*(5/30/21 UPDATE: A FULL TRANSCRIPT IS UNDERNEATH THE OUTLINE).

In this podcast, I spend some time speaking with wealth management industry expert, Brittain Prigge, about the role of communication and expectations with wealthy families. We both agree that broadening communication within wealthy families is the surest way to reduce the risk of wealth destruction across generations. Brittain brings many real world examples and wisdom to this important topic. She has unique insight into the art of getting these (often difficult) conversations started and how to keep them productive.

BRITTAIN PRIGGE, CFA is BALENTINE'S President and Head of Relationship Management. Balentine is the Atlanta-based RIA with over $4B in AUM. A founding partner, Brittain also sits on the Management Committee, helping steer the strategic direction of the firm. In 2014, Brittain was named one of the Top 100 Women Financial Advisers by the Financial Times in its inaugural list, and in 2020 Atlanta Business Chronicle honored Brittain as a Women Who Mean Business honoree.

As a reminder this conversation is for educational purposes and is not investment advice- enjoy the conversation- there are lots of useful points here.

Your Background

What are the misconceptions around discussing Wealth in the Family?

Is this a one-time event or more of a culture that needs to be built?

Importance of Alignment at the Head of The Family-

The Danger of Assumptions

The Importance of Historical Context

Immigrants / or Natives?

Birth order / Blended Families?

How Do You Start the Conversation?

Example Questions:  Defining wealthy

Legacy:

Who are you beyond your wealth?

How do you wish to be remembered?

Defining Legacy:

Who are we beyond wealth?

What features/values do we want to persist?

Other Questions-

Documenting Legacy:  There is no ONE way to do it

Letter of Wishes

Personal Histories

Creativity- Video, Social Media tools

Include Detail

Timing?  Family meetings?

How Often?  Where?  Who has input?  Who is moderating?

Education- how do you make sure everyone starts out from the same place?

Preparing for Asymmetries of Knowledge, Interest, Attention

Dealing with Conflict

Complex Family Systems

Siblings- dealing with baggage, galvanizing for the future

Blended Families- Unique Issues

In-Laws- Bringing together Diverse Backgrounds, Making them Involved

Ultimately the most difficult question: Fair vs Equal

How do we stay in touch with you and follow what Balentine is doing in the space?

BALENTINE.COM

BRITTAIN PRIGGE

INTRO: Welcome back to the “Wealth Actually†podcast, the show that features artists, entrepreneurs, experts and commentators that will give you the right knowledge, planning and guidance so you can preserve your assets and enjoy your wealth, learn more and subscribe today at weatlhactually.com.

And now here's your host, Frazer Rice.

FRAZER RICE: Welcome back to the “Wealth Actually†podcast, I'm Frazer Rice. Today, we're going to be talking about having difficult conversations with wealthy families and we have a noted expert in the field. Britain is a CFA and the president and head of relationship management for Balentine. In 2014, Britain was named one of the top 100 women financial advisers by the Financial Times in its inaugural list. And in 2020, the Atlanta Business Chronicle honored Britain as one of the women who mean business honorees. As a reminder, this conversation is for educational purposes and is not investment advice.

Brittain, welcome aboard.

BRITTAIN PRIGGE: Thank you so much, Frazer.  I'm honored to be part of your podcast. I've listened to you a lot.

FR: Well, we're thrilled to have you and it's terrific to have your viewpoint on. What I would describe is really tricky discussions that wealthy families are having. Maybe to start, though, could you take us through your background a little bit and how yo...