Wealth vs Family: An Expert’s View

Today’s episode is different. My guest isn’t an exited founder but she’s someone we all need.

Amy Castoro helps families have honest conversations about wealth—the kind most of us were never taught to have.

She shares practical tools from her firm’s 50 years of experience advising some of the wealthiest families in America.

Her work focuses on the emotional side of money—how we build trust, protect our closest relationships, speak openly, and prepare the next generation to handle wealth well.

We talk about raising children with money and how to rethink our own relationship with it after a successful exit.

It’s one of the most useful conversations I’ve had. Amy’s views challenged my own.I hope it helps you as much as it helped me.

_____________________________________________________

00:01:59 Amy’s Background & Work with the Williams Group

00:03:30 Why 70% of Families Fail at Wealth Transition

00:05:18 Trust, Communication & Heir Preparedness

00:08:18 How Early Should Kids Be Taught About Wealth?

00:10:31 Age-Appropriate Conversations About Philanthropy

00:13:17 Creating Motivation Without Financial Desperation

00:16:23 Responding to Kids Asking About Inheritance

00:20:35 Involving Children in Wealth Management Early

00:22:33 Teaching Kids to Say “No” & Handle Peer Pressure

00:26:44 Skills Young Heirs Often Feel They Miss

00:29:09 Should Children Be Encouraged to Be Entrepreneurs?

00:32:28 What If the Family Came into Wealth Late?

00:36:04 First Family Meeting: What to Discuss

00:37:28 Re-engaging the “Unmotivated” Youngest Child

00:40:29 Coaching vs. Therapy in Wealth Transition

00:41:41 Families with Young Kids: How to Start Early

00:44:33 Relationship Skills & Communication Patterns

00:47:06 Why the Skills That Build Wealth Won’t Transition It

00:48:20 Balancing Entrepreneurship & Parenting Post-Exit

00:50:39 Modeling Purposeful Wealth, Not Just Growth

00:54:36 What Successful Families Say the Purpose of Wealth Is

00:56:49 Defining Family Values Around “Education”

00:58:41 Reconciling Different Values in the Family

00:59:50 Allowance Strategies in Wealthy Families

01:01:38 Knowing When to Shift from Parent to Mentor

01:03:28 Creating & Living a Family Mission Statement

01:06:06 New Program: Next Gen Leaders

01:07:25 Common Mistakes Families Make Around Wealth

01:10:34 Should Families Hold Regular Meetings?

01:12:37 The #1 Shift Families Must Make for Success

01:13:38 Amy’s Recommended Books on Family Wealth

01:15:15 Final Thoughts: Preparing the Family for the Assets