The Inheritance Podcast
Dr. James Grubman - Wealth 3.0
Sep 26, 2023
Dr. James Grubman, an expert in family wealth consulting and co-author of the book Wealth 3.0, shares insights into the evolution of wealth advising. He discusses the shift from fear-based management to a growth-oriented mindset. Topics include the importance of addressing family dynamics, the ethical considerations in wealth management, and rethinking wealth beyond mere financial legacies. Dr. Grubman emphasizes the value of open communication and shared family values in fostering resilience and responsibility among wealth holders, challenging traditional notions of dynasty creation.
37:06
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Quick takeaways
- Wealth 3.0 shifts the narrative from a fear-based mindset to a strengths-based approach focused on purpose-driven wealth management.
- Recognizing family wealth as an independent field is essential for developing targeted expertise and improving services for wealthy families.
Deep dives
The Evolution of Wealth Advising
Historically, wealth advising can be categorized into three distinct phases: Wealth 1.0, Wealth 2.0, and the emerging Wealth 3.0. Wealth 1.0 focused primarily on managing and protecting assets, with scant attention paid to the psychological aspects of wealth and family dynamics. The transition to Wealth 2.0 brought about a greater understanding of family wealth, yet it also fostered a fear-based mindset, stemming from outdated research that suggested a high failure rate in wealth preservation across generations. Wealth 3.0 seeks to shift this narrative towards a strengths-based approach that emphasizes purpose-driven wealth management, moving beyond the limitations of previous models.
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