Richard Orlando on A More Human Approach to Family Wealth Transfer

In this episode, Brian interviews Dr. Richard Orlando, an advisor specializing in working with high net worth families and family enterprises. They have an insightful discussion about the role of "love" in managing family wealth across generations.

Dr. Orlando explains his philosophy of "whole family advising," which involves viewing the entire family, not just the wealth creator, as the client. He stresses the importance of understanding and connecting with clients' core values and purpose beyond just their financial assets. Dr. Orlando shares tactics for facilitating open communication, aligning estate plans with values, and defining "legacy" more broadly than just wealth transfer. They also discuss how to foster happiness and meaning for heirs so they can inherit positive mindsets rather than dysfunction.

If you're curious about how ultra high net worth families can cultivate happiness and fulfillment across generations, this is the episode for you.

[00:02:50 - 08:02] - Adopting a “Whole Family” Approach to Advising

• The importance of caring about what clients care about most - their families and legacy
• Helping families identify their purpose, values and forms of “capital” beyond just financial
• Legacy is about the impact you create using all your capitals

[08:03 - 19:16] - Keeping Wealth in Perspective with Spiritual Capital

• The gravitational pull of wealth can skew priorities if not anchored by values
• Ongoing investment in “spiritual capital” keeps financial capital in balance
• Research on attributes that contribute to happiness beyond money

[19:17 - 31:28] - Fostering Happiness and Meaning for Heirs

• Financial wealth alone doesn’t satisfy the soul
• Tactics for facilitating open communication and aligning estate plans with values
• Defining “legacy” more broadly than just wealth transfer
• Inheriting positive mindsets rather than dysfunction

[31:29 - 46:38] - Embracing a Broader Concept of Philanthropy 

• Philanthropy is about loving and caring for others, not just charitable donations
• Families can give their time, talents and treasure
• Empowering younger generations through philanthropy

Key Quote:

"Love is really about caring as much as you can about what your clients care about most, and that's their loved ones." - Dr. Richard Orlando

Connect with Dr. Richard Orlando!

Website: www.LegacyCapitals.com

Linkedin: www.linkedin.com/company/legacy-capitals-llc

Twitter: www.twitter.com/LegCapDrO

This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.

Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/

Connect with me:

https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)

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