Today, it is my absolute pleasure to speak with Amy Hart Clyne, Chief Knowledge & Learning Officer at Pitcairn. Amy is responsible for Pitcairn’s Family Engagement Services function and leads the firm’s thought leadership and learning initiatives. Before joining Pitcairn, Amy served as Executive Director and Chief Knowledge Officer at FOX, and led our knowledge, learning, and education strategies serving our community of families and multi-disciplinary advisors.

Amy is the co-author of the book Finding Her Voice & Creating a Legacy: Portraits of Pioneering Women Leading Wealthy Families – an exploration that draws from intimate, in-depth conversations with over 40 women of wealth about how they came to wealth, their role in the family, and the obstacles they overcame.

Amy holds a Certified Financial Planner™ (CFP®) designation and an Advanced Family Business certification (ACFBA) from the Family Firm Institute where she is also an FFI Fellow. She, and her firm Pitcairn, are valued wealth advisor members of FOX and we are thrilled to have their expertise as part of the FOX membership community. Finally, Amy is a former member of the FOX team, and I am thrilled to welcome such a distinguished FOX alumna to FOXCast.

Amy’s book, Finding Her Voice is a groundbreaking book and, in my view, required reading in the family wealth space. Amy shares with our audience the story of the book, including what motivated her to write it and what methodology she used for gathering the insights and stories captured in the book.

Having captured the fascinating and unique stories of these 40 women, Amy talks about the main revelations and learnings that she took away from her research and that she is passing on to the readers of the book.

We then talk about the more practical outcomes of Amy’s research and the applied learnings for female wealth owners, starting with some practical tips and suggestions for the women who are founders or wealth-creators and built their wealth from scratch.

Next, we discuss the advice and suggestions Amy would offer to female inheritors – those who are the recipients of generational wealth being passed on to them.

This is a must-hear conversation with one of the pioneers of family wealth learning and education, and a groundbreaking researcher, writer, and thought leader in the field of women in wealth.

Today, I’m excited to speak with Amy Wirtz, Senior Consultant with The Family Business Consulting Group. Amy works closely with families to identify their goals around values, ownership, and financial wealth, and helps them establish family offices, councils, and enterprise governance systems to support these goals. She served as a lawyer for 27 years, with the last 10 years practicing collaborative law.

In addition, Amy is a trained mediator and skilled facilitator in conflict resolution, communication, and listening skills. She serves on multiple family business advisory boards and frequently teaches and speaks at business forums, including YPO, YPO Family Office, Private Company Governance Conference, and The Exit Planning Institute.

In today’s conversation, we’ll zoom into generation-skipping trusts, which are both powerful and popular estate planning vehicles deployed by UHNW families and their advisors. We start with the basics, and Amy providing a definition of what generation-skipping trusts are and why are they so commonly utilized by families of wealth.

Like all estate planning, risk management, and tax optimization strategies, there are both pros and cons and complexities associated with generation-skipping trusts. Amy talks about the long-term implications for families who establish and subsequently must live within these legal structures.

Amy offers some practical tips and suggestions for families who are just starting to consider generation-skipping trusts, helping outline what they should know and beware, and how they should prepare the family for these structures.

Amy then offers some pointers and advice for families who already have established generation-skipping trusts, sharing her insights into how they can live their lives in accordance with their goals and preferences while still managing and complying with the complexities of these existing legal structures.

Please enjoy this deeply insightful conversation with one of the leading practitioners and consultants in the area of trust and estate planning for UHNW families.

Today, I am pleased to welcome Bob Weinhold, Partner at Velocity Advisory Group, an advisory firm helping clients accelerate organizational success through leadership development, executive coaching, cultural alignment, and strategic execution. Bob oversees the firm’s Family Business Advisory and Executive Coaching practices. He began his career in healthcare working with executives in 1996 and later that year was fortunate to support the Atlanta Olympic Games with his individual and team performance enhancement experience. Bob supports the development of next generation leaders to prepare for succession and help senior family members transition responsibilities while mitigating risk.

In his work with families, Bob talks about the concept of “mental scripts” that family members have in their heads that, while helpful in some cases, can also get in the way of successful transitions, communications, and relationships within family enterprises. He elaborates on this concept and gives some examples of how these mental scripts form and manifest themselves within families of wealth.

One common challenge related to the “mental scripts” topic is the “fear of screwing up” mentality that so often guides and derails progress among enterprise families and their members. Bob explains why this “Don’t Mess It Up!” attitude is so pervasive both among older generations looking to transition control and their next-gen descendants who are looking to step into leadership. He also offers some insights into what families can do to avoid or navigate this common pitfall.

One practical tip Bob offers is for family members to really mind their language – to study the phrases they use in their conversations. Bob delves into why language is so important and unpacks what family leaders and members can do to make sure how they speak to each other helps them grow and succeed rather than derail or hold them back.

Another practical tool Bob uses and recommends is “the list”, which often older generations have in their mind before they can be comfortable transitioning power and control. He talks about this mental list – what’s often on it, how to deal with it, and how rising-gen members can manage toward and around this list.

Enjoy this instructive conversation with a prominent and experienced thought leader and practitioner in the field of intergenerational transitions and succession within UHNW families.

Today, I’m excited to speak with Van Carlson, Founder & CEO of SRA 831(b) Admin, a specialized risk management solutions company. Van has over 25 years of experience within the risk management industry. Prior to founding SRA, Van ran his own property and casualty firm for 15 years and was awarded Presidents Council’s and other top-performing achievements during his tenure as a P&C Agent. In 2008, he saw the Great Recession hit his commercial business clients hard, and just like them, he was also affected by the sharp economic downturn. Out of that challenging experience, he emerged committed to developing better ways to manage risk and improve business operations for his clients, and consequently founded SRA 831(b) Admin to pursue this mission.

In this episode, we delve into the topic of micro-captive insurance plans, or 831(b) plans, and the ways family businesses and family offices can deploy this specialized tool to manage a range of risks. Van covers the fundamentals, offering our audience an overview of how 831(b) plans work and why wealth owners and family enterprises should consider deploying this innovative risk management tool.

There are many ways 831(b) plans can create value for families and their enterprises. Van describes the most common use cases families and family offices can address by deploying 831(b) plans and shares some examples of the different unfunded liabilities this tool can help address.

One very practical and helpful tool Van developed is the 831B.com website. He talks about the resources that are available on the website and how families and family office teams can utilize this public resource.

The 831(b) solutions have many positive applications, but as is the case with everything in life, there are also downsides to consider. Van covers the potential risks associated with 831(b) plans and shares his tips on how our listeners can avoid or mitigate these risks.

Please enjoy this insightful conversation with a pioneer and thought leader in the technical field of micro-captive insurance plans.

Today, I’m excited to speak with Brad Mindich, CEO and Founder of Inveniem, the leading archiving & fan engagement company that works directly with artists, estates, athletes, brands, and individual celebrities on finding, organizing, preserving, and monetizing their artifacts and history. Brad also founded Agent Phoenix, a brand realignment and creative consulting agency, which works with companies to improve and enhance their relationships with their target audiences. Brads businesses have served such iconic artists as Coldplay, Metallica, Norah Jones, Jeff Bridges, Questlove, and Elvis Costello, to name just a few. Prior to founding Inveniem and Agent Phoenix, Brad was President of the Phoenix Media/Communications Group, a multi-media organization, and is a veteran of several media and technology start-ups in the US and UK.

Brad talks about the world of iconic creators – artists, actors, athletes, and other creative personages – and provides an overview of this exclusive niche and how he and other experts serve these VIP UHNW clients, especially helping them preserve and manage their intellectual property, intangible assets, and unique artifacts.

The knowledge, tools, and processes Brad and his firm have developed and apply are not limited to just in this creative niche of the market. Brad describes how families of wealth can also leverage this approach and solutions to preserve and pass down their artifacts, heirlooms, and collections – but also their legacy and values more broadly.

Brad goes over the practical steps of how families and UHNW clients can get started on this journey of understanding, managing, and making the most out of their creative assets and intellectual property. He delves into one of the most common roadblocks for many families and clients – how to first organize all the artifacts and creative assets they have so they can know what is there, what exists, and then follow the robust process to begin to manage these collections of unique, alternative assets.

Enjoy this informative conversation with the leading service provider in this exclusive niche of the UHNW wealth management landscape.

This week, it is my pleasure to speak with Mark Tepsich, Executive Director and Family Office Design and Governance Specialist in the Family Office Solutions group at UBS Private Wealth Management. Prior to joining UBS, Mark spent several years with a NYC based investment advisory firm, where he built the firm’s family office platform, which included designing the infrastructure, services, tech solutions and vetted third party professionals such as law and tax advisory firms. Prior to that, he spent a decade at a large single-family office where he served as General Counsel of a dynastic, multi-generational family, advising on family office structuring, governance design, personal, estate and income tax issues, as well as business formation and operations, investment due diligence and real estate development.

Many firms and institutions serving UHNW family clients are creating in-house family office groups and centers of excellence. Mark talks about this trend, explains its rationale, and outlines the different varieties of internal family office groups, and what capabilities they usually offer.

We then delve a bit deeper into the rationale, addressing why it makes sense to create these internal family office teams, and describing the scenarios when it makes sense for a UHNW family client to engage with such closely held family office groups. Mark also paints the picture of how these internal groups fit within the broader advisory and service provider ecosystem of players serving the UHNW and family office clientele.

Mark offers his practical tips on how UHNW clients should go about identifying and selecting the external partners they work with and what process they should follow – including how to identify, compare, and select internal family office groups that are part of a larger wealth advisory firm.

Finally, Mark shares his views on now the UHNW and family office ecosystem is evolving, highlighting how the different kinds of firms and internal family office groups not only coexist but actually collaborate with each other with the goal of to providing their (often shared) clients the best possible advice, solutions, and service.

Enjoy this illuminating conversation with one of the leading practitioners in the UHNW family wealth management space.

Today, I have the pleasure of speaking with Sharon Schneider, founder of Integrated Capital Strategies. She works with families and foundations to align all of their activities with their values, expanding from philanthropy and impact investments to advocacy, operating businesses and property management/household operations. She is the author of "Handbook for an Integrated Life: A Practical Guide to Aligning Your Everyday Choices with Your Internal Compass". Previously Sharon served as Executive Director of the Telluray Foundation and was the founding Director of the Walton Personal Philanthropy Group.

She was also co-founder and CEO of the for-profit social enterprise Moxie Jean, a Chicago Innovation Award winner in 2013 and a 2012 portfolio company of renowned tech accelerator Excelerate Labs (now TechStars Chicago). Moxie Jean was acquired by Schoola in 2015. Before starting Moxie Jean, Schneider spent 12 years as a staff member and consultant to private foundations, including the Bill & Melinda Gates Foundation, the Pew Charitable Trusts, and dozens of small family foundations, working on issues ranging from strategic planning and outcome management to engaging your family in philanthropy.

Sharon wrote a highly regarded book about the concept of an “Integrated Life”, and she shares with our audience the meaning of this term and its key takeaways for UHNW families. In her writings, Sharon posits that these is a “3rd Gen Problem” – that by the time G3 steps into the leadership role, the family office structure begins to strain. She describes this problem, and illustrates how it is manifested across families, why it occurs, and most importantly, what to do about it.

Through her work with families, Sharon has formulated 8 principles for a values-aligned family office, and she unpacks her thinking and practical insights related to the 8 principles. She then provides some specific practical applications of the principles, and shares some use cases that can help bring the principles to life for our audience.

Enjoy this informative conversation with one of the best recognized philanthropy advisors and practitioners in the family wealth space.

Today, it is my pleasure to speak with Drew McMorrow, President & CEO of Ballentine Partners, an independent wealth management firm providing comprehensive investment and family office services to wealthy families and entrepreneurs. In addition to being responsible for the day-to-day management of the company, Drew also continues to consult with families on all aspects of their financial lives. Prior to joining the firm in 2002, Drew worked at Mercer Management Consulting, where he advised technology companies on their strategic plans, and before that, he was the Director of Business Operations at Oracle Corporation, where he directed financial and business analysis for procurement and distribution operations. Drew, and his firm Ballentine Partners, are valued members of the FOX MFO Council and we are very proud to have their expertise as part of the FOX membership community.

As family offices become increasingly popular and as families look to them for an ever-broader range of services and expertise, many families are weighing the pros and cons of in-housing vs. outsourcing vs. partnering as they try to decide on the optimal operating model for their family office. Drew shares his perspectives on the tradeoffs between in-house and partnered design options for SFOs and explains when and what should families consider outsourcing when building our their SFO, highlighting the functions or situations that lend themselves better to one model vs. another.

Drew and his firm Ballentine Partners have built the Center for Family Wellbeing as a practical resource to help families make the best resourcing choices for their FOs. He tells our audience about the Center, its mission, and how it serves multigenerational families of wealth.

Another practical insight Drew offers is regarding the often-neglected qualitative disciplines in support of the family’s long-term success – functions such as family communications, education and learning, and next-gen engagement and preparation. He provides his practical recommendations on how families can utilize internal resources and external partners to develop and deliver these mission-critical services to the family.

Do not miss this engaging conversation with one of the most prominent thinkers and leaders in the UHNW family wealth management space.