Resources
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Cultivate Family Readiness for Change
(opens in new tab)A well-researched model of how individuals make lifestyle or habit changes has been studied for decades but rarely applied to how families or systems go through similar processes. At the request of the Family Office Exchange (FOX(opens in new tab)), Jim Grubman presented a workshop to family office executives in 2019 about the common steps and stages that families go through when considering major changes in decision-making, governance, or transition planning. This article(opens in new tab) provides an interview that summarizes the main principles, including how families and family offices can facilitate the often-stressful process of making system-level changes.
Caught in the Crossfire: The Bridge Generation in Cross-Cultural Family Enterprises
(opens in new tab)Many global families of wealth struggle in the transition from one generation to the next as younger generations learn about new cultures that might challenge the family’s traditions. This is particularly acute for the second generation of wealth. They can be caught between the heritage of the wealth-creating generation and the more expansive views of succeeding generations. This article(opens in new tab) summarizes the stress that Generation 2 often faces in bridging the old and the new in global family enterprises.
Helping Grandchildren (and Children) Learn Good Money Skills
(opens in new tab)Great role models can help foster crucial skills and attitudes about money for the next generation. This article(opens in new tab) for the Pitcairn Family Offices client newsletter provides down-to-earth advice for grandparents wanting to help their grandchildren learn about money and ultimately about wealth. It applies equally well to parents looking to build money skills with their young children.
Wealth 3.0 Article Focuses on Legal Services
Trusts & Estates magazine published a third major article discussing the tenets of Wealth 3.0, focusing on the unique skills and procedures that attorneys must have when working in an UHNW or family office system. Authored by Jim Grubman with renowned attorney Kim Kamin, “How to Be a Wealth 3.0 Attorney” addresses the many questions that lawyers have about collaborating in a team environment.
Prior articles include “Wealth 3.0 in Practice” from 2023 and the inaugural article “Wealth 3.0: From Fear to Engagement for Families and Advisors” published in 2022.
A New Perspective on the Second Generation in Family Enterprises
The second generation (G2) in family enterprises is often maligned or written off as never quite good enough, compared to the dynamic wealth creators in the first generation (G1). A more balanced view of G2 was the subject of an online article in Harvard Business Review by Jim Grubman and Dennis Jaffe. The article provides insight into the importance of G2 in transitioning many family businesses from the dynamic growth in G1 to a more sustainable, family-centered enterprise for future generations.
Bridging the Trust Divide
This original whitepaper by State Street Global Advisors and Knowledge@Wharton explored key elements of trust in the advising relationship at a time when discussion of these issues was in its infancy. Jim offered commentary on the research findings plus a down-to-earth set of recommendations about the highly-charged area of fee discussions, an area where many advisors fall short.
State Street International Re-issue
State Street Global Advisors updated and reissued its industry-leading 2007 monograph Bridging the Trust Divide in the Australian financial planning market, with commentary by several prominent Australian advisors. Jim’s seminal work on conducting skillful fee discussions remains a core part of the conclusions and recommendations.
Discussing Fees in the Client Relationship
(opens in new tab)Discussing management or advisory fees with clients may not always be easy, but it is essential in maintaining productive, trusting, long-term client relationships. This article offers straightforward tips on understanding what is important and how to handle the conversation.
Encouraging Clients about Inheritance Conversations
(opens in new tab)Many estate plans and wealth transfers fail, not because of technical problems with their design but because family dynamics and communication problems get in the way. It’s crucial for beneficiaries to be ready to receive wealth transfers and gifts with skill and gratitude. Otherwise, the best-laid inheritance plans of wealth creators and their attorneys will not succeed. This article discusses these issues for both advisors and families.
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Dr. Grubman is no longer accepting new consulting engagements with clients. He welcomes correspondence from individuals, advisors, and colleagues exploring the ideas in his books, publications, and presentations.