Wealth of Wisdom

In this interview, renowned investor Charley Ellis pulls no punches. Active managers, he says, cannot beat the market on a consistent basis. Fifty years ago, Charley argues, institutions did less than 10% of total NYSE trading, and individuals did more than 90%, and beating the market was  probable  for well-informed professionals. Today, full-time professionals who are constantly comparison-shopp...

Even as passive investing continues to rise in popularity, many families struggle with the choice of active versus passive. In this podcast Harvard Business School professor Randy Cohen, a close researcher of investment returns, argues that there's no going back to the days when famous managers could 'beat' efficient public markets. However, Cohen does identify four strategies that--with patience...

Risk is a commonly misunderstood concept – even more so for private clients, who have to operate in world that is increasingly tilted toward institutions and professional investors. In this interview, long-time investor Jim Garland, who shepherded the Jeffrey family portfolio for many years, provides his guidance on how families should think about investing and how they can manage risk. The way Ji...

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...

There are strong forces against family business continuity. So every enterprise must find ways to engage the rising generation. In this interview with Tom McCullough, Dennis Jaffe talks about how business families can increase the critical elements of connection, transparency, capability, and commitment. He also highlights some of the best practices around designing and holding effective family me...

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...

In the first chapter of the book, Patricia Angus tells a fascinating story about a conversation she had with a cab driver about wealth and life and asks the question – "Are you wealthy?" This question may seem at first blush easy to answer, just a quantitative matter. But of course it all depends on what you mean by "wealth". In this conversation with Tom McCullough, she invites listeners to think...

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.

There are few topics more important and more challenging than family communication. Jennifer East is an advisor to business families and brings unique perspective to the topic. In this conversation with Tom McCullough, Jennifer talks about her own experience growing up in an entrepreneurial family and what she has seen in the many families she has worked with. She offers practical, concrete steps...

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...

Some families have determined that they could benefit from the integrated objective approach offered by a family office, which then leads to another set of questions such as "Should you choose a single‐ family office or a multi‐ family office?" In this interview with Tom McCullough, family office expert Kirby Rosplock walks us through a thoughtful, reasoned, and personally relevant way to make thi...

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 chapte...

Dirk Jungé is a leader and pioneer in the family office field, providing leadership to his family's firm, Pitcairn, for many years. Dirk was kind enough to write the foreword for Wealth of Wisdom. In this episode, he talks to Tom McCullough about how wealth is an amplifier of all things and how, if not properly tended, it can be a family's undoing. And he tells many stories about experiences of cl...

Jay can rightly be said to be the founder of the field of family wealth. In this discussion he reflects on the journey that brought him to this work, his current role as an elder, and the paramount importance of elders for families who wish to succeed over generations. Jay also discusses the true meaning of the proverb "Shirtsleeves to shirtsleeves in three generations" (hint: it's not just about...

There are few assets that generate as much emotional heat as a family vacation home or estate. Jamie Forbes knows the power of family vacation property through his growing up part of the Forbes family, with their shared estate of Naushon Island off Cape Cod, which has been in the family for over 150 years. In this podcast Jamie shares specific practices that his family and others use to strengthen...

This is a question that practically every parent asks, whether or not they have money. But wealth can deprive children of the natural education in financial literacy. Coventry Edwards-Pitt has written an entire book about how successful heirs develop healthy money skills. In this podcast she shares concrete practices that parents can adopt, whether you are parenting young children or adults.

Conflict is a normal part of family life. But it can be difficult to talk about and to manage, especially when significant wealth or a family business is involved. Blair Trippe is a counselor who has years of experience working with families in conflict. In this podcast Blair defines the different types of conflict, shares strategies for dealing with different forms of conflict, and talks about me...

Family unity sounds like a good thing, but in this podcast a senior advisor to families, Andrew Hier, argues that unity is in fact vital to the long term success of a family or its enterprise. In his conversation with Tom McCullough, Andrew talks about the corrosive effects of disunity (including disputes, divisions, mistrust, political maneuvering, entropy) that can fester and ultimately crush a...

With an increasingly aging population, families need to turn their attention (sooner rather than later) to the issues of mental competence. This may refer to the traditional problem of older family members living longer with  diminished  competence, but also to those who live longer in good shape with  sustained  competence (-think Queen Elizabeth). Both of these scenarios have significant consequ...

Life is complicated, and it gets more so as wealth increases. While advisors are almost always necessary, it can be hard to find good one, with the the skills, experience, empathy and integrity you want. And, once found, it can be often difficult to manage them in a effective way that stays focused on the needs of the family. In this podcast, Tom McCullough has a fascinating conversation with Phil...

In this episode, Tom talks to contributing author Alex Scott, a business leader and a member of a multi-generational family of wealth from the UK. Alex answers the question 'Can a Family Stay Together After the Operating Business Is Sold?' with an enthusiastic 'yes'. But of course that result does not come about without considerable intentionality and effort, so Alex describes some of the practice...

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 i...

In this episode, Tom interviews contributing author Dr. James Grubman on his chapter in the book titled, 'How Do You Balance Family Stability with Resilience Over the Generations?'. Jim is a psychologist and consultant to multi-generational families about the issues that arise around wealth. He shares from his own experience with families and talks about how they can successfully adapt to changing...

In this episode, Tom interviews contributor Barnaby Marsh on his chapter in the book titled, 'How Can You Wisely Develop a Long-Term Strategy For Your Philanthropy?'. Barnaby is co-founder of the philanthropic services agency, Saint Partners. In this podcast, he reflects on the massive (and probably inevitable) societal changes we are going through, and how you can wisely develop a long-term strat...

In this episode, Tom interviews contributor Heidi Druckemiller on her chapter in the book titled, 'Does Family History Matter?'. Heidi is a senior consultant at The Winthrop Group and suggests that the story of your past can help you to discover your family's unique values, shape its moral purpose, and direct its strategic decision-making. It will also, inevitably, give your life meaning in ways t...