Recently, Krista Han, partner at Grant Thornton LLP, ran a piece in FEA Matters, a monthly digest published by Family Enterprise Advisor, showcasing the topic of Wealth Prejudice and featuring The Wealth Conservancy’s Myra Salzer. Myra’s guest spot on Let’s Talk Family Enterprise Podcast hosted by Ruth Steverlynck was released October 7, 2019, and is available on Google Play Music and Apple Podcasts.
The episode explores the concept of inheritors as a minority group and what we need, as individual members of society and as financial services advisors, to better understand this group and what may be negative judgements and attitudes we have towards inheritors. This is a topic that Myra speaks frequently about in her books, workshops, and in her TEDx Talk on the subject.
In this podcast episode, Myra discusses with Ruth her role as the “inheritors’ advocate” and how The Wealth Conservancy helps empower inheritors to deal with the challenges of their wealth, whether those challenges are born out of what can be overwhelming complexities of their circumstances, or the negativity and stereotypes they can face as the result of it.
Financial advisors have the duty to recognize their own biases and be able to move beyond them to help clients receive the level of service they deserve. As an advisor, becoming self-aware is so important to treating each person as the individual that they are. Advisors and other financial service providers can often form the foundation of community in which inheritors feel from judgement and can receive the mentoring and support they need and may not have been previously provided.
In keeping with the idea of the importance of community, Myra has for decades hosted workshops for inheritors that allow them a place to explore their relationship with money, gathering with others seeking to integrate with wealth in a positive and healthy way. This month, she’ll be co-facilitating a 2.5 day workshop in Denver from October 21st – 23rd with Jay E. Hughes, Jr., author of several books and numerous articles on wealth preservation, reflection, and helping families flourish. Together, they’ll provide a well-deserved, safe place for inheritors to be themselves and brainstorm with peers.
Recommended resources from the Let’s Talk Family Enterprise podcast episode, including works by Myra Salzer and James E. Hughes, Jr., can be found here.