Intro

Host Aileen Miziolek sits down with Philip Marcovici to explore long-term wealth continuity, the pitfalls of tax policy and how enterprising families can avoid common traps while building meaningful legacies.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Guest bio

Philip Marcovici is retired from the practice of law and consults with governments, financial institutions, and global families in relation to tax, wealth management, and other matters. An area of focus for Philip relates to the many issues faced by wealth and business-owning families, including governance approaches and the trust, partnership, and other structures used in the ownership of family assets. He is on the boards of several entities within the wealth management industry, as well as entities within family succession and philanthropic structures.

You can learn more about Philip Marcovici on his website and LinkedIn.

Key Takeaways

[:26] Aileen Miziolek welcomes Phillip Marcovici and asks him to explain how he came to jump into the wealth management industry.

[6:40] Philip touches on what continuity means for a family of wealth, and what is required for it to be achieved.

[8:54] Sometimes the beginning requires one to think about the destination; Philip explains how the Theory of Change can help guide such a reflection.

[10:53] Tax law is complex and emotionally charged. Philp points out where governments make critical mistakes in creating further wealth within their economies. He shares an example from his book.

[13:52] Philip offers advice for governments in the face of today’s ever-changing policies.

[16:21] Circular economy principles are easily transferable to family wealth management. Philip discusses waiting resources, human or otherwise.

[20:19] What advantages the “revolving door” feeling brings for enterprising families in transition.

[21:28] Communication with your wealth is not a good strategy. Philip explains why and how those trappings can lead to stalling the upcoming generation well into adulthood.

[24:34] Philip touches on how families can begin the exercise of planning for the long term for a collective. He offers real-world examples to illustrate his ideas.

[28:36] Does wealth destroy families and relationships? Philip offers a nuanced perspective.

[30:18] What gives Philip hope in governance, both political and within families.

[31:41] Philip offers his advice for families looking to project into the far future when it comes to governments.

[34:34] Aileen thanks Philip Marcovici for sharing his expertise and closes this episode by reminding listeners to rate and subscribe.

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Mentioned in this episode

The Family Business Symposium 2025: Navigating the Calm and the Storm in Family Business, May 26 to 28 in Halifax, Nova Scotia

The Transformative Power of Family Wealth: Helping Families and their Communities Capture its Regenerative Potential, by Philip Marcovici

The Destructive Power of Family Wealth: A Guide to Succession Planning, Asset Protection, Taxation and Wealth Management, by Philip Marcovici

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