FOXcast

Today, I have the pleasure of speaking with Kevin Quinn, founder and president of Legacy Counsellors, an estate and business planning law firm serving successful individuals and families throughout New England. Kevin is a former Fellow of the Esperti-Peterson Institute and a member of the WealthCounsel, LLC, and a former member of the National Council on Planned Giving and the Connecticut Planned Giving Group. He is a co-founder of the Wealth Legacy Development Project, an organization dedicated to helping non-profit organizations develop planned giving programs. Kevin is the founder and an instructor of the Wealth Strategies Institute, a professional education institute that provides continuing education to certified public accountants, certified financial planners, attorneys, development officers, and insurance professionals. Kevin focuses his practice and work with families on the goal of "maximizing the utility of everyone in the family". He talks about the meaning of this objective and how he approaches it in practice with UHNW families. Kevin describes the outcome of his work with families often being that they together identify underutilized resources and capital within the family and redeploy those in a timely, effective, and collectively fulfilling ways. He describes how this happens, where this pent-up energy is usually hidden within families, and how they can unlock it. Kevin created an intergenerational family wealth program, which he named "My Family My Wealth" that helps families structure a process to collectively talk about and share their abundance. He walks us through this program and highlights how it creates value for enterprise families. Another practical resource Kevin has formulated and recommends to families is the "Top 5 Ways to Use Your Family Wealth to Help Your Family Flourish". He shares with our audience this framework and its components, and highlights how families can benefit from it. Enjoy this informative conversation with a successful practitioner in the UHNW family wealth space.

Today, I'm excited to speak with Michael Liebeskind, founder and principal at Golconda Partners, an independent firm that serves as a guide and service platform for ultra-affluent clients who are seeking to effectively navigate the sophisticated and financially powerful applications of life insurance and annuity investment account policies. Michael started his career with the accounting firm of Coopers & Lybrand and today is the founder of several operating businesses in the financial services space. He is a member of the New York State Society of CPAs, the Estate Planning Council of New York City, The Society of Trust and Estate Practitioners (STEP), and the Yale Insurance Study Group. Michael and his firm Golconda Partners are valued advisor members of FOX, and we are very fortunate to have their knowledge and expertise as part of our membership community. In today's conversation, we focus on the topic of private placement live insurance (or PPLI) and the many ways enterprise families and their family offices can deploy this versatile tool. Michael starts us off with the basics, providing an overview of how PPLI works and why wealthy families should consider exploring PPLI policies. There are multiple ways PPLI can create value for wealthy families, and Michael goes over the different use cases and strategies families and family offices can pursue to deploy PPLI, either as a traditional life insurance product or as a vehicle to optimize returns, wealth transfers, or income. Michael offers some practical tips for UHNW families, family office professionals, and external family wealth advisors for how to best leverage PPLI policies. He then covers the common cautionary tales and watchouts, describing what could go wrong and sharing his insights on the what families and their advisors should beware when utilizing PPLI policies for the different risk management and tax optimization use cases they can serve. Don't miss this highly instructive conversation with one of the best recognized PPLI experts and insurance entrepreneurs in the UHNW space.

Today, I have the pleasure of speaking with David Yeager, professor of psychology at the University of Texas at Austin and cofounder of the Texas Behavioral Science and Policy Institute. David is best known for his research conducted with Carol Dweck, Angela Duckworth, and Greg Walton on short but powerful interventions that influence adolescent behaviors such as motivation, engagement, healthy eating, bullying, stress, mental health, and more. David recently published his latest book "10 to 25: The Science of Motivating Young People: A Groundbreaking Approach to Leading the Next Generation―And Making Your Own Life Easier" which quickly became a national bestseller. Here's a universal truth: Parents and leaders alike constantly worry about their next generation – are they ready, are they responsible, will they be able to make it on their own, etc. It's a tale as old as time. David shares his views and research on what is going on there and why that dynamic is so universally present across time, cultures, and socio-economic contexts. This dynamic repeats itself again and again, and so many parents and leaders fall into this trap repeatedly. But is there a solution? Is there a better way to interact with and motivate young people, and if so, what is it? David illuminates these questions from the perspective of his life's work and his most recent research. One critical and powerful practical tool David talks about in his book is language and communication style. David shares his observations on the importance of language and how parents and leaders can communicate more effectively with the younger generation. An important practical topic David emphasizes to parents and leaders is the very real and notable rise in stress and anxiety among young people. He provides his insights into what both next-gen members and the older generation and those in positions of power should know and be doing to manage and alleviate this rising and damaging trend. Enjoy this informative conversation with a leading researcher, adviser and best-selling author in the field of next-gen engagement and motivation.

Today, I am pleased to welcome Basil Mohr-Elzeki, Managing Partner & Head of the Americas for Henley & Partners, the global leader in residence and citizenship by investment. Basil travels extensively throughout the Americas, providing strategic direction and expert insights to staff, ensuring they deliver exceptional advice to clients on residence and citizenship by investment programs. As a recognized subject matter expert in investment migration, he regularly contributes to his firm's thought-leading publications and is frequently interviewed by top media outlets. Basil starts by offering a quick background on the residence and citizenship by investment space and the various programs that have emerged over the past decade. He then outlines the most prominent trends he sees in the migration of wealthy individuals and their capital, providing an account of which countries' visa programs are rising in demand, and where this demand is primarily coming from. Basil offers some of the practical strategies he recommends to UHNW families and individuals who are interested in exploring global residence or citizenship programs, including how to prepare for the process and what pitfalls to avoid. Basil then turns his attention to the trusted advisors who are supporting wealthy families and are helping them with tax and estate planning, investment management, and all the other aspects of their complex family enterprises, sharing his tips for family wealth advisors whose clients are thinking about or pursuing various global visa programs. Do not miss this highly topical and informative conversation with one of the leading experts on global wealth migration and investment residency and citizenship programs around the world.

Alexandre Lin, co-founder and CEO of SumIt Software, dives into the complexities of leading family businesses as a second-gen leader. He discusses the unique challenges facing rising-gen owners, particularly in decision-making with fragmented data. Alexandre shares insights on the importance of technology to improve visibility in family office accounting. He also highlights the value of leadership programs designed for the next generation, underlining the need for effective communication and planning during intergenerational transitions.

Today, it is my pleasure to speak with Kim Kamin, partner and Chief Wealth Strategist at Gresham Partners LLC, an independent multi-family office serving about 120 separate families nationally. At Gresham, she leads the development and implementation of estate, wealth transfer, philanthropic, educational, and fiduciary planning activities. Kim is an adjunct professor at Northwestern University Law School and is on the faculty for the University of Chicago Business School in executive education. She is on the UHNW Families & Family Offices Committee of the Trusts & Estates Magazine Editorial Advisory Board and is a Regent for the American College of Trust and Estate Counsel, Past President of the Chicago Estate Planning Council, Planning Chair for the annual ALI-CLE Large Estates program, and Estate Planning & Legal Issues Domain Chair for the UHNW Institute. Trusts are one of the most popular estate planning vehicles, especially in the US and a few other international jurisdictions, and Kim shares her views on how and why trusts came to be so widely used to plan and execute intergenerational wealth transitions, and how trust documents and the associated estate planning strategies evolved in the past few decades. We are at the outset of the "Great Wealth Transfer" and trusts – both ones that have been in place for decades and ones that are being newly created – are once again at the center of wealth planning conversations. Kim offers her thoughts on some of the current trends and developments in estate planning and how thinking and usage of trusts is changing or evolving. One practical advice Kim puts forth is to pay attention to the "the small things" when creating or working with trusts and estate plans, and highlights some of the frequently neglected details our listeners should be mindful of. Another valuable tip Kim recommends is to draft trust documents for flexibility. She talks about what that entails and what both wealth owners and family advisors in our audience should consider to be able to make better use of trust documents and other estate planning tools. You would not want to miss this conversation with one of the most knowledgeable, respected, and active thought leaders in the family wealth and estate planning space.

Today, I am delighted to welcome Dave Furneaux, Founder & CEO of BlueIO, an innovative, mission-driven builder capitalist investment company. Dave is a co-founder and investor in a number of innovative companies, such as Blaze (acquired by Akamai), Cybersaint (a leading Cyber Risk Management company), Greenlight Biosciences (EPA approved breakthrough RNA bio-chemical platform for clean food), Lufa Farms (a leading agricultural technology company), Lumicell (an FDA approved platform for Cancer therapy) and Virsec (a breakthrough cyber protection company). He has been a driving force behind many breakthrough technology, health, and food companies as a founder, operator, investor, and active board leader. Some notable examples include Watchfire (acquired by IBM), Skystone (acquired by Cisco Systems), Application Security (acquired by SingTel) and Aironet (acquired by Cisco Systems). Earlier in his career, Dave founded and led Kodiak Venture Partners, which went on to invest in and build companies such as Appnexus (acquired by AT&T), Channel Advisor (NYSE: ECOM), Extreme (acquired by Microchip), Enfora (acquired by Sierra Wireless), IM Logic (acquired by Symantec) and WHERE (acquired by Paypal). David believes, and we at FOX agree, that families are uniquely positioned and endowed to create, build, and innovate by putting their family capital, their entrepreneurial spirit, and creativity to work to solve the big problems our world is facing. He talks about why he has this conviction, how he sees it play out today, and why and how families play this key role in innovation and building new solutions and products. The topic of our conversation with Dave is encapsulated in a relatively new term: "Builder Capitalism". Dave defines Builder Capitalism for our audience, describes the tenets of this investment philosophy, and outlines the mindset and skills it requires. He also paints the picture of how Builder Capitalism is manifested in reality through the activities and behaviors of entrepreneurs. Dave offers many practical tips and suggestions to the different market players who are interested in Builder Capitalism, starting with what investors need to know or do if they want to participate in this movement and allocate their capital (financial and non-financial) to Builder Capitalist ventures. He also provides his advice to entrepreneurs and founders who share this belief system and see themselves and their startups as members of this Builder Capitalism economy. Finally, Dave offers his insights into the resources available to both investors and founders to become better educated about Builder Capitalism and to be better connected into the emerging ecosystem of this rising entrepreneurial movement. This is a must-hear conversation with one of the leading thought leaders, practitioners, and innovators in the Builder Capitalism movement, who is also a family principal and leader of his own multigenerational entrepreneurial family.

In this engaging discussion, Sophia Ruffolo, General Counsel and Head of Compliance for the Zell Family Office, shares her extensive expertise in fiduciary roles. She explores the evolving responsibilities of fiduciaries in today’s complex family dynamics. Sophia emphasizes the importance of human-centric values like empathy and loyalty while offering actionable advice for maintaining transparency and managing conflicts. Her insights encourage families to choose flexible trustees and focus on education, ensuring their wealth is effectively stewarded across generations.

Today, I have the pleasure of speaking with Janet Arzt, Founder and Managing Partner of Parere Advisory, an independent consulting firm guiding clients across all stages of family office strategy, development, operations, and implementation. Prior to founding Parere Advisory, Janet served as Chief Executive Officer of a newly launched family office in Charlottesville, Virginia, where she built out and oversaw investments and operations for the family and its businesses. In 2020, Janet was named one of the "Top 50 Leading Women in Hedge Funds" by The Hedge Fund Journal in association with Ernst & Young. In this episode, we'll talk about the role and experience of women in the world of family wealth and wealth management. Janet shares the historical perspective of how women have been involved and positioned in the enterprise family and family wealth space, both as wealth owners and as wealth manages or advisors. The environment today is transforming quickly, and Janet describes what is happening now in the family office field and the changes she is seeing that impact women in wealth. Janet offers her tips and suggestions for women who are wealth owners, or who are stepping into family leadership or family office principal roles in the midst of the "greatest generational wealth transfer" that is already under way. We also talk about the "supply side", i.e., the family wealth advisory firms and the women who are family wealth professionals. She provides some tips for wealth advisor firms about serving female clients and to women who are in wealth management, family office, and wealth advisory roles at external advisor firms. Please enjoy this informative conversation with an experienced and successful professional in the family wealth space.

Today, I am delighted to welcome Dennis Passis, Founder of the Family Wealth Library. He spent nearly 40 years working in his family's business, founded by his father, where he was eventually joined by his son. Dennis is a mediation practitioner, a family business consultant, and a fellow at the Family Firm Institute (FFI). He is the author of the recently published book Founder Paralysis: A Family Business Fable about a Founder's Loss of Identity. Dennis explains what "founder paralysis" means and tells us about the concept, the book, and the body of work it is based on. Dennis also talks about the concept of "eldership". He shares what he means by this term, why it is important for families to internalize, and how well he thinks it is being understood and practiced today. The most fundamental practical tip Dennis suggests to families undergoing transitions and succession is to address the loss the founder is experiencing. He elaborates on this process and how multigenerational families can apply it to successfully address founder paralysis. Beyond addressing the loss and overcoming the state of paralysis, Dennis points out that it is important to define and develop the next phase of the founder's life, in which he/she can continue to be a highly functioning, productive, and purpose driven individual. He describes how this is best done and goes over some of the pitfalls to avoid and tips to take advantage of. Enjoy this informative conversation with a veteran of and distinguished practitioner in the family wealth space.