The Mack Podcast The Elephant in the Room and Next-Gen Sandwich
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Feb 13, 2025 Charmaine Tang, CEO of Orca Americas and a seasoned investment banker, shares her insights on managing family dynamics in wealth management. She delves into the 'next gen sandwich', explaining the complexities of multi-generational family businesses. The discussion emphasizes the importance of structured communication and the role of technology in easing family dialogues. Charmaine also highlights how third-party advisors can help facilitate tough conversations and the need for families to adapt to the evolving landscape of wealth management.
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Next-Gen Sandwich
- The "next-gen sandwich" describes multiple generations working together in family businesses.
- This dynamic is becoming increasingly common as people live and remain productive longer.
Royal Family Example
- The British royal family exemplifies the next-gen sandwich dynamic, with the late Queen Elizabeth II mentoring Prince William.
- This often bypassed Prince Charles, highlighting the complexities of multi-generational involvement.
Framing Conversations
- Separate financial topics (business, taxes, investments) from non-financial ones (family values, legacy).
- Establish a framework for discussions to avoid derailing conversations and address complex issues effectively.