Families who share assets must successfully navigate the joining of their emotional and financial lives. In this episode, Bryn Monahan (and Relative Solutions) focuses on the questions that emerge from these shared risks and opportunities and in a calm and neutral manner, help families navigate these complexities.

Bryn talks about the recent growth of family offices and what you should remember when attending conferences about family offices. Also, Bryn talks about how you can get family members more involved in a family office and how you can improve communication within the family. She also shares her definition of a NextGen and her thoughts on when partners should have prenup conversations. Join us and listen in!

[00:01 – 03:11] Opening Segment

Welcoming Bryn to the show
Bryn shares her background
The service Relative Solutions provides

[03:12 – 13:50] Family Offices: Recent Growth and Attending Conferences

Bryn’s definition of a family office
Generational wealth
Sustainability of wealth over time
What drives family offices’ growth in recent years
Working with family offices
What you can learn from attending conferences
Why you have to take what you're hearing with a grain of salt
Every family is different

[13:51 – 34:13] NextGen, Prenups, and Improving Communication

What is a NextGen?
NextGen vs. Rising Gen
Getting young people interested and involved within a family office
Thinking about the family unit as a whole
Family philanthropy
Having a young person visit the family business
Developing leadership
The wrong way is to just do nothing
Onboarding nonlineals, outlaws, significant others, and spouses
When should you have the prenup conversation?
How to improve communication in a family

[34:14 – 38:58] Closing Segment

Bryn talks about SEFOF (Southeastern Family Office Forum)
How you can connect with Bryn
Closing words

Tweetable Quotes

“There's so much value with conferences, but I'm suggesting that you take what you're hearing with a grain of salt. And that grain of salt being ‘My family is different from the family I'm hearing about.’... The ideas are valuable, but you need to take that to your family and figure out how to rearrange the ideas you've heard to make it work for your family.” - Bryn Monahan

“It's important that the spouse understands and feels comfortable with the familyness of the family. Again, it all comes back to the family. How can you make a new person incoming into the family feel comfortable with the family? If you can do that well, I think you're all set, no matter what your decisions are around the access a spouse has otherwise to the financial information.” - Bryn Monahan

“If the only meaning of the money is the money, it's very hard to have a cohesive family infrastructure, be it an operating company or a financial family office. There has to be more to it.” - Brian Adams

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Connect with Bryn via her email and LinkedIn!

Check out Relative Solutions on their website: www.relative-solutions.com

Connect with me:

LinkedIn

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