I was captivated by a recent Wall Street Journal article entitled, “Should Parents Involve Their Teenagers in Big Spending Decisions?” The article featured two financial advisors with opposing views on this question. I thought I’d weigh in. Lazetta Rainey Braxton, co-CEO at 2050 Wealth Partners in New York, basically says that “if done right, it can be empowering and educational,” while Michelle Perry Higgins, a financial planner and principal at California Financial Advisors in San Ramon, Calif., says teenagers shouldn’t have a say in these decisions. Ms. Rainey Braxton is basically taking the tack Read more »
Family Legacy
Deepening New Client Conversations
I was recently speaking to a friend and colleague about the conversations he has with new clients. He is one of a new wave of wealth managers (and other professionals) who are as interested in getting to know the full picture of their client’s lives as they are about investment and planning strategies. He asked for my thoughts on deepening client conversations. Opening up conversations about money, business, family and legacy with a new client or even a prospect can Read more »
Ethical Wills – Share Your Love and Wisdom!
Several years ago, I wrote about ethical wills. While they sound “legal”, they are not legal documents at all. An ethical will is a letter to children, grandchildren, really any loved ones, written to express wisdom, values, life lessons. It is a way to transfer non-financial/non-material wealth. Best shared when the writer is still alive, there can be invaluable interaction between the writer and recipients. I found the process of writing my own (shared in the blog several years ago) Read more »
Article with Merrill Center for Family Wealth
I consulted with a grandfather who achieved a high level of financial success (and also had a lot of emotional intelligence and love for his family) and with his daughter and her husband who have a two and a half year-old. The grandfather attended a workshop I gave about raising children in a family business/wealth context and thought his daughter and son-in-law would benefit from some ideas and coaching. The daughter said early on in the conversation more or less, Read more »
Raising Family Business Kids – Free Workshop
Hi Friends/Colleagues, I’m facilitating a free, virtual workshop about raising children in the context of a family business. The workshop is in coordination with NYCFEC (NY City Family Enterprise Center) and is intended for business families in the greater NYC area. Tuesday, May 5th, 2020 – 4 pm – 6 pm. Come as my guest for no fee using code – JS051 – at checkout. This is a small, personal and highly interactive workshop – learning and fun. Feel free to share this with anyone who Read more »
Thanksgiving in August???
Friends and Colleagues, The Thanksgiving/holiday season is upon us and I have made a donation in honor of all of you to the Trenton Area Soup Kitchen (TASK). Rather than cards or pies or gifts (which are all really cool) I decided to write to you here and send money to TASK to make an impact on the issue of hunger – an area important to me. I’ve been volunteering monthly for over 10 years at TASK and am always moved by how the Read more »
Jeff Interviewed by Jane Scaccetti
Jeff was interviewed by Jane Scaccetti of Drucker and Scaccetti – “The Tax Warriors .” Really more of a conversation between friends, sprinkled with great questions from attendees, they discussed wealth transfers within families. Please have a listen . Among the most significant insights for attendees was how early this process can begin and how little focus on “money” is necessary to set a solid foundation. As far as starting early, an example was given of how NOT to talk to a four-year-old about a family business (and how TO do Read more »
Race and the Field of Wealth
*Note – as a white man I struggled with writing this blog post. Would I make a mistake, be insensitive, or offend, possibly in some way specific to my experience as a white male? Should I write it at all? For example, I needed to decide whether to use the term “African-American” or “Black.” I chose the latter based on feedback from three friends who identify as Black; two of them felt “African-American” was politically correct in a way Read more »
Rock Bands and Family Business
I am a fan of rock music and family business. When I find ways to combine the two, I do so. One of my most popular and best-received workshops for business families and the advisors who serve them uses clips from the Metallica documentary “ Some Kind of Monster ” ( available on Netflix ) to demonstrate the challenges and opportunities of the interplay of family and business. While not blood-related, the Metallica band members exemplify family ties. The emotional intensity of family closeness and the economic, Read more »
NY Times Quote – Client Interview
In the November 16, 2018 “Wealth Matters” column in the NY Times, Paul Sullivan wrote about his interview with me and one of my family clients. My thanks to Paul and a special thanks to the Buckwald family – David, Jennifer, Jack & Morgan for their openness (and for their hospitality to the Times photographer who became stranded at their home overnight in a snowstorm while David was stranded elsewhere and could not make it home until the next morning!) Read more »