In this episode of What's Next? from Parcion Private Wealth, host Terry Cook and guest Mike McGrann, from the Fidelity Center for Family Engagement, discuss legacy preservation and wealth communication. They tackle fears surrounding wealth's impact on future generations and strategies for constructive family dialogue. As a subject matter expert on families of wealth and family-owned firms, Mike shares insights on maintaining healthy relationships around wealth, emphasizing the importance of open communication to prevent misunderstandings and conflicts. If you are interested in learning more about how Parcion can support your generational conversations, please contact us at [email protected] or visit www.parcionpw.com.

2:52 – Addressing the fear of money ruining kids by utilizing better conversational tools

4:45 – Creating distance with hierarchical behavior

8:20 – Statistics around wealth transfer

10:00 – Defining what "Legacy" means to you

13:20 – Using intentional reflection to define your legacy and relationship to wealth

14:00 – Intended and unintended outcomes and consequences

15:40 – Voice versus vote

16:00 – Peership and commitment to mutuality

18:40 – Real life example of a conversation about wealth with a 14 year old around shoes

21:40 – Real life example of a conversation about wealth with estate planning and family dynamics

25:03 – Fair versus equal

29:20 – Wish versus fear

32:00 – Developing a healthy respect for wealth in your children

36:22 – Takeaways and strategies for constructive family dialogue

44:25 – Fidelity Center for Family Engagement's mission and passion to support family businesses

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