The Inheritance Podcast

Our interview today is with Eric Schoenberg, who is one of the very few people deeply exploring inherited wealth in academia, and we cover his own inheritance and family life, why he became interested in studying wealth, economic concepts like the bequest motive, revealed preferences, and the wonderfully named “spite clause” as well as Eric’s considered thoughts on why people do what they do with their fortunes.  He also speculates on who was the wealthiest American ever, and it is not who you think. Eric Schoenberg was educated at Harvard, received an MBA from Wharton, worked as a diplomat at the State Department, and became a partner in an investment bank during the dot com boom.  His experience there led him back to school at Columbia, where he attained a Ph.D. in psychology.  He has taught at Columbia and Wharton, and recently released a limited podcast series of seven episodes called You Can’t Take it with You. Just a reminder, this podcast is for entertainment purposes only, and should not be considered legal or investment advice.  Please enjoy my conversation with Eric Schoenberg. YOU CAN’T TAKE IT WITH YOU:  https://www.buzzsprout.com/2079097 FULL BIO:  https://www.allamericanspeakers.com/celebritytalentbios/Eric+Schoenberg/408740 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 we are talking to Tony Guernsey, former national head of Wilmington Trust wealth management, a longtime senior banker at JP Morgan, founder of the UBS US private bank. Tony wrote an unpublished memoir called Divas, Icons, and Felons with his wisdom and great stories from his distinguished five decades managing money for many wealthy and famous clients such as Steve Jobs, Jay Chiat, and Christo. Tony was very generous to share some of them with me and it is a rare peek inside this often fascinating and eccentric world, but it also highlights the lack of education out there for those who have the responsibilities of wealth. I hope you enjoy my talk with Tony Guernsey as much as I did. BIOGRAPHY: Peter E. ”Tony” Guernsey Jr. was born and raised in Long Island, New York. He was educated at the Taft School in Watertown, CT, and Lake Forest College, in Lake Forest, Illinois. During the Vietnam War, he spent 30 months in the U.S Naval Reserve at Great Lakes Naval base in North Chicago, Illinois. Simultaneously he was an ice hockey referee and drove a taxi cab in Chicago. In 1972 Tony joined JP Morgan and over the next 43 years re-engineered or started 42 National Wealth Management offices around the U.S. for Morgan, UBS, and Wilmington Trust. Today he is a consultant and serves as an outside independent family trustee. Tony and his wife, Eve, share their lives between New York City, Bedford, New York, and Martha’s Vineyard. Between the two of them, they have three children and four grandchildren. Cumulatively, the two of them worked at JP Morgan for 50 years. In 1972, Tony was a contributing author of the book, Skates, Sticks and Men, the story of American Hockey in the United States. Tony was voted All-American Division 3 in Ice Hockey in 1970 and in 2006 was awarded the esteemed Lifetime Achievement award by Private Asset Management. 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.

Today we are talking to Kristin Keffeler, author of the very insightful new book Myth of the Silver Spoon. We talk about the emotional and psychological clutter around money, the confusing messages we get about wealth, positive psychology, and how to integrate a healthier identity. Kristin is a consultant and founder of Illumination 360, a firm at the forefront of a global shift in family wealth advising, known as Wealth 3.0. She guides affluent and enterprising families, rising gen, and the professionals who support them in embracing the positive power of wealth. She earned an undergraduate degree in human biology and chemistry, with an emphasis on human peak performance. She also holds a Master of Science in Management from the University of Denver, and a Master of Applied Positive Psychology from the University of Pennsylvania. ORDER THE BOOK: https://amzn.to/3CYViMt WEBSITE: www.illumination360.com FISCAL UNEQUALS PAPER: LINK JAY HUGHES ON FISCAL UNEQUALS: LINK 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.

Paul Sullivan is on a mission to rethink fatherhood, and he is doing it with thousands of parents. Paul is the bestselling author of two books, Clutch: Excel Under Pressure, and the Thin Green Line: The Money Secrets of the Super Wealthy. We talk about his decade of studying the wealthy for the New York Times, fatherhood, teaching children about wealth, and the community of lead dads he is building nationwide. FOLLOW PAUL: https://twitter.com/sullivanpaul WEBSITE: https://thecompanyofdads.com/ BOOKS: Clutch: Excel Under Pressure Thin Green Line: The Money Secrets of the Super Wealthy Joe Reilly is a family office advisor and the host of the Private Capital Podcast and the Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ PRIVATE CAPITAL PODCAST: PRIVATE CAPITAL Please give us a review on Apple Podcasts - we appreciate it!

Coventry Edwards-Pitt is the author of Engaged Healthy Wealthy and Wise, and we will be talking about the challenges of inheritors in love and marriage, self-actualization, the stumbling block of prenuptial agreements, and the desire to break free from the constraints of onerous wealth management infrastructures. Covie is a Partner and the Chief Creative Officer of Ballentine Partners in Boston. She is the author of three excellent books based on extensive interviews with the wealthy. Raised Healthy Wealthy and Wise covered raising children, Aged Healthy Wealthy and Wise focused on vibrancy in later life, and today we are talking about Engaged Healthy Wealthy and Wise, where she explores love and marriage.  Covie is a graduate of Harvard and was Chief of Staff of Goldman Sachs Global Manager Strategies Group as well as the leader of her own financial advisory firm before joining Ballentine Partners. Covie is a CFA charter holder, a trained opera singer, and a pianist; a member of the Women Presidents’ Organization and the Collaboration for Family Flourishing. Please note: This podcast is for informational and educational purposes only, and should not be relied upon as a basis for investment or legal decisions. All opinions expressed by guests on this show are solely their own opinion and do not necessarily reflect that of their firms. A manager's appearance on the show does not constitute an endorsement or investment recommendation from the podcast host or his firm. ORDER THE BOOK: https://amzn.to/3XlP8yq COVIE BIO: https://ballentinepartners.com/team_member/coventry-edwards-pitt/ BOOK: Raised Healthy Wealthy and Wise: https://amzn.to/3guI2Hb BOOK: Aged Healthy Wealthy and Wise: https://amzn.to/3GF8msN Joe Reilly is a family office consultant and the host of the Private Capital Podcast and 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

Jamie Weiner, a psychologist and co-founder of Inheriting Wisdom, shares insights from his book, The Quest for Legitimacy. He discusses his research on the unique experiences of heirs from prominent families. The conversation dives into themes of identity, the shadow of the founder, and breaking through isolation. Weiner reflects on how familial expectations shape self-discovery and the emotional complexities faced by wealthy heirs. He also emphasizes the importance of legacy wisdom and the transformative power of trust and empathy in relationships.

Today we are speaking to Lewis Lapham, author of the book Money and Class in America - Notes and Observations on Our Civil Religion. We talk about his views on wealth, growing up in a wealthy family, and how Donald Trump showed up at his book party in 1988. Lewis was the longtime editor of Harper's Magazine, and author of over a dozen books. He is currently founder and editor of Lapham’s Quarterly. FOLLOW Lewis: @laphamsquart Lapham’s Quarterly:  https://www.laphamsquarterly.org/ Thanks for listening. Please subscribe or leave us a review on Apple Podcasts. We appreciate it.

“We're tainted by the worldview and the wish fulfillment about wealthy people and feelings about what is fair and good in life.” Dennis Jaffe and Jim Grubman take on the dilemmas faced by inheritors and those who acquire wealth in a seminal paper in the psychology of wealth back in 2007. We discuss historical ways people have looked at money in families, how individuals cope with inheritance and how entrepreneurs adjust to their new lives after success. They introduce the concept of Wealth 3.0, which is a new way of thinking about family money as not purely destructive. Dennis and Jim are two of the most thoughtful people I have ever met in the family office and family wealth world, and I encourage you to check out their great books listed below. WEBSITE for Dennis: https://dennisjaffe.com READ Dennis at Forbes: https://www.forbes.com/sites/dennisjaffe/ WEBSITE for Jim: https://jamesgrubman.com PAPER - The Acquirer’s and Inheritors Dilemma: https://jfn.org.il/wp-content/uploads/2022/04/Acquirers-and-Inheritors-Dilemma-Discovering-Life-Purpose-and-Building-Personal-Identity-in-the-Presence-of-Wealth.pdf BOOK - Cross Cultures - How Global Families Negotiate Change Across Generations by Dennis Jaffe and James Grubman BOOK - Strangers in Paradise - How Families Adapt to Wealth Across Generations by James Grubman BOOK - Borrowed from your Grandchildren - The Evolution of 100-Year Family Enterprises by Dennis Jaffe