In this episode of What's Next? from Parcion Private Wealth, host Terry Cook and guest Mike McGrann, from the Fidelity Center for Family Engagement, discuss legacy preservation and wealth communication. They tackle fears surrounding wealth's impact on future generations and strategies for constructive family dialogue. As a subject matter expert on families of wealth and family-owned firms, Mike shares insights on maintaining healthy relationships around wealth, emphasizing the importance of open communication to prevent misunderstandings and conflicts. If you are interested in learning more about how Parcion can support your generational conversations, please contact us at info@parcionpw.com or visit www.parcionpw.com.
1:00 – Episode introduction
2:52 – Addressing the fear of money ruining kids by utilizing better conversational tools
4:45 – Creating distance with hierarchical behavior
8:20 – Statistics around wealth transfer
10:00 – Defining what \"Legacy\" means to you
13:20 – Using intentional reflection to define your legacy and relationship to wealth
14:00 – Intended and unintended outcomes and consequences
15:40 – Voice versus vote
16:00 – Peership and commitment to mutuality
18:40 – Real life example of a conversation about wealth with a 14 year old around shoes
21:40 – Real life example of a conversation about wealth with estate planning and family dynamics
25:03 – Fair versus equal
29:20 – Wish versus fear
32:00 – Developing a healthy respect for wealth in your children
36:22 – Takeaways and strategies for constructive family dialogue
44:25 – Fidelity Center for Family Engagement's mission and passion to support family businesses
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