Legacy planning is much more than transferring money from one generation to the next. It’s also about transferring values. If you simply “give” the money to your children, they might lack the wisdom, grit, and satisfaction of accomplishment that only struggle and adversity can bring.
In this episode, Duncan MacPherson joins Richard Watts, author of Entitlemania: How Not To Spoil Your Kids, And What To Do If You Have! Having been the wise counsel to many of America’s wealthiest families, Richard shares how you can help your clients prepare their children for the real world, instead of spoiling them with free money.
How to prompt wealth transfer conversations that your clients might not like
Why first-generation earners should not deprive their children of experiential learning
Real-life examples of families who have adopted the “tough love” approach
How to take your relationship management to the next level
Richard Watts, lawyer, author, columnist, speaker, and problem solver, is the wise counsel to many of America’s wealthiest families. They rely on him to guide their families and journey through the rapids of life. From behind these castle walls, Richard provides the wisdom and counsel to avoid the pitfalls of excess and entitlement. The founder of Family Business Office ® (“FBO”), Richard was admitted to practice law in 1982 and is an alumnus of the Harvard Business School. He has appeared on numerous television programs and authored articles as an expert on how money often complicates the “simple life”. Author of Fables of Fortune: What Rich People Have That You Don’t Want, and Entitlemania How Not To Spoil Your Kids, And What To Do If You Have!
When the markets are soaring high, most advisors might do well. But it is during times of high volatility that elite advisors set themselves apart.
They create a professional contrast and an exceptional experience to meet the current demand of clients and prospects, even during a downturn!
In this episode, Duncan MacPherson joins Chris Jeppesen, chief of advisory practices at First Trust, to discuss strategies for alleviating your clients’ anxiety amidst current market turbulence and the progression and evolution of top financial professionals today.
How to restore your clients’ confidence in you using the ECA framework (empathy, context, and action)
How to maintain relevance as financial services get commoditized
The much-needed shift from transactional salesmanship to directional stewardship
Sneak peek into the new book “The Blue Square Method” (and how it will benefit fee-for-service professionals)
Chris Jeppesen is the head of advisory practices at First Trust, a firm known not only for its robust investment product line which includes UITs, ETFs, SMAs, and VAs (to name a few) but also for its commitment to the growth of financial advisors. First Trust has dedicated many years to finding (and investing in) creative ways to help financial advisors grow their practices. Chris’ goal over the last 18 years has been to give financial advisors the tools to develop an efficient business model focused on building long-term client trust and loyalty. Chris is also the co-author of The Advisor Playbook.
Aside from a prospectus, product brochure or statement, your business has become extremely virtual and complex. Adding tangible tools to your approach helps remind both your affluent clients and your prospective clients that there are two types of advisors – salespeople and consultants – and what the differences between the two are.
In this episode, Duncan MacPherson joins Cathi Durrell, owner of Lavish Cards, to discuss how one of the best strategies a fee-for-service professional can do to take their relationship management to the next level.
Actionable strategies that lead to client loyalty, client engagement, and client advocacy
How greeting cards reinforce your image as a goal-based professional
What to do if you can’t find the time to send out personalized greeting cards
Unconventional card ideas to improve your branding
About Our Guest: Cathi Durrell, along with her husband Glen, who is a professional photographer, are the owners of Lavish Fine Art Cards, a company they co-founded 11 years ago. Lavish has grown extensively over the past 11 years and specializes in catering to the bespoke communication needs of their clients. The entire crew at Lavish are committed to creating and supplying the highest quality greeting cards. In her spare time, Cathi enjoys travel and exploring “the back-roads” with Glen, in search of the next image for Lavish.
Your business is your biggest asset — it’s your life’s work! If you want to maximize its enterprise value, you need to take action well before the time of selling it.
If you’re a buyer looking to take over a business, there are certain efforts you can take to improve your company’s growth.
In this episode, Duncan MacPherson joins Ted Motheral, chair of Walter | Haverfield’s Business Services group, to help buyers and sellers prepare for an efficient business transfer. They also explore ways to take impeccable care of your clients and employees during the process.
Key value drivers for a financial advisory business
A checklist to keep in mind before buying or selling a business
The importance of taking a goal-based approach toward your big liquidity event
The role of private equity in the current M&A landscape
How to organize your corporate structure and protect your intellectual property before selling your business
Ted Motheral is Chair of Walter | Haverfield’s Business Services group, which includes more than two dozen business and transactional lawyers. He focuses his practice on mergers and acquisitions, as well as private debt and equity financing. Ted has experience in leading transactions for multi-million dollar acquisitions and has represented borrowers and lenders in multi-million dollar debt offerings. He is also experienced in advising clients on general corporate matters, entity formation and governance, joint ventures, divestments, and reporting requirements and regulations. Additionally, Ted has experience forming loan documentation programs for public entities in the State of Ohio. Ted joined Walter | Haverfield as a partner in 2016. Prior to joining Walter | Haverfield, he practiced law at Benesch Friedlander Coplan & Aranoff. He was formerly a financial consultant for PricewaterhouseCoopers (PwC) in New York City and also worked in the general counsel office of KLA-Tencor Corporation in Silicon Valley, California.
Every business owner will leave their business one day, voluntarily or involuntarily. It’s a matter of WHEN, not IF.
So, it’s important to start planning for this inflection point well ahead of time — both technically and emotionally.
In this episode, Duncan MacPherson speaks with Denise Logan, business transition expert, professional speaker, and best-selling author of The Seller’s Journey. Denise explains how you can help clients overcome the emotional barriers to selling a business while simultaneously preparing for your own exit.
Why creating your own exit strategy is the first step to assisting clients in their exit
How to remain your client’s first-choice advisor when the time comes for the big liquidity event
How to prepare your team for the transition to a new owner
Legacy dinners, fireside chats, and other fun activities to connect with your clients
Denise Logan knows that to business owners, selling a business is more than a transaction. To them, it is an emotionally fraught period of transition, filled with unexpected highs and lows, with no clear vision of what waits at the end for them and their family. Her passion for this work is colored by her own experience of being an unprepared business owner who made an abrupt and choppy exit from her company, after ignoring the signs that it was time for several years.
She is the author of The Seller’s Journey: A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, and has addressed more than five hundred audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go.
Denise provides advanced training to advisors employed by some of the world’s largest financial institutions, law firms and accounting firms, helping their clients successfully transition their businesses to new owners and, most importantly, without regret.