The Great Wealth Transfer: Strategic Planning, Family Values & Emerging Decision Makers

Tom Geddes and Alice Paik join the Capital Club Podcast to discuss their work at Brown Advisory, a financial advisory firm with an institutional and private client business. Learn how the firm values clients, offers a scale of assets and investment strategies, and how complexity can change the calculus for setting up a true single-family office. Discover how families need the right mix of critical people to pull all the pieces together and attract and retain the best talent. Tune in now to hear this insightful conversation on family wealth management from two experts at Brown Advisory![00:01 - 06:55] Opening SegmentIntroducing Tom Geddes and Alice PaikBrown Advisory is a private, independent firm with clients across all 50 states and in other countriesThe importance of having a warm and engaging client-first mentality[06:59 - 13:30] What Families Need to Know in 2023The threshold for setting up a single-family office has grown in recent yearsMulti-family offices are often used as a marketing term without fully understanding itAdvice and service are two other vital components for families[14:31 - 20:07] Exploring NextGen Education and ESG Investing for a Smooth TransitionThe importance of raising responsible decision-makersHelping families understand what wealth means to them and their impactEducating kids/grandkids about the responsibility that comes with wealth[20:08 - 28:49] Investing and Philanthropy Come Together for FamiliesReminding the senior generation to let go of their control in small, incremental stepsESG sustainability is a core competency at the farm and is seen as an investment approach that can drive a competitive advantageEndowments and foundations business growing with families are often involved with these organizations[28:40 - 32:26] Investing in Prosocial Ways to Align with Mission Goals5% of endowment resources are being used for prosocial and mission-aligned investmentsCombinations, acquisitions, and expansions are all tied back to the core mission of the firm[32:27 - 35:19] Closing SegmentConnect with Tom and Alice through the links belowA daily practice that helps bring peace to your lifeAlice: watching the sunrise every morning and turning the phone offTom: reading and dropping off his kids in the morningFinal wordsQuotes:"We know our client's dog's names too. We operate on a very warm and engaging client-first kind of mentality." - Tom Geddes"Values are expressed in different ways, and to remind people of that along the way, that you may be acknowledging that hard work or faith or something is very important to a family." - Alice PaikConnect with Tom and Alice!Website: www.BrownAdvisory.com Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/Connect with me on LinkedIn!LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in, and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.