38: Inheritance Styles: A Road Map for the Rising Generation

Introduction

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

 

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

 

Description

Host Ruth Steverlynck sits down with Robin Catlin to discuss her white paper on the topic of different styles of inheritance and how advisors can enhance their understanding of the “experience of being an inheritor”. This can help bring awareness and dialogue to a way of relating to financial wealth that is not traditionally earned.

 

Guest bio

Robin Catlin is a Managing Director at the Center for Family Wealth at Merrill Lynch where she helps families navigate the complexities of wealth over multiple generations. She is passionate about helping families thrive in the context of wealth, focusing on human capital and family culture in relation to their financial capital.

 

You can find out more about Robin on her LinkedIn.

 

Key Takeaways

[:26] Ruth Steverlynck is your host for this episode and welcomes Robin Catlin and asks her to share a little bit about her background.

 

[3:43] When it comes to wealth, there is a lot of negative talk about inheritors. Robin is the author of a whitepaper on inheritance style and she shares the impetus for writing it.

 

[8:10] Robin shares a high-level overview of her paper before digging into the specifics.

 

[12:13] The challenges of being an inheritor are largely ignored, Robin shares her thoughts on why that is.

 

[15:29] Robin’s paper challenges a widely held belief among advisors; she talks about what it means for the rising generation.

 

[19:16] The title of the paper mentions inheritance style, three of them to be specific: Inheritors, Stewards, and Sojourners. Ruth had heard of the first two, but the last one was a surprise!

 

[26:41] Ruth brings the conversation to the five stages of wealth integration: Awakening, Confusion, Perspective, Learning, and Adaptive Integration. Robin explains what each of them entails.

 

[29:55] Robin explains how advisors can practically use the information in the whitepaper as well as a few more key takeaways.

 

[34:16] Robin shares her reading recommendation and advice for advisors.

 

[37:35] Ruth thanks Robin for coming on the show and sharing her insights and tips with listeners.

 

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Mentioned in this episode

The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

 

Robin’s reading recommendations:

The Cycle of the Gift: Family Wealth and Wisdom, co-authored by James E. Hughes Jr.

Language and the Pursuit of Leadership Excellence: How Extraordinary Leaders Build Relationships, Shape Culture and Drive Breakthrough Results, co-authored by the Chalmers Brothers

 

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