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Pathstone Family Office Execs Detail How to ‘Parent Amidst Wealth’ In New Family Enterprise USA Webcast
Navigating Complexity of Family Business Owners Talking to Their Children about ‘Money, Values, and Entitlement,’ with FEUSA President Pat Soldano
The complexities of discussing money, entitlement, and wealth to children of successful families is the topic of a new webcast featuring executives of Pathstone Family Offices and Family Enterprise USA’s Pat Soldano.
Never an easy topic, “Parenting Amidst Wealth: Navigating the Shift as Kids Enter Adulthood,” is the subject discussed between Pathstone’s Jim Coutre, Managing Director, Pathstone Wealth Advisory Group, and Hannah Kanstroom, Director of Family Advisory, Pathstone Wealth Planning.
Soldano, President of Family Enterprise USA and Policy and Taxation Group, moderates the discussion. Family Enterprise USA and Policy and Taxation Group promote and advocate for family-owned businesses, family offices, and successful families.
During webcast, now available to at FEUSA.com, the Pathstone executives walk through the complexities and struggles of talking to the youngest of the next generation about money, entitlement, and transparency.
Pathstone, based in Englewood, N.J., is a nationally recognized advisory firm offering investment advice and family office services focused on the ultra-high net worth. It has 775 employees in 22 offices, managing $170 billion in assets.
In the webcast, Coutre and Kanstroom detail how families must consider “mental models,” the reality of family’s wealth, and how to be transparent as children move into adulthood.
“Most family-owned businesses struggle with the transition of turning the business over to the next generation,” says Kanstroom in the webcast. “Guiding a family through this phase is complex and brings many challenges,” she adds. “The key is to understand the many mentals and realities of a family’s wealth.”
Managing Director Coutre explains “it’s okay to talk about the business.”
“Parents have the best intentions when they want to ‘spoil-proof’ their children, but it’s okay to talk about money and the business,” he says. “The negatives are over estimated based on our experience.”
According to research, America’s family-owned businesses contribute $7.7 trillion annually to the U.S. gross domestic product, accounting for 83.3 million jobs, or 59 percent of the country’s private workforce.
“One of the most important topics family-owned businesses and successful families must address is the transition of business leadership to the next generation,” said Soldano. “It starts with communication and a plan,” she adds. “We hope this webcast with Pathstone, and others in our series, helps successful families navigate these issues in this complex time.”
About Pathstone
Pathstone is a partner-owned multi-family office dedicated to serving ultra-high net worth families, single family offices, foundations, and endowments. We are a Registered Investment Advisor and serve our clients as a fiduciary. Our advisors provide an integrated suite of services designed to empower our clients to realize their unique goals and maintain their legacy. Our expansive capabilities and personal, in-depth approach enable us to customize our solutions and leverage best practices to accommodate our clients’ unique needs.
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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