Episode Details

It is very common for first-generation, self-made, affluent people to shield their children from hardships.

But that safety net can become a hammock of complacency…and entitlement!

In this episode, Duncan MacPherson joins Jeff Savlov, family business and wealth consultant, and the founder of Blum & Savlov, LLP. They discuss how to address family dynamics in wealth management — ultimately avoiding strained relationships among all future inheritors of wealth.

They discuss:

• Why family dynamics play a crucial role in continuity and succession planning
• Major challenges in family business succession (and how to address them)
• Resources for financial advisors to help address family issues faced by affluent clients
• How to engage families — including children — in the financial planning process
• And more

Resources:

• Family Business Minute Blog
• Purposeful Planning Institute
• Family Firm Institute
• Don’t Miss Out on Early Chances to Engage Kids: Article by Jeff Savlov in the Family Business Magazine
• “Consulting to Family Businesses: Contracting, Assessment, and Implementation” by Jane Hilburt-Davis and William G. Dyer
• “Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health” by Courtney Pullen
• The Bowen Center for the Study of the Family
• Ackerman Institute for the Family
• “Entitlemania: How Not to Spoil Your Kids, and What to Do If You Have” by Richard Watts
• “Fair Process: Managing in the Knowledge Econo