Safe Space with Francesco Lombardo Empathy in Family Wealth Transfer
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May 13, 2025 In this discussion, Dave Specht, a Senior Fellow at the Drucker School Global Family Business Institute, sheds light on the intricate dynamics of family businesses. He emphasizes the necessity of empathy and open communication during wealth transfers. The conversation highlights how the rising generation must carve their own identities amidst family expectations. Additionally, they explore the evolving financial advisory landscape, advocating for services tailored to the values of younger clients, and the importance of storytelling in bridging generational gaps.
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Value of Relationships Over Wealth
- Relationships in family wealth are more valuable than financial capital.
- Financial assets can be rebuilt, but relationships often cannot.
Empathy for Rising Generation Pressure
- Rising generation faces unrealistic expectations following a larger-than-life predecessor.
- Finding their identity and purpose is crucial, whether or not it aligns with family business.
Humanize Financial Capital
- Treat financial capital like a family member to understand and control your relationship with it.
- Choose your attitude towards money to empower rather than be controlled by it.