The Inheritance Podcast

We have a special treat today, an interview I conducted live with Jay Hughes at the recent Southeastern Family Office Forum, or SEFOF, in Atlanta.  SEFOF is a remarkable non-profit family office and family enterprise network that is now 14 years old.  I had a wonderful time there and met many nice folks.  My thanks to Brian Hughes, Bryn Monahan and Betsy Brown and all the volunteers for making this keynote interview possible.   The interview was conducted over a livestream in front of an audience of three hundred, and I do want to address some minor audio issues you might notice.   While there may be a few slight fluctuations in sound quality, rest assured, these issues are not significant and should not detract from your listening experience. Jay Hughes is an author, advisor to families, and founder of a law partnership in New York that represented private clients throughout the world, and now retired from the active practice of wealth advisory. His wonderful book, Family Wealth, Keeping it in the Family, has become a classic in the family wealth space, and he warns that the shirtsleeves proverb is a warning and not a curse.  Jay’s wisdom is on full display in this engaging interview, and it is readily apparent why this man has had such a large impact on many families and individuals over the last thirty years.   This interview is part of a series done in partnership with the James E. Hughes Jr. Foundation. Please listen to my previous interview with Jay in 2023, as well as Christian Stewart, John Warnick, Gunther Weil and Keith Whitaker. WEBSITE: https://jehjf.org/ Book: https://www.amazon.com/Family-Wealth-Keeping-Intellectual-Financial-Generations/dp/157660151X NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is the CEO of Circulus Group, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: circulus.substack.com PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it. ©2024 Joe Reilly

Christian Stewart is a consultant in Hong Kong who started Family Wealth Legacy to help successful Asian families establish communication platforms and decision making structures for their family enterprise.  Christian works with enterprising families as a process consultant, coach and family meeting facilitator. He helps families to form their own family council, family constitution and family policies, often in the context of planning for succession.  He is a prolific author of excellent articles, which are available on his website, and the winner of many awards recognizing his thought leadership. We had a rich conversation.  Christian thinks succession should be thought of as a design process that breaks down the succession plan down into manageable components.  For patriarchs consumed with management succession, Stewart gently reframes the narrative:  “You have to invest in developing the human, intellectual, and social capital within the family.” He talks about the deep influence of Jay Hughes on his work, and elaborates on the interesting idea of co-regulating emotionally with his clients and the importance of meditation to his own work.   Succession for Christian is not a transaction, but a multigenerational architectural feat. Christian Stewart is the founder of Family Legacy Asia.  He was previously a managing director at JP Morgan Private Bank, and head of wealth advisory in Asia.  He was at PricewaterhouseCoopers in Hong Kong, as partner and head of the trust and private client group, and practiced law in Australia before that.  Christian holds a bachelor of laws from the University of Adelaide. Please enjoy my conversation with Christian Stewart. WEBSITE: https://www.familylegacyasia.com/christian_stewart.htm NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: circulus.substack.com PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it. ©2024 Joe Reilly

Keith Whitaker, a family wealth consultant, discusses the cycle of the gift in families, Aristotle's concept of magnificence, and his collaborative work on wealth and wisdom books. The podcast explores philosophical teachings, the role of family in society, navigating client issues, and the connection between money and happiness. Whitaker emphasizes qualitative wealth, spiritual capital, and passing down wisdom to future generations.

“Generativity is the human impulse to nurture, to do good things for the next generation and to see myself, my life, in a sense, being extended through the possibilities in my children and grandchildren.” Today, in conjunction with the James E Hughes Jr. Foundation, I’d like to present my interview with one of Jay’s longtime collaborators John A. Warnick.  John A., as he is known, is the founder of the Purposeful Planning Institute, which trains lawyers, financial planners, trustees, and wealth managers to work with clients on their planning that is congruent with their core values and vision.  He was a long-time trusts and estates lawyer himself in Colorado with the firm Holme Roberts and Owen, where he chaired the Private Clients Services Group.  He left the firm and began collaborating with Jay Hughes and Tim Belber, and began to focus on ensuring that the affluence of his clients was a positive force in the lives of their following generations.  John A received his bachelor’s magna cum laude from Brigham Young University and his JD from George Washington University with honors. Please enjoy my interview with John A Warnick. Purposeful Planning Institute:  https://purposefulplanninginstitute.com NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it. ©2024 Joe Reilly

George Marcus wrote a book you probably haven’t heard of, but should.  It is called Lives in Trust and it was published in 1992 and is $146 on Amazon right now.   Professor Marcus is an anthropologist who studied tribes in Tonga and then applied what he learned to study dynastic wealth in families starting in Texas.  The book has great essays on the HL Hunt family, who tried to corner the silver market in 1980, the Bingham family, who fought over a newspaper chain in Kentucky, a study of two very different family fortunes in Galveston Texas, and an analysis of one of my favorite books, Old Money by Nelson Aldrich.   He discusses the importance of your image of your ancestors and the creation of family ideology, the emptiness at the center of the Getty fortune, and a great essay by his collaborator the late respected philanthropic scholar Peter Dobkin Hall on the efforts of the Rockefeller family to control the narratives told about the family over decades. In our discussion today, we talk about his career, the book, his interesting concept that he calls the “dynastic uncanny” and his fascinating dive into the meaning of nobility in the current-day Portuguese aristocracy. I hope you enjoy my conversation with George Marcus. Biography: George Marcus is one of the world’s leading anthropologists.  He is the Chancellor’s Professor at the University of California, Irving, and previously chaired the anthropology department at Rice University for twenty-five years.  He is the author of dozens of books and articles including Ethnography Through Thick and Thin and Lives in Trust: The Fortunes of Dynastic Families in Late Twentieth-Century America.  Professor Marcus received a B.A. from Yale in 1968 and a Ph.D from Harvard in 1976. NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it. ©2024 Joe Reilly

Today we are speaking with Gunther Weil.   Gunther has known some of the 20th century’s most interesting psychologists including Carl Rogers, Abraham Maslow, Gordon Allport, Timothy Leary and Henry Murray as well as such names as Tony Robbins and Eckhart Tolle.  We talk about them, his journey in and out of the psychedelic world, and his later work with Jay Hughes and John A Warnick at the Purposeful Planning Institute, where he was their longtime Dean of Values.  Gunther is a deeply thoughtful guest and his reflections on life, values, transcendence, grace and his own experiences of the various insightful communities he was involved in over the years. Gunther M. Weil, Ph.D. is the founder and CEO of Value Mentors.  He is an organizational consultant, family advisor, executive coach, educator, and psychologist. For the past 35 years, he has provided wise guidance to senior executives, family businesses, and for-profit and non-profit organizations in the areas of values-based leadership and organizational culture, innovation, team building, strategic planning, conflict resolution, and executive wellness.  Weil earned his doctorate from Harvard University in 1965 and served as a Fulbright Scholar in Oslo, Norway. His early professional mentors included Carl Rogers, the creator of Client-Centered Psychotherapy, Arne Naess, the founder of Deep Ecology, and Abraham Maslow, the father of Humanistic Psychology.  He is also a 40-year practitioner of Tai Chi Chuan and Master Instructor of Qi Gong. NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. WEBSITE:  ValueMentors:  https://valuementors.com Names and Concepts Mentioned in the Podcast: Gordon Allport:  https://en.wikipedia.org/wiki/Gordon_Allport Willem Nyland:  https://www.gurdjieff.org/nyland.htm Ralph Metzner:  https://en.wikipedia.org/wiki/Ralph_Metzner George Kelly:  https://en.wikipedia.org/wiki/George_Kelly_(psychologist) Frank X. Baron:  https://en.wikipedia.org/wiki/Frank_Barron_(psychologist) Milton Erickson:  https://en.wikipedia.org/wiki/Milton_H._Erickson Arne Ness: https://en.wikipedia.org/wiki/Arne_Næss George Gurdjieff:  https://en.wikipedia.org/wiki/George_Gurdjieff PPI/John A Warnick:  https://purposefulplanninginstitute.com/john-a-warnick/ Jay Hughes:  https://jehjf.org David McClelland:  https://en.wikipedia.org/wiki/David_McClelland Henry Murray:  https://en.wikipedia.org/wiki/Henry_Murray Milton Rokeach:  https://en.wikipedia.org/wiki/Milton_Rokeach Carl Rogers:  https://en.wikipedia.org/wiki/Carl_Rogers Abraham Maslow:  https://en.wikipedia.org/wiki/Abraham_Maslow Eckhart Tolle:  https://en.wikipedia.org/wiki/Eckhart_Tolle Jacob Needleman The American Soul:  http://www.jacobneedleman.com/the-american-soul TAT - Thematic Aptitude Test:  https://en.wikipedia.org/wiki/Thematic_apperception_test NLP Neurolinguistic Programming:  https://en.wikipedia.org/wiki/Neuro-linguistic_programming Concord Prison Project:  https://en.wikipedia.org/wiki/Concord_Prison_Experiment Good Friday Experiment:  https://en.wikipedia.org/wiki/Marsh_Chapel_Experiment Walter Pahnke:  https://en.wikipedia.org/wiki/Walter_Pahnke Harry Harlow Attachment in Chimps:  https://www.simplypsychology.org/harlow-monkey.html Konrad Lorenz Imprinting:  https://www.simplypsychology.org/konrad-lorenz.html Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it. ©2023 Joe Reilly

Jay Hughes, an expert in family wealth and development, discusses elder development, midlife crisis, and transcendent values. He mentions pioneers in the family wealth field, his new book with Mary K. Duke and Stacy Allred, and an online lecture course with David Specht. Hughes talks about Wealth 3.0 and how the industry restrains the field, offering insights on evolving ideas. The podcast explores the importance of holistic wealth beyond financial measures and the role of cultural considerations in family dynamics.

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.

Jonathan Pageau is a French Canadian icon carver, public speaker and YouTuber exploring the symbolic patterns that underlie our experience of the world, how these patterns emerge and come together, manifesting in religion, art and in popular culture. He's also the editor of the Orthodox Arts Journal and host of the Symbolic World blog and podcast.  I was looking for someone to talk about Spiritual Captial, and was not disappointed.  We talk about how money should be thought of as pure potential, how borrowing “accelerates time” and “pulls from the future.”  We also discuss how you can get stuck worshiping the potential of money and forget the more important goals in life. An absolutely fascinating conversation with Jonathan Pageau. BIOGRAPHY: Jonathan Pageau graduated with distinction from the Painting and Drawing program at Concordia University in Montreal during the late 1990s. Quickly disillusioned with contemporary art, he discovered icons and traditional Christian images along his own spiritual journey. Rekindling his love of art through study of traditional forms, Jonathan developed a passion for wood carving. Having studied Orthodox Theology and Iconology at the University of Sherbrooke, since 2003 Jonathan has been carving different types of liturgical objects. His carvings have been commissioned by churches, bishops, priests and laypeople in the United States, Canada, Europe and Asia. He has participated is several exhibitions of icons and teaches icon carving with Hexamaeron.  He is also an editor at the Orthodox Arts Journal. This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or invesment advice.  Thanks for listening. YouTube:  https://www.youtube.com/c/jonathanpageau SYMBOLIC WORLD: https://www.thesymbolicworld.com CARVINGS:  https://www.pageaucarvings.com/index.html TWITTER:  https://twitter.com/PageauJonathan WRITING:  https://orthodoxartsjournal.org/author/jonathan-pageau/ MATTHIEU PAGEAU’S BOOK:  The Language of Creation Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it.

Today I am very pleased to have Chip Fisher, CEO of Fisher Wallace Laboratories and head of Ursus Advisory, a peer to peer consultancy for young adults with inherited wealth. Chip is an inheritor himself, and also an accomplished entrepreneur and philanthropist.  He is currently CEO of his third company, Fisher Wallace Laboratories which makes medical devices, but he has also branched out into private consulting to counsel inheritors based on his own experience.  Chip’s father was Avery Fisher, founder of Fisher Electronics which was a major midcentury high fidelity electronics firm and builder of the famous Fisher 400 for you audiophiles out there.  He was also the former namesake of the famous Avery Fisher Hall, home of the New York Philharmonic at Lincoln Center, beloved by many generations of New Yorkers.  When Chip was 21, he received a large inheritance, which was a joy, but also a great challenge, and that is the basis for our story today.  I hope you enjoy my interview with Chip Fisher. CHIP’S WEBSITE:  https://ursusadvisoryllc.com/ Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it.