rising Generation, and Complete Faith Wealth, all published by John Wiley & Sons and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors". In addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com. He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day. He is a current active Fellow of Wise Counsel Research Foundation (www.wisecounselresearch.org) a Boston based think tank providing qualitative advice to families who seek to avoid the shirt sleeves proverb and to help their families flourish. He is a member of the Advisory Board of Arlington Partners; a Fellow of the Family Firm Institute, a member of the Society of Trusts and Estates Practitioners, a founding member of the Collaboration for Family Flourishing and a Laureate of the Purposeful Planning Institute. He has spoken frequently at numerous international and domestic symposia on the avoidance of the shirtsleeves to shirtsleeves proverb and on the dynamic growth of families' human, intellectual, social, spiritual and financial capitals toward their families' flourishing. He has authored various Forwards to multiple published works on families and their flourishing and has been cited in the New York Times, the Wall Street Journal and various professional journals. He is a member of boards of various private trust companies, an advisor to numerous investment institutions, and a member of a number of private philanthropic boards. He is a graduate of the Far Brook School, which teaches through the Arts, The Pingry School, Princeton University and The Columbia School of Law. He is a counselor to the Family Office Exchange and recipient of its Founder's Award, the recipient of the Private Asset Management Lifetime Achievement Award, the Ackerman Institute Family Partner Award, and the Wealth Management Lifetime Achievement Award.

Tune in as Christian Allen, Rod Zabriskie, and Tim Whelan interview Keith Whitaker, author of Complete Family Wealth. Keith shares insight from his book and method in creating sustainable wealth for your family. Money Insights is a strategic planning firm that is founded on the principle that "off-the-shelf" products and solutions often do not meet the needs of high income earners. The Money Insights team works to collaboratively design customized financial solutions that will leave a lasting impact for each of their unique clients. Visit Money Insights and take the F3 Assessment at moneyinsightsgroup.com Listen to the Money Insights podcast on Spotify, Apple Podcasts, or at moneyinsightsgroup.com/podcast Need to get in contact with the Money Insights team? Email us at insights@moneyinsights.net

We are on the verge of a huge transition of wealth in Canada - transition due to death, and also transition due to retirement, or third party sale.  We often see business owners having meetings on an annual or quarterly basis to review the "numbers" - things like profits, expenses, projections... but have you ever considered having a meeting to discuss non-financial issues?My special guest, Laily Pirbhai, provides some guidance today on how to create a "family blueprint" - a way to communicate with family and key stakeholders about values, dreams and goals for the future.  We start by describing the "family meeting" - who participates, and reasons to call a meeting (11:10).  We then move into a discussion of "core values" - how this impacts discussions of philanthropy and governance (27:06).  Laily finishes off by giving her top five tips for a successful family meeting (36:48)!Who should listen to this episode?  Well, I think it is applicable to anyone - in particular, if you are the primary trusted advisor for a family, a business founder, or hold a key position within a family business!  Although the focus of the episode is to encourage business owners to have these conversations, a family meeting is a great idea for any family (regardless of whether they own a business!)  It is a great opportunity to discuss goals for the future, address concerns, and communicate wishes!ADDITIONAL RESOURCES Family Enterprise Foundation 2021 report: “Ready, Willing and Interested - or not? Canadian Family Business Transition Intentions”. https://bit.ly/3qrJNa6 Family Enterprise Foundation 2021 report: “Who Are The Guardians of Family Legacy?” https://bit.ly/37WX97T Conference Board of Canada 2019 report – “The Economic Impact of Family-Owned Enterprises in Canada”. https://bit.ly/3wya0r9  Canadian Financial Executives Research Foundation 2013 research paper, “Private Company Succession Planning – Where Do You Stand?” http://bit.ly/3aWhtCq FamilyBusiness.org 2015 article “The Family Way: How Entrepreneurial Values Help Businesses Thrive Over Generations.” https://bit.ly/3uh2IFG Book “Complete Family Wealth” by James Hughes, Susan Massenzio, and Keith Whitaker. ISBN 9781119453215. Book “Family Meetings: Creating fun, meaningful conversations . . . beyond the money by Vic Preisser.” ISBN 9780692020241. Video “The Ultimate Legacy”, based on book by Jim Stovall.  https://www.imdb.com/title/tt4738238/ “Every Family's Business: 12 Common Sense Questions to Protect Your Wealth by Thomas W. Deans”ISBN 9780980891010.  MORE FROM LAILY LinkedIn: https://www.linkedin.com/in/lailypirbhai/?originalSubdomain=ca   Website: https://lailypirbhai.com Email: connect@lailypirbhai.com MORE FROM AMANDA The Tax Chick Blog - https://taxchickca.wordpress.com; Connect with me by email: thetaxchickpodcast@gmail.com LinkedIn: https://www.linkedin.com/in/amandasadoucette    Instagram: @tax.chick Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb 

How do you raise confident, successful, happy children who use their uniqueness to contribute the most in the world? What kind of family leadership do you need, so that you build strong families? And what is the secret to generational family wealth, really?  https://www.youtube.com/watch?v=YUGCz2R830g Parenting is one of the most complex tasks we will ever face. It can feel like a mountain of skills our kids need to gain—everything from arithmetic to writing essays to public speaking to driving to finding their passion, choosing a college, a career, and a mate, to making and managing money, and eventually raising their own family. Families with money have compounded challenges. That's because, often, the rising generation is overlooked, falling into the shadow of silence. We're talking with Keith Whitaker, an educator who consults with leaders and rising generation members of enterprising families. The last time we had him on the show we discussed his book Complete Family Wealth. Today we're exploring the question: how do I parent well and teach my children to become wise stewards of wealth, so that money doesn't corrupt them?  So, if you want to help your children to make good decisions as they decide on a college major, choose a career path, find a partner, parent their own children, use and make money, and ultimately serve as the bridge to connect families across generations, you need to hear this one thing. Tune in now! Table of contentsGenerational Family Wealth: Qualitative WealthThe Three Stages of LifeUnderstanding Your ChildrenExamining Your Ideas About MoneyGenerational Family Wealth: The Voice of the Rising GenerationBook A Strategy Call Generational Family Wealth: Qualitative Wealth There's quantitative wealth, and then there's qualitative. The former is money—what most people think of as wealth. However, when looking at a unit, in the context of generational family wealth, it's critical to examine qualitative wealth. In other words, we must consider "human capital" as a part of the family's wealth. Human capital is comprised of personal strengths, passions, and skills that every human possesses. Knowing and fostering human capital as a part of the family wealth system is crucial. This is what helps our children to become well-rounded, capable, and confident people. People who can thrive and carry on the family legacy, for true generational family wealth. So how do parents help their children grow their human capital? Human Capital [5:28] “Even though the context is family, the focus is on individuals, and that goes back to another principle we have. Our own thinking about family wealth is that really great families or healthy families are made up of great or healthy individuals. So sometimes, especially in the context of large financial wealth, people have a tendency to focus on the family. Having a hundred-year family plan, having a hundred-year constitution, talking about family values–-all of those things are important, but they really pale in comparison to the importance of helping each individual in that family grow and be as healthy as strong, as confident in him or herself as can be.” Without fostering individual confidence and capability, you can have all of the documents and mission statements in the world, and they will simply be words. You must raise children who feel heard, and can develop their own unique abilities in a way that serves the family's greater purpose. Keith suggests you ask yourself what good parenting is? This question is important regardless of wealth because every family involves parenting. Only then can you layer on the aspects of parenting with wealth involved. The foundation of this conversation is good parenting, and what that looks like to you. Then you can introduce special considerations that come with significant wealth. These components combined allow you to raise children who are confident and capable. And,

Mr. Hughes (http://jamesehughes.com/), a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family (https://www.amazon.com/gp/product/B08XLLDYGX/ref=dbs_a_def_rwt_bibl_vppi_i4), and of Family – The Compact Among Generations (https://www.amazon.com/Family-Generations-James-Hughes-Jr/dp/1576600246), both published by Bloomberg Press, and is the co–author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom (https://www.amazon.com/gp/product/B009TGASQM/ref=dbs_a_def_rwt_bibl_vppi_i1), The Voice of the Rising Generation, and Complete Faith Wealth, all published by John Wiley & Sons and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors". In addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com. He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day. Standout Quotes: * "The first asset a family owns is its spiritual capital; if it doesn't have it, it better develop it" - [Jay Hughes] * "If we're learning together and we're sharing what we learn, guess what? we're likely to make better joint decisions" - [Jay Hughes] * "A family that's nothing but quantitative capital is toast" - [Jay Hughes] * "You don't have entitled children and you will know how much is enough if you're concentrating on growing your qualitative capitals" - [Jay Hughes] * "The two great obstacles to adjustment for a human being are sex and money; money is the worst of all because no nice person will speak of it" - [Jay Hughes] * "Every family has ghosts" - [Jay Hughes] * "Almost always, the plan that they have for transition...is a liability" - [Jay Hughes] * "Way too much time I think is spent on saying we need to be resilient, that's good but the real question is we need to be enduring" - [Jay Hughes] * "There's no such thing as financial resources, there are only things that are the representation of someone else's dream; anybody who doesn't get that right just misses the problem of the recipient" - [Jay Hughes] * "It astonishes me, Mike, that many families with huge resources have never studied the fact that human beings don't learn the same way" - [Jay Hughes] * "You don't just start; you start by building up those cells are going to make up the team on the journey" - [Jay Hughes] * "Storytelling is incredibly important to discover our history" - [Jay Hughes] Key Takeaways: * Jay's book "Family Wealth" was a huge inspiration over a decade ago for Mike's interest in the concept of Family Business. * After a major midlife crisis, Jay realized that his work in the law had a major flaw being that he was the only person who could use the structures he was creating for clients. He understood that the responsibility of a professional is to make clients more capable and liberate them but he had made them less capable. He started focusing more on ideas to make families more independent and also shared these ideas. Jay started to shift away from legal structures which were focused more on the 'How?' questions, and move towards the 'Why?' questions which had more impact on families. He also spoke publicly on different platforms about it and the message was well-received, encouraging him to start his book. * With the clients however this approach was challenging, but Jay understood that if he simply did what clients asked, it would not help them achieve their goals. He learned to wait for clients to gradually open up to the approach. It had also become needful for Jay to have a beginner's mind with this new approach, not assuming he had all the answers as usual but showing concern and the desire to help families. * Wealth comes from the Anglo-Saxon term "Weol" which means "well-being"; Financial capital is a form of wealth but it is not wealth. In trying to figure out the assets of a family to understand them better, a Balance Sheet has proved to be a humane tool. * Using this tool, there are 4 qualitative forms of capital; the first is Spiritual Capital. This refers to a common purpose where every member of the family by affinity seeks to enhance the other's journey of happiness. The next is Social Capital; can you make really good joint decisions together over a long period of time? To make good joint decisions, there has to be Intellectual Capital, meaning the family has to be a learning system where what is learned is shared. Another form of capital is Thriving Human Capital which is followed by the only quantitative capital; Financial Capital. Financial capital is the engine that grows the others and does not simply function as accumulated wealth. It is critical to understand that the qualitative forms of capital must always be kept in focus above the financial capital that is meant to support them; a family that simply focuses on putting financial capital into consideration is not likely to succeed together. * There are now assessment organisms for a family that is thoughtful to annually assess the states of its capital. Sigmond Freud in his work realized that the most adjusted or happiest people were those who learned to love and work as a vocation, not labor. The vocation is often a dream which takes a while to manifest and forms the stories about how the aspiration of that dream inspires people to perspire towards achieving it. When parents ask their children more about their aspiration rather than debunking it, the kids realize how inspiring it is to them and if they can perspire towards it. * The Ghost Liability on a Family's Balance Sheet: As much as the balance sheet shows the assets, it also shows the liabilities, and one of the liability questions is "What's our big obstacle?". When looking at the internal obstacles, there is a high tendency to assume that the people in the room are the obstacle but it is pivotal to note that these aren't the only people in the room. Every family has ghosts which may be good ones brought up in stories or the "Hungry Ghosts" whose goals were unfulfilled and have lingering problems. Other kinds of ghosts are stories that are untrue but are told as if they are true. Surprisingly, another form of ghost is the plan for the transition itself and preexisting family structures which are often a liability. This is particularly because the transition plan would not have been able to consider people in the future who would later be constrained by it; in other words, usually, the plan is too small. To fix the problem, the old constraining plan must be shed, creating room for fragility and risk to form a new larger plan which will be used until it becomes too small for another generation. The qualitative capitals are groomed and grown in this process such that the new larger plan can accommodate growing those capitals. All the ghosts must be noticed and addressed accordingly so they don't cause problems in family transition. * Inevitably, beneficiaries will at some point realize that they're playing a role they didn't sign up for, and this will be a huge reveal that will hit them like a meteor. When this happens, parents need to be extremely caring and deeply understanding. The question now becomes "is the meteor a gift or a transfer?"; because a transfer is easy but gifts come with love and are very hard to make. The parents and other professionals have to work hard to ensure this comes across as a gift rather than a meteor of obligations. * Despite this, the burden that comes with it cannot be ignored and must still be recognized with love. The key is for the kids to understand even from childhood that the purpose is to grow themselves; preparing early for this revelation increases the odds of a successful outcome. It should be noted that it can be very disastrous to justify this burden by saying "By the way, you never have to work" as if it is handled poorly this meteor could lead to some form of post-traumatic shock. Hence the people who do well are those who take time to explore it and grow because what is being received is not just money but the consequences of someone else's dream, and the goal is to use it to aspire to achieve the dreams of the recipient. Again, it is emphasized that this gift should be a consequence of magnanimity given with love to the recipient and the hope that it helps them find their happiness, anything else is a transfer that comes with ambition and expectations which may have a poor outcome. * A starting point in this approach of a successful family enterprise journey is for families to understand the different ways by which members learn, knowing that a thriving human capital defines Intellectual Capital. This also applies to trustees. Working on this helps the family identify whose skill is needed at different points in time. It also helps to disseminate information for joint decision-making in ways that are best absorbed by individual family members. Another very useful tool is Enneagrams; they help understand how different personality types determine how individual family members view situations or react. The aim of this phase is to properly prepare by equipping the family before starting the journey. * Storytelling for families isn't simply for the joy of the story; it helps understand time. A good way to foster storytelling is to have reunions where each person is asked "who is the oldest person you knew and what did they tell you about somebody older?". This also applies to those married into the family and helps them weave into the family. * Jay's letter to his kids; that they are loved and he would ask for their forgiveness. Episode Timeline: * [00:51] Meet today's guest, Jay Hughes Jnr. * [03:10] How Jay's book 'Family Wealth' came about. * [06:49] How did the families receive your approach of asking the "why?" questions? * [15:20] Defining Wealth and the different forms of capital. * [23:21] Is there a measuring stick for success in qualitative capital? * [32:15] The Ghost Liability on a Family's Balance Sheet. * [43:41] What is the most appropriate way to prepare beneficiaries and include them in the plan? * [58:10] How does a family start this journey? * [01:08:20] Jay's View on Generational Story-telling. * [01:16:44] Jay's letter to his kids For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter (https://www.businessoffamily.net/newsletter) Follow Mike on Twitter @MikeBoyd (https://twitter.com/MikeBoyd) If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes (http://getpodcast.reviews/id/1525326745), I receive a notification of each review. Thank you! Special Guest: Jay Hughes.

James Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family and Family – The Compact Among Generations. First, Mr. Hughes speaks about family governance and explains why families need it. He also discusses the work he has done as an advisor to high-net-worth clients, and what are some of his favorite resources to share for his clients. Tune in as we talk about the four functions needed for the human community to prosper and how power plays a role in family dynamics.   IN THIS EPISODE:   [02:05] What is family governance and do all families need it?  [07:00] How families have been rediscovering themselves during the pandemic.  [10:35] Mr. Hughes speaks about navigating his work as an advisor to families.  [15:15] Working with high-net-worth families, Mr. Hughes recommends his favorite resources.  [21:00] The four functions needed for the human community to prosper.   KEY TAKEAWAYS:   The pandemic has asked people to actually get to know each other again.  Do you know how your family learns? That's something you need to figure out so you can grow and flourish together.  Families can prepare themselves to wake up if they know how each other learns.  All relationships are relationships that involve power. Find ways to use your power together.      LINKS MENTIONED:   Website www.jamesehughes.com   Power and Love https://www.amazon.com/dp/B005P2A6IE/   https://oconnorpg.com/podcasts/james-hughes-discusses-preserving-assets-and-creating-legacy BIO:   Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press, and is the co–author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom, The Voice of the Rising Generation, and Complete Faith Wealth, all published by John Wiley & Sons and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors". In addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com.  He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day.  He is a current active Fellow of Wise Counsel Research Foundation (www.wisecounselresearch.org) a Boston based think tank providing qualitative advice to families who seek to avoid the shirt sleeves proverb and to help their  families flourish. He is a member of the Advisory Board of Arlington Partners; the Chair Emeritus of Lineage Private Trust Company, a Fellow of the Family Firm Institute, a member of the Society of Trusts and Estates Practitioners, a founding member of the Collaboration for Family Flourishing, a Laureate of the Purposeful Planning Institute, and a Founding Advisor to the Sino-American Family Office Foundation. He has spoken frequently at numerous international and domestic symposia on the avoidance of the shirtsleeves to shirtsleeves proverb and on the dynamic growth of families' human, intellectual, social, spiritual and financial capitals toward their families' flourishing. He has authored various Forwards to multiple published works on families and their flourishing and has been cited in the New York Times, the Wall Street Journal and various professional journals. He is a member of boards of various private trust companies, an advisor to numerous investment institutions, and a member of a number of private philanthropic boards. He is a graduate of the Far Brook School, which teaches through the Arts, The Pingry School, Princeton University and The Columbia School of Law. He is a counselor to the Family Office Exchange and recipient of its Founder's Award, the recipient of the Private Asset Management Lifetime Achievement Award, the Ackerman Institute Family Partner Award, and the Wealth Management Lifetime Achievement Award.

James E Hughes Jr. shares on Energy is the powerful tool of Generational Wealth About: James (Jay) E. Hughes, Jr., Esq. Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press, and is the co–author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom, The Voice of the Rising Generation, and Complete Faith Wealth, all published by John Wiley & Sons and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors". In addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com. He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day. He is a current active Fellow of Wise Counsel Research Foundation (www.wisecounselresearch.org) a Boston based think tank providing qualitative advice to families who seek to avoid the shirt sleeves proverb and to help their families flourish. He is a member of the Advisory Board of Arlington Partners; a Fellow of the Family Firm Institute, a member of the Society of Trusts and Estates Practitioners, a founding member of the Collaboration for Family Flourishing and a Laureate of the Purposeful Planning Institute. He has spoken frequently at numerous international and domestic symposia on the avoidance of the shirtsleeves to shirtsleeves proverb and on the dynamic growth of families' human, intellectual, social, spiritual and financial capitals toward their families' flourishing. He has authored various Forwards to multiple published works on families and their flourishing and has been cited in the New York Times, the Wall Street Journal and various professional journals. He is a member of boards of various private trust companies, an advisor to numerous investment institutions, and a member of a number of private philanthropic boards. He is a graduate of the Far Brook School, which teaches through the Arts, The Pingry School, Princeton University and The Columbia School of Law. He is a counselor to the Family Office Exchange and recipient of its Founder's Award, the recipient of the Private Asset Management Lifetime Achievement Award, the Ackerman Institute Family Partner Award, and the Wealth Management Lifetime Achievement Award.

James E Hughes Jr. shares on Consciousness of Understanding Wealth About: James (Jay) E. Hughes, Jr., Esq. Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press, and is the co–author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom, The Voice of the Rising Generation, and Complete Faith Wealth, all published by John Wiley & Sons and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors". In addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com. He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day. He is a current active Fellow of Wise Counsel Research Foundation (www.wisecounselresearch.org) a Boston based think tank providing qualitative advice to families who seek to avoid the shirt sleeves proverb and to help their families flourish. He is a member of the Advisory Board of Arlington Partners; a Fellow of the Family Firm Institute, a member of the Society of Trusts and Estates Practitioners, a founding member of the Collaboration for Family Flourishing and a Laureate of the Purposeful Planning Institute. He has spoken frequently at numerous international and domestic symposia on the avoidance of the shirtsleeves to shirtsleeves proverb and on the dynamic growth of families' human, intellectual, social, spiritual and financial capitals toward their families' flourishing. He has authored various Forwards to multiple published works on families and their flourishing and has been cited in the New York Times, the Wall Street Journal and various professional journals. He is a member of boards of various private trust companies, an advisor to numerous investment institutions, and a member of a number of private philanthropic boards. He is a graduate of the Far Brook School, which teaches through the Arts, The Pingry School, Princeton University and The Columbia School of Law. He is a counselor to the Family Office Exchange and recipient of its Founder's Award, the recipient of the Private Asset Management Lifetime Achievement Award, the Ackerman Institute Family Partner Award, and the Wealth Management Lifetime Achievement Award.

The Family Biz Show Episode 27  A Deep Dive into the Three-Circle Model of Family Business Systems  Join us as we chat with Jay Hughes Jr. About...  What is the three-circle model and why is it so important in understanding family business systems? What are the potential consequences of ignoring the three-circle model? How should families apply the three-circle model, in terms of, governance and planning?  This week's guest:  James “Jay” Hughes, Jr, Esq.*   Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press, and is the co–author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom, The Voice of the Rising Generation, and Complete Faith Wealth, all published by John Wiley & Sons and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors". In addition, he has authored many articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com.  He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day.  He is a current active Fellow of Wise Counsel Research Foundation (www.wisecounselresearch.org) a Boston based think tank providing qualitative advice to families who look to avoid the shirt sleeves proverb and to help their families flourish.  He is a member of the Advisory Board of Arlington Partners, a Fellow of the Family Firm Institute, a member of the Society of Trusts and Estates Practitioners, a founding member of the Collaboration for Family Flourishing and a Laureate of the Purposeful Planning Institute.  He has authored various Forwards to multiple published works on families and their flourishing and has been cited in the New York Times, the Wall Street Journal, and various professional journals.  He is a member of boards of various private trust companies, an advisor to many investment institutions, and a member of several private philanthropic boards.  He is a graduate of the Far Brook School, which teaches through the Arts, The Pingry School, Princeton University and The Columbia School of Law. He is a counselor to the Family Office Exchange and recipient of its Founder's Award, the recipient of the Private Asset Management Lifetime Achievement Award, the Ackerman Institute Family Partner Award, and the Wealth Management Lifetime Achievement Award.  Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors Corp.  CRN-3495480-031621  *Not affiliated with Lincoln Financial Advisors Corp.     

https://www.youtube.com/watch?v=gB_2RGtp_ts Will the work you do create a foundation for your kids and grandkids to prosper? Then how do you create long-term complete family wealth that does the most good for as long as possible?  How do you make sure the money you make, the business you build, and the real estate and investments you acquire do more than just benefit you during your lifetime?   How do you create rich kids, grandkids, and great-grandkids? To answer these questions, we're discussing creating generational family wealth, with Keith Whitaker.  Through Wise Counsel Research, he helps families grow into multi-generational enterprises, thriving together, preserving and growing family wealth. In this episode with Keith Whitaker, you'll discover: Why wealth is more than money and how to grow all five types of capital.How to develop character so that generations after you will be wealth builders.The three keys of prosperous families who pass on multi-generational legacies of more than money.Easy, doable ways to write down and communicate the purpose of your trust.Why it's essential to have a first-generation mindset.The crucial role of the rising generation to prevent the crumbling and disintegration of family wealth.How to develop your children's character - the habit of choosing wisely.Why individual flourishing is the crux of complete family wealth. So if you want to create strong and successful families, raise children to be stewards, and know that your money will do the greatest good long after you're gone so you can empower future generations with wealth and wisdom, tune in now! Where Complete Family Wealth Fits In The Bigger Picture Building family wealth and creating a legacy is the capstone of a life well-lived.  It's the end goal of a life and business you love, and the greatest mission of our lives.  But we need an entire financial system to support our ability to do the most good. That's why we've put together the 3-step Entrepreneur's Cash Flow System.   The first step is keeping more of the money you make.  This includes tax planning, debt restructuring, cash flow awareness, and restructuring your savings so you can access it as an emergency/opportunity fund.  This step frees up and increases your cash flow, so you have more to save, and consequently, more to invest. Then, you'll protect your money with privatized banking, insurance, and legal protection.   Finally, you'll put your money to work and get it to make more by investing in cash-flowing assets to build time and money freedom and leave a rich legacy. Complete Family Wealth Conversation Highlights from Keith Whitaker Avoiding the Pitfalls of Leaving an Inheritance [3:57] When we talk with family members and family leaders, we ask them what's really on your mind? What's keeping you up at night? You eventually get to the concern, what's this money going to do to my grandchildren and generations after that? Is it going to ruin them? And that's exactly the concern that we try to address. The Role of Excellence [5:41] Socrates said, "Wealth doesn't make a person or a city great and powerful and virtuous and excellent. It's excellence or virtue that makes an individual or a city wealthy." [5:53] In other words, no matter how big your bank account, if you don't have excellence of mind and character, then, in fact, you're going to be poor. [11:11] Families succeed in passing on complete family wealth, not just money, but also excellence, really do communicate. They communicate about their financial plans, estate plans, and their giving. The Role of Communication [11:36] If you're making gifts to your children or grandchildren without communicating about them, behind the scenes or with very little discussion, you're not really making a gift, you're making what we call a transfer. Even worse, these gifts are going to become meteors that blast into people's lives,

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.

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 confiance to 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.

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.

Keith is President of Wise Counsel Research. He has consulted for many years with leaders of enterprising families, helping them plan succession, develop next generation talent, and communicate around estate planning. With a background in education and philanthropy, he enables family leaders to better understand their values and goals as well as to have a positive impact on the world around them. Family Wealth Report named Keith the 2015 "outstanding contributor to wealth management thought-leadership." Keith has served as a Managing Director at Wells Fargo Family Wealth, an adjunct professor of management at Vanderbilt University, an adjunct assistant professor of philosophy at Boston College, and a director of a private foundation. He was also a special assistant to the President of Boston University. Keith’s writings and commentary have appeared in The Wall Street Journal, The New York Times, The Financial Times, Claremont Review of Books, and Philanthropy Magazine. His Wealth and the Will of God appeared in 2010 from Indiana University Press and he is co-author of The Cycle of the Gift, The Voice of the Rising Generation, Family Trusts, Complete Family Wealth, and Wealth of Wisdom: the Top 50 Questions Wealthy Families Ask, all published by Wiley / Bloomberg Press. Keith holds a Ph.D. in Social Thought from the University of Chicago and a BA and MA in Classics and Philosophy from Boston University. He is Chairman of the board of directors of the National Association of Scholars.

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.

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.

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.

Tom McCullough along with Keith Whitaker have created a book and podcast series that focusses on the Top 50 Questions that wealthy families ask.    Tom and Keith collaborated with some of the most respected advisers in the field of family business to create this fantastic resource.    In this episode I chat with Tom about the process, some of the common areas that cause concern for business families and dig in to some of the key questions.    You can find out more about the book here: https://wealthofwisdombook.com/   and the link to the podcast is here: https://podcasts.apple.com/gb/podcast/wealth-of-wisdom/id1438693369        Support this podcast

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.

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.

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.

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. 

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.  

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.  

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.

When Is A Gift Not a Gift? Join Emily & Dr. Jamie in a conversation with authors, Susan Massenzio and Keith Whitaker about the impact of giving an inheritance.   Learn what those who are planning to leave a tangible legacy can do to minimzie the potential curse and maximize the blessings related to their gift-giving. Live Tuesdays, 8:00-9:00 a.m. PST Call:  (347) 215-6138 E-mail: listeners@sylviaglobal.com Wealth Psychology is made possible by Wetherby Asset Management. Learn more at Wetherby.com  https://www.wetherby.com Note: Today's episode was pre-recorded. Please email any questions or comments for Emily, Dr. Jamie or their guests to listeners@sylviaglobal.com or post to Sylvia Global's Facebook page. 

When Is A Gift Not a Gift? Join Emily & Dr. Jamie in a conversation with authors, Susan Massenzio and Keith Whitaker about the impact of giving an inheritance.   Learn what those who are planning to leave a tangible legacy can do to minimzie the potential curse and maximize the blessings related to their gift-giving.

About James E. Hughes, Jr., Esq. Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press and is the co-author with Susan Messenzio and Keith Whitaker of a new book, The Cycle of the Gift: Family Wealth … Continue reading James E. Hughes, Jr., Esq. – Family Wealth Expert →