Capital Club Keeping Generational Wealth Sustainable Through a Family Office with Bryn Monahan
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
------------------------------------------------------------------------------------------
Connect with Bryn via her email and LinkedIn!
Check out Relative Solutions on their website: www.relative-solutions.com
Connect with me:
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.