It is very common for first-generation, self-made, affluent people to shield their children from hardships.

But that safety net can become a hammock of complacency…and entitlement!

In this episode, Duncan MacPherson joins Jeff Savlov, family business and wealth consultant, and the founder of Blum & Savlov, LLP. They discuss how to address family dynamics in wealth management — ultimately avoiding strained relationships among all future inheritors of wealth.

They discuss:

• Why family dynamics play a crucial role in continuity and succession planning
  
• Major challenges in family business succession (and how to address them)
  
• Resources for financial advisors to help address family issues faced by affluent clients
  
• How to engage families — including children — in the financial planning process
  
• And more
  

Resources:

• Family Business Minute Blog
  
• Purposeful Planning Institute
  
• Family Firm Institute
  
• Don’t Miss Out on Early Chances to Engage Kids: Article by Jeff Savlov in the Family Business Magazine
  
• “Consulting to Family Businesses: Contracting, Assessment, and Implementation” by Jane Hilburt-Davis and William G. Dyer
  
• “Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health” by Courtney Pullen
  
• The Bowen Center for the Study of the Family
  
• Ackerman Institute for the Family
  
• “Entitlemania: How Not to Spoil Your Kids, and What to Do If You Have” by Richard Watts
  
• “Fair Process: Managing in the Knowledge Economy” by W. Chan Kim and Renée Mauborgne (Harvard Business Review)
  
• “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley and William D. Danko
  
• “The Richest Man in Babylon” by George S. Clason
  

Connect With Duncan:

• Pareto Systems 
  
• 1.866.593.8020
  
• Schedule a Call
  
• Duncan on LinkedIn
  

Connect With Jeff:

• Blum & Savlov, LLP
  
• LinkedIn: Jeff Savlov
  

Promotions:

• The Blue Square Toolkit by Pareto (Start your 14-day free trial today!)
  
• ProudMouth – Be Your Own Loud
  

About Our Guest:

Jeff is the Founder of Blum & Savlov, LLP and consults with business families, legacy wealth families and the advisors who serve them. He brings more than 30 years of unique experience in sales and marketing, business ownership, entrepreneurial endeavours and family dynamics/psychological training, along with a common-sense style, to his consulting work with families. By integrating his diverse business background, extensive academic work and family dynamics/psychological training with his experience working in his family’s commercial printing business, Jeff helps enterprising families balance family and business/wealth so both will thrive for many generations.