Capital Club

How is the shifting financial landscape affecting estate planning and wealth transfer between generations?In this captivating episode of the Capital Club podcast, host Brian engages with Anthony Venette, Director of Business Valuation & Advisory at DeJoy & Co. Anthony brings to the table his expertise in estate planning and business valuation, particularly focusing on optimizing gift and estate tax strategies for business owners. As the financial world grapples with demographic shifts and changing tax laws, Anthony sheds light on the critical intersection of income tax, estate tax, and business valuation, offering valuable insights into strategic wealth transfer across generations.[00:01 - 08:33] Introducing Anthony VenetteAnthony's role in business valuation and estate planningThe demographic shift impacting business and wealth transferThe importance of understanding the nexus between generations in estate planning[08:34 - 16:01] Navigating the Estate Tax LandscapeUpcoming changes in tax exemption and their impactStrategies for optimizing gift and estate tax planningThe importance of proactive planning in estate management[16:02 - 24:20] Advanced Estate Planning TechniquesThe use of carried interest in estate planningDifferences between European and American waterfall structures in fundsThe strategic benefits of early planning in estate tax optimization[24:21 - 32:12] The Role of Family Offices in Estate PlanningHow family offices can enhance wealth transfer strategiesThe significance of closely held business discounts and appreciation in estate planningThe impact of legal structures on wealth management[32:13 - 38:07] Carried Interest and Derivative SalesIn-depth exploration of carried interest and its role in estate planningUnderstanding the vertical slice rule and carried interest derivative salesThe need for expert guidance in complex estate planning scenariosKey Notes:"We sit at the nexus point between generations, facilitating that handshake from baby boomers to Gen X and millennials." - Anthony Venette"Estate planning isn't just about the numbers; it's about establishing and preserving legacy." -Anthony VenetteConnect with Anthony!Website: https://www.teamdejoy.com/contact-us LinkedIn: https://www.linkedin.com/in/anthonyvenettecpaabv/ This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Connect with me:https://www.linkedin.com/in/brian-c-adams/  (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!Hosted on Acast. See acast.com/privacy for more information.

Could understanding the dynamics of succession planning in family businesses offer clues to navigating personal and professional transitions more effectively?In this episode, Brian engages with guest Shelley Forsythe in a deep dive into the intricacies of succession planning in family businesses. Shelley, an expert in family governance and legacy planning with BMO Family Office, shares her insights on the importance of early planning, the role of professional advisors, and the emotional complexities involved in handing over the reins to the next generation. The conversation uncovers common pitfalls in succession planning, the significance of communication and external support, and how these elements contribute to the successful transition of leadership and legacy within family enterprises.[00:01 - 07:21] The Art of Succession PlanningSuccession planning in family businesses and its challengesThe importance of starting early and integrating technical and qualitative aspectsThe role of professional advisors in facilitating the process[07:22 - 14:24] Next-Gen Leadership and LegacyPreparing the next generation for leadership rolesBalancing personal passions with family business obligationsThe significance of independent board members in the transition process[14:25 - 22:06] The Family Meeting FrameworkStrategies for effective family meetingsThe importance of neutral venues and inclusive agendasIntegrating fun and meaningful activities to strengthen family bonds[22:07 - 29:14] Navigating Family DynamicsAddressing the emotional aspects of succession planningThe role of family councils in larger family enterprisesAdapting to generational changes within the family business context[29:15 - 37:16] Cultivating a Sustainable Family LegacyThe significance of aligning family values with business goalsUtilizing family councils for generational representation and decision-makingThe role of philanthropy and social responsibility in the family legacyKey Notes:"Succession planning is not just about business transition; it’s about preparing the family for a future that sustains their values, legacy, and relationships." - Shelley Forsythe"The best time to start planning your succession is yesterday; the next best time is today." – Shelley ForsytheConnect with Shelley!Website:https://privatewealth-insights.bmo.com/en/experts/shelley-forsythe/ LinkedIn: https://www.linkedin.com/in/shelley-forsythe-fea-cfp-tep-mfa-p-cepa-2171b220/ This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!Hosted on Acast. See acast.com/privacy for more information.

Can the right estate planning approach preserve wealth and prevent family discord, or is the dissipation of wealth an inevitable outcome of generational transitions?In this episode, Brian sits down with Syd Walker, an estate planning consultant specializing in serving ultra-high-net-worth families. Their conversation delves into the nuanced world of estate planning, asset distribution, and the evolving concept of generational wealth management. Syd shares his journey from a campus minister and foreign missionary to a trusted advisor in the family office space, offering unique insights into creating actionable plans that resonate with family values and long-term objectives.[00:01 - 06:22] The Evolution of Estate PlanningSyd's transition from ministry to estate planningThe impact of family office conferences on industry practicesThe importance of authentic engagement in wealth management[06:23 - 13:08] Servant Leadership in Wealth ManagementThe concept of a 'servant's heart' in serving wealthy familiesThe role of empathy and understanding in financial advisoryChallenges of aligning family dynamics with wealth preservation[13:09 - 20:14] Personal Stories and Professional InsightsSyd's personal experience with family and wealthCase studies illustrating the scope of his estate planning workThe process and importance of comprehensive family assessment[20:15 - 27:42] Entrepreneurial Journey and Client EngagementSyd’s experiences and realizations as an entrepreneurThe significance of problem-solving and education in wealth managementThe process of engaging with families and creating tailored action plans[27:43 - 34:11] Legacy Beyond WealthStrategies for defining and preserving a family legacyThe role of governance and practical legacy in estate planningClosing thoughts on achieving wealth success and maintaining family unityKey Notes:"When you put yourself in the position of a servant, that's exactly how a lot of people will treat you." - Syd Walker“One of the commonly held thoughts on why most families fail is a lack of trust.” - Syd WalkerConnect with Syd!Website:https://www.prosperispartners.com/ LinkedIn:https://www.linkedin.com/in/sydwalker/ This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Connect with me:https://www.linkedin.com/in/brian-c-adams/  (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!Hosted on Acast. See acast.com/privacy for more information.

How can high-net-worth individuals protect their digital lives from increasingly sophisticated cyber threats? In this episode, Chris Pierson, a renowned cybersecurity expert, discusses the dynamic and fast-evolving nature of cyber threats, especially against high-net-worth individuals and family offices. They delve into the complexities of digital executive protection, the nuances of cyber risks for corporations versus individuals, and practical steps for enhancing cybersecurity. The conversation illuminates the multi-faceted approach required to safeguard digital assets, highlighting the importance of active defense and the necessity of adapting to the ever-changing cyber landscape.[00:01 - 07:10] The Ever-Changing Cyber Threat LandscapeThe rapid evolution of cyber threats and their impact on families and corporationsThe sophistication of cybercriminals and nation-state actorsThe personal experience of cyber threats by high-profile individuals[07:11 - 14:35] Cybersecurity Dichotomy: Professional vs. PersonalThe disparity between cybersecurity measures in family offices and personal livesThe concept of being a constant target regardless of one's role or positionThe importance of a holistic approach to cybersecurity across all facets of life[14:36 - 21:33] Practical Cyber Defense StrategiesEmphasis on active defense and practical steps to improve cybersecurityThe critical role of education in combating cyber threatsRecommendations for implementing robust cybersecurity measures in daily life[21:34 - 26:32] Balancing Convenience and SecurityThe challenge of reducing friction while maintaining high-security standardsPersonal anecdotes and examples of effective cybersecurity practicesThe relationship between user experience and cybersecurity effectiveness[26:33 - 33:37] Emerging Cybersecurity Trends and Personal InsightsDiscussion on new and not widely reported cybersecurity threatsPersonal routines and practices that contribute to peace of mind in a digital worldThe significance of staying ahead of cyber threats through proactive measuresKey Notes:"Once something is stolen digitally, it's gone forever. That's why protection is so important." - Chris Pierson"The goal is to try to get the individual to move as far as they can into a better place from a cybersecurity and privacy perspective." - Chris PiersonConnect with Chris!Website:https://blackcloak.io/ LinkedIn:https://www.linkedin.com/in/drchristopherpierson/ This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Connect with me:https://www.linkedin.com/in/brian-c-adams/  (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!Hosted on Acast. See acast.com/privacy for more information.

How can understanding your family history empower you to make better decisions and create a lasting legacy?Today, our guest is John Seaman, an accomplished author, historian, and entrepreneur who has dedicated his career to helping families and organizations leverage their histories to shape their futures. John shares his unique perspective on the power of family narratives and how understanding the past can drive meaningful and sustainable decisions for future generations. He discusses the importance of going beyond mere genealogy and delving into the rich, complex stories that define a family's values, experiences, and identity.[00:01 - 05:29] The Circuitous Route to Family HistoryJohn's background in academic history and biographyTransitioning from historical consulting to focusing on family enterprisesThe personal anecdote that validated John's path in family history[05:30 - 10:43] The Power of Family NarrativesHow family history binds families together beyond just moneyThe role of family history in decision-makingThe importance of understanding the "why" behind family decisions[10:44 - 16:39] Best Practices for Capturing Family HistoriesGoing beyond genealogy and legacy films to uncover rich, complex storiesThe value of professional research and historical methodologyThe role of family representatives in initiating family history projects[16:40 - 22:18] Navigating Difficult Pasts and Generational DividesThe importance of confronting and learning from difficult family historiesHow younger generations can reimagine family values and find their place in the storyThe potential for difficult pasts to serve as narrative drivers for positive change[22:19 - 31:52] Engaging with Family Histories in the Modern AgeCommon pitfalls and the importance of emotional commitment and trustThe various formats for presenting family historiesThe value of making family histories accessible among family membersKey Notes:"Understanding our past helps us make meaningful and sustainable decisions for our family's future." – John Seaman"A legacy is not just transmitted, but it's also received, and it has to be received for it to carry forward from one generation to the next." - John SeamanConnect with John!Website:https://www.saybrookpartners.com/ This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Connect with me:https://www.linkedin.com/in/brian-c-adams/  (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!

Have you ever wondered how inheriting wealth can shape one's life beyond the financial aspects? In this episode, our guest is Chip Fisher, the founder of Ursus Advisory, a consultancy practice dedicated to advising ultra-high-net-worth individuals and their next generations on the nuances of managing inherited wealth. Chip, drawing from his rich background and personal experiences, sheds light on the idiosyncratic yet emblematic stories of families navigating the complexities of wealth. Through candid discussions, the episode explores the transformative journey of understanding wealth's impact on identity, relationships, and societal contributions. [00:01 - 07:56] Exploring Wealth's WatersChip Fisher's journey into the world of wealth consultancyThe significance of understanding one's origins and the impact of wealth on identityThe empathetic approach towards advising ultra-high-net-worth individuals[07:57 - 14:01] Finding Purpose Beyond MoneyThe entrepreneurial mindset as a pathway to meaningful engagement with wealthThe importance of finding purpose and passion beyond financial securityInsights into Chip's approach to offering value and empathy in his consultancy practice[14:02 - 21:57] Navigating Personal ConnectionsThe complexities of relationships within the context of inherited wealthStrategies for fostering authentic connections and avoiding the pitfalls of wealth in social dynamicsChip's reflections on friendship, partnership, and familial bonds in the shadow of affluence[21:58 - 28:46] How to Embrace Simplicity and FulfillmentChip Fisher's philosophy on living a meaningful life amidst wealthThe role of hobbies, interests, and community in enriching one's lifeThe importance of self-care and doing things that bring joy and personal growth[28:47 - 37:11] The Road Ahead for Wealth StewardsThe future of wealth management and the evolving role of advisorsChip's insights into the onboarding process and the journey with his clientsThe significance of self-care and daily practices in maintaining balance and peaceKey Notes:"The greatest thing you could do for yourself is to be well-read and informed." - Chip Fisher"You have to live your life as if the money is not a subject you need to deal with all the time." - Chip FisherConnect with Chip!LinkedIn: https://www.linkedin.com/in/chipfisher Website: https://www.fisherwallace.com/ This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!Hosted on Acast. See acast.com/privacy for more information.

What if wealth was more than just financial capital? How do different forms of capital influence wealth transfer and personal growth within family businesses?In this episode, Brian engages with Ambreen Bhaloo, a seasoned family enterprise advisor and coach, in a profound discussion on redefining wealth beyond financial measures. Ambreen brings her unique perspective on wealth, emphasizing the significance of human, emotional, social, and spiritual capital. They delve into the nuances of nurturing next-generation leaders, the complexities of wealth transfer, and the transformative power of self-awareness and mindset in personal and professional growth. [00:01 - 06:02] Wealth RedefinedWealth encompasses more than financial capital; it includes human, emotional, social, and spiritual aspectsThe importance of recognizing and leveraging all forms of capital in wealth transferStories as powerful tools for understanding and conveying the holistic nature of wealth[06:03 - 12:37] Personal Growth and MindsetThe critical role of self-awareness in navigating personal and financial growthHow mindset shifts can dramatically change one's relationship with money and successThe benefits of coaching and mentorship in personal development[12:37 - 18:10] The Power of Vulnerability and CoachingOvercoming the stigma associated with seeking help and the importance of coachingEgo and fear as barriers to growth, and the value of vulnerabilityThe coach's role in facilitating self-discovery and empowerment[18:10 - 24:46] Next-Gen Education and Wealth TransferPreparing the next generation for stewardship of wealth through education and self-knowledgeThe dynamics of family business and intergenerational wealth transferEmpowering women and the younger generation in financial and business matters[24:46 - 30:16] Creating a Legacy of Empowered WealthThe significance of aligning investments with personal valuesThe importance of open communication and creating a safe space for dialogue within familiesEncouraging curiosity and non-judgment in family discussions about wealth and valuesKey Quotes:"Fear is often excitement without breath." - Ambreen Bhaloo“If you have fear, get rid of that fear. Empower yourself. Look at what's underneath the fear and then build the strength.” - Ambreen BhalooConnect with Ambreen!Website: https://www.ambreenbhaloo.com/ LinkedIn: https://ca.linkedin.com/in/ambreenbhaloo This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!

Can technology redefine how ultra-high-net-worth individuals manage their estates?In this episode, Brian engages with Jonathan B. Fishbeck, the visionary behind EstateSpace, a pioneering platform transforming asset management for the high-net-worth sector. Jonathan shares his journey from a computer science background through to becoming a serial entrepreneur, leading to the inception of EstateSpace. The conversation delves into the unique challenges faced by family offices and the ultra-wealthy in managing their extensive portfolios of properties and assets. Jonathan explains how EstateSpace not only addresses these challenges through innovative technology but also positions itself as a crucial player in risk management and strategic planning for its clientele.[00:01 - 06:33] The Genesis of Estate SpaceTransition from construction to tech entrepreneurIdentifying the gap in asset management for the ultra-wealthyThe foundation and mission of EstateSpace[06:34 - 12:26] Solving Complex ProblemsTailoring solutions for family officesEstateSpace's impact on asset and property managementThe evolution of the platform to meet client needs[12:27 - 18:47] Understanding the Market's NeedsAddressing the ultra-high-net-worth market's challengesThe strategic decision to focus on a niche segmentFeedback and adaptation to client requirements[18:48 - 24:13] Innovations and Forward-Looking StrategiesAdvanced task management and insurance optimizationsEstateSpace's approach to risk management and insurance partnershipsExpanding the platform with AI and financial management tools[24:14 - 31:28] Entrepreneurial Insights and Future OutlookThe importance of understanding market needs and client feedbackEstate Space's growth strategy and upcoming AI initiativeJonathan's advice to aspiring entrepreneursKey Quotes:"At the end of the day, Estate Space is always meant to be easy, secure, and solve the problems of those that they serve." - Jonathan B. Fishbeck"Listening to our clients and partnering with them has been our greatest strength." - Jonathan B. FishbeckConnect with Jonathan!Website: https://estatespace.com/LinkedIn: https://www.linkedin.com/in/fishbeckThis episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!

Why do very few of today's wealthiest families trace their fortune back to the magnates of 1900, despite the high investment returns since then?In this episode, Brian delves into wealth sustainability and financial decision-making with Victor Haghani, founder and CIO of Elm Wealth and co-author of "The Missing Billionaires: A Guide to Better Financial Decisions." He shares insights into why many fortunes don't survive across generations, highlighting the importance of smart investment strategies, risk management, and adaptable spending policies. Through an engaging conversation, listeners gain a deeper understanding of the empirical facts and strategic decisions crucial for long-term wealth preservation.[00:01 - 06:34] The Genesis of "The Missing Billionaires"How Victor identified a gap in the financial decision-making literatureThe surprising historical fade of wealth across generationsThe book's impact and relevance[06:35 - 12:16] Deciphering Wealth DissipationThe phenomenon of wealth not persisting across generationsRigid spending policies exacerbate financial vulnerability over timeThe role of risk management and spending policies in preserving wealth[12:17 - 17:59] Risk, Return, and Spending: The Critical TriadHow to diversify investments and avoid overly concentrated portfoliosThe danger of rigid spending policies and the need for adaptabilityA utility function to make informed risk-taking decisions[18:00 - 24:14] The Cultural Aspect of Financial DecisionsGenerational differences in approach to wealth can lead to its dissipationThe importance of entrepreneurial spirit in sustaining family wealthBalancing between growing and preserving wealth across generations[24:15 - 29:06] Future-Proofing Wealth: Strategies and ReflectionsThe importance of aligning investment strategies with personal and familial goalsPractical advice for those facing a liquidity event or starting a family officeThe societal implications of wealth accumulation and preservationKey Quotes:"Every author finds the motivation in feeling that there's a gap that's crying out to be filled." - Victor Haghani"The more risk that you take, the more that you're eating into your compound returns." - Victor HaghaniConnect with Victor!Website: www.elmwealth.com   LinkedIn: https://www.linkedin.com/in/victorhaghani This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!