Multi-media Blog

What’s the Elephant in Your Room?

Read this short piece on the importance of shedding light on the elephant in the room that everyone’s thinking about, but nobody’s talking about, as published in Talking Trends online magazine on March 2, 2023, also a short video clip.

This is an important call to action for advisors. If I had not discovered the elephant, everyone’s time would have been wasted on “solutions” that didn’t address the underlying problem.

Wealth Legacy Advisors Named Finalist in 3 Categories at 10th Annual Family Wealth Report Awards 2023

NEW YORK, February 16, 2023 – Wealth Legacy Advisors LLC (“WLA”), nationally recognized thought-partner to UHNW families and their trusted advisors, today announced that it has been designated a finalist in 3 separate categories at The Tenth Annual Family Wealth Report Awards. See the press release HERE.

WLA is honored to have been included in the list of finalists in these categories::

  • Women in Wealth Family Office
  • Concierge/ Specialist Service Firm
  • Outstanding Thought Leadership

Celebrating its tenth anniversary, the Family Wealth Report Awards recognize expert services for private family wealth firms. The awards reward achievement and are designed to showcase best-in-class providers.

WLA, also celebrating its 10th anniversary this year, has twice recently been named as a winner at the Family Wealth Report Awards. In 2020, Susan Schoenfeld was awarded the prestigious “Women In Wealth Management” Award for being “one of the few women on the national speaking circuit who is guiding financial services firms and their clients to connect with the human side of the client relationship.” In 2018, Susan won for “Outstanding Thought Leadership.” The firm was also named as Finalist in multiple categories at the 2019 and 2022 awards programs.

“I am proud of my contributions in the private client space throughout 2022. If my story can help even one person rise above their challenges, I will be so happy to have paid it forward. My consistent body of work spans poignant personal reflections to finding family business succession lessons in current events that captured the attention of the world. It’s an honor to have my efforts recognized,” comments Susan Schoenfeld, CEO and Founder, Wealth Legacy Advisors.

“This year we had a record number of registrations and submissions for this program: more than 500 submissions in nearly 70 categories,” said Publisher of Family Wealth Report and ClearView Financial Media CEO Stephen Harris. “The firms and individuals in the 10th Family Wealth Report program are worthy competitors and the ones that have reached the Finalist stage are truly outstanding. These awards are judged by an expert panel of more than 40 judges and finalists are selected on the basis of entrants’ submissions and their response to a number of specific questions, focusing on both qualitative and quantitative performance metrics. These awards recognize the very best operators in the private client industry. The judging process is rigorous and independent and all conflicts of interest are avoided, ensuring that these awards truly reflect excellence in family wealth management.” This year’s panel consists of more than forty judges, including family office professionals, private bankers, trusted advisors, consultants and other service providers, and is conducted in a way that minimizes conflicts of interest.

Winners will be announced at a black-tie gala awards dinner on May 4, 2023.

Preparing for Unexpected Disaster

Click to read this short piece discussing operational and philosophical aspects to preparing for unexpected disaster, as published in Inspiration and Insights on February 2, 2023, also a brief video clip.

Craft Your Family Story

Read this short piece with some thoughts on the importance of thoughtfully crafting your family story, as published on January 10, 2023 in Impact! online magazine. There is a brief video clip in the piece as well.

Creating a Family Constitution

Read this short piece with some thoughts on topics to consider when creating a Family Constitution, as published on December 8, 2022 in Point of View online magazine. There is a brief video clip in the piece as well.

Interview!

Susan was interviewed by matrimonial attorney Michael Fried on his weekly webshow, “Five Minutes with Fried.”
Watch the fun and short interview HERE, especially the last question.

Leadership Succession Lessons Learned from the British Royal Family

Read this short piece with my tips on Leadership Succession Planning, including lessons learned from the British Royal Family, as published on November 3, 2022 in Talking Trends online magazine. There is a brief video clip embedded in the piece as well.

Control, Control, Control!

Read this short piece with my views on wealth creators and their desire to control, as published in Inspiration and Insights online magazine on October 6, 2022, also a short video clip.

Teaching the Responsibility that Accompanies the Privilege of Wealth

Read this short piece with some practical ideas for teaching the next generation the responsibility that accompanies the privilege of wealth, as published on September 7, 2022 in Impact online magazine. There is a brief video clip embedded in the piece as well.

Family Wealth Education

I spoke on “Family Governance and The Family Office: Planning for the Next Generation” at the Opal Family Office & Private Wealth Forum in beautiful Newport, RI on July 18-20. Read this short piece with my views on Family Wealth Education published in Point of View online magazine on August 4, 2022, in which is embedded a short video clip.

Who Has a Voice & Vote at Family Meetings?

The WHO of family governance, family decision making, and family meetings is a critical piece because you want to make sure that you have multi-directional communication at family meetings. Read this short piece published on July 6, 2022 in Inspiration and Insights online magazine. There’s a short video clip embedded in the piece as well.

Financial Literacy

Financial literacy is a lifelong education.

Read this short piece published in Talking Trends online magazine on June 6, 2022, in which is embedded a short video clip, about the importance of consistent teaching of financial literacy at every age.

What and when to Communicate to the Next Generation about Wealth

Families often think that they’ve communicated much more (or sometimes much less) than they actually have about their wealth to their children.

Please read this short article in Talking Trends online magazine published on May 19, 2022.  There’s a brief video clip embedded in the piece as well.

Teaching Wants vs. Needs to Children of Wealth

Done right, allowances are a great way to teach children not only the difference between wants and needs, but also rudimentary budgeting skills and the satisfaction that comes with the responsibility of giving back.

Read this short piece published in Impact online magazine on April 21, 2022 in which is embedded a short video clip.

Taking a Hard Look at the Soft Issues

I spoke at a virtual meeting of the Tacoma Estate Planning Council on January 11, 2022. Many groups now enjoy virtual access to speakers that they otherwise could not, without the outlay to reimburse travel expenses. If you are planning a virtual event, let’s hop on a call and explore whether I might be a good speaker for your event!

Please read this short article in Point of View online magazine published on February 15, 2022 with the story behind why I call my talk, A Hard Look at the Soft Issues, as told to the Tacoma Estate Planning Council.  There’s a brief video clip embedded in the piece as well.

Reflections on 2021

Some of you may know that I spent the 4th quarter of 2021 recovering from multiple stress fractures in my hip and sacrum sustained while running my first-ever half-marathon in mid-September. For those interested, I did finish, and even medaled! Fortunately, I was able to avoid surgery, but only with being zero-weight bearing for 6 weeks, followed by 10% weight bearing for the better part of another month, then partial (50%) weight bearing, etc. The good news is that I’ve finally turned the corner, and believe that in the coming weeks I will be able to discard my crutches completely.

As you might imagine, I’ve had plenty of time to think and reflect during my convalescence, and the start of a new year seems like an ideal opportunity to share some of my lessons learned. They are not new year resolutions per se, more like past year reflections:

Practice random acts of kindness: This injury, and my resultant time sitting in a wheelchair, and then walking with crutches, has taught me enormous empathy for those for whom physical disability is not a temporary condition. Every crack in the sidewalk or uneven paving at curb ramps is potentially hazardous. It has also taught me overwhelming appreciation for the kindness of strangers. New Yorkers get a bad rap for their attitude, but special thanks to the airport wheelchair staff, the construction worker who came down off his scaffolding to move a pylon for me to pass in my wheelchair, and countless nameless bystanders who opened doors for me and offered other random acts of kindness.

“Health is the greatest gift” (Buddha): The pandemic has taught us all that the old maxim, “When you have your health, you have everything. When you do not have your health, nothing else matters at all,” is indeed true. Too many people worldwide lost their lives or suffered debilitating symptoms from the coronavirus. Compared to them, I know I shouldn’t complain. I may not have been able to walk unassisted, but I was able to breathe comfortably, spend time safely with friends and family, and even travel a bit.

Sleep Matters: For about a month during my convalescence, I couldn’t sleep at night. I got cranky, irritable and even lost my usual upbeat optimism. Thankfully, the issue seems to have resolved, but I’ve learned how important getting enough sleep is to my positive attitude and overall sense of well-being.

Don’t Sweat the Small Stuff: The little annoyances of life are just that, little annoyances. Countless small tasks and projects of life were put on the back burner while I was unable to focus on them. Other details became primary concerns, like managing doctor appointments, X-rays, MRIs, physical therapy, etc. Most of those small tasks are still undone, and I can focus on them with a clear head and the realization that they didn’t need to be accomplished urgently.

Double Down on Priorities: I cannot begin to express my overwhelming gratitude to my amazing husband who became my primary caregiver, in addition to my lifelong sun, moon and stars. A public ‘Thank You’ is the very least I can do. I am so grateful to my family and my family-by-choice for their love, caring and support during this time and always. You are my priority.

Life is Too Short: This last one is really the corollary to and outgrowth of the other 5 on my list, but it bears repeating. Life IS too short. My wonderful husband reminds me of that all the time while encouraging me to spend more time on the things that give life pleasure and meaning.

Wishing you and those you love a healthy, safe, happy and meaningful 2022!

Published by Impact online magazine, January 10, 2022.

 

Communication in Family Governance

I spoke at my second in-person LIVE conference since Covid, at Opal Group’s excellent Family Office & Private Wealth Forum West in beautiful Napa, CA on October 20-22, 2021, where I presented on Family Governance, and also hosted a private closed-door session for families and family offices on governance and succession planning.

Please read this short article in Talking Trends online magazine published on December 6, 2021 about my comments on Communication in Family Governance from my panel presentation on Family Governance. There’s a brief video clip embedded in the piece as well.

Family Constitutions

I spoke at my second in-person LIVE conference since Covid, at Opal Group’s excellent Family Office & Private Wealth Forum West in beautiful Napa, CA on October 20-22, 2021, where I presented on Family Governance, and also hosted a private closed-door session for families and family offices on governance and succession planning.

Please read this short article in Impact online magazine published on November 10, 2021 about my comments on Family Constitutions from my panel presentation on Family Governance. There’s a brief video clip embedded in the piece as well.

Family Meetings – Defining Who We Are

Family meetings are an important component of the family governance structure to reinforce the family’s mission, vision and values.

Watch this short clip of my Opal Family Governance presentation on the who, what, when, where, why and how of family meetings. Read a short piece about it as published in Insights for Leaders online magazine on September 14, 2021.

What are other families doing in this situation?

As I reflect on the 8 years since I founded Wealth Legacy Advisors in July 2013, and throughout my career working with ultra-high net worth families, the one consistent question I hear is: What are other families doing in this situation? How are other families successfully raising their children in an atmosphere of wealth to become competent and confident stewards of their wealth?

I have worked with many families of wealth over the course of my career. The beauty and the thrill of the work that I do is that every family is unique, like a snowflake; nevertheless, a distinct pattern has emerged in families who have engaged me to help guide them through a particular challenge they face. In all cases, the families have significant wealth, whether inherited or created at their generation, such that they are thinking about their legacy and the generations that will come after them.

Although I am a ‘recovering’ Trusts & Estates attorney with a J.D. and LL.M. in Taxation, I do not practice law or give any legal advice. Although I am a CPA and have an MBA, I do not give any tax, accounting or professional advice of any kind, but I use my skills, background and experience to inform my work with enterprising families and the challenges they face.

Some recent examples of families* who have engaged me to facilitate their discussions include:

The Dixon family created a family bank-like structure to provide seed money to family members who wished to start a business, with required family co-ownership for any business launched as a result. One family member’s business did not match the ownership structure envisioned by the rest of the family, which resulted in disharmony and upset.

Our work with the family led to a deeper discussion of the family’s underlying values, including how to educate the grandchild generation about the family’s story and principles. The values discussions branched out into a vision of a collective family philanthropy initiative.

The Lynch family faced an impending leadership succession dilemma. The business founder and visionary was approaching age 80, the two other family members active in the business were in siloed operational roles, and the founder did not believe they had the strategic skills to succeed him in the top role.

After a series of family meetings, the family collectively decided to sell the company now while the founder was still able to maximize sale value.

The George family, whose operating family business was planning a significant transaction that required all the shareholders to commit to keep their capital invested in the business for a period of years. For financial as well as family dynamics reasons, some of the cousins wanted to deploy their capital elsewhere.

After a series of facilitated meetings centering on fairness and respect, these cousins exited the family business so they could strengthen their family relationships without the stress of being co-investors. The remaining family members were pleased to have family harmony restored.

The Harris family had established a family limited partnership to invest in private equity. One 2nd generation family member managed the private equity and asked for an enhanced compensation formula. This request sparked dissention and conflict, but it turned out that the underlying issue was actually the perceived favored position of this family member with the family patriarch.

Our mandate was to restore family harmony among the 2nd generation. One of our facilitated family meetings culminated in a spontaneous group hug among all of them!

These stories all are different, but the one common theme is the struggle at the intersection of family business and the dynamics of inter-generational communication.

 

*Names and some details changed to preserve client confidentiality.

 

Living a Richer Life by Design

Susan was interviewed by LionsGate Advisors on their podcast, Living a Richer Life by Design. We talked about the so-called “soft” issues of wealth that are the hardest for families to navigate. In this podcast, I shared some tips and techniques to help families of wealth address the biggest challenges of raising the next generation of wealth.

Please click to listen to the LionsGate podcast HERE or read a short article about it in Insights for Leaders online magazine as published on June 9, 2021.

Embracing Diversity and Inclusion: Acquiring the best talent is good for business

I was honored to collaborate on an important topic with Brett Dearing of Cerity Partners. Our co-authored article, Embracing Diversity and Inclusion: Acquiring the best talent is good for business was published in the March 2021 issue of Trusts & Estates magazine’s Family Business Report. Read a short article about it HERE in Talking Trends online magazine on May 11, 2021, or if you are a subscriber click here to read the article, or click here to see a PDF copy of the article.

The Exit Podcast

Susan was interviewed by Brett Dearing of BXO Business Owners Exchange on his podcast “The Exit,” which focuses on privately-held and family-owned businesses. We discussed family meetings in the time of COVID, and the challenges business owners face with the tricky conversations around wealth transfer. Read a summary published in Insights for Leaders on February 3, 2021, with a link to listen to the podcast in full.

Current Events Present Challenges to Family Governance – Dec 2020

Read Susan’s views on how the events of 2020 along with the political climate can impact families in Current Events Present Challenges to Family Governance as published in Point of View online magazine on December 4, 2020.

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