In this episode, we delve deep into the world of wealth management and family advisory services and explore the evolving landscape of financial wealth planning. Dr. James Grubman, a renowned expert in family wealth psychology and author of Strangers in Paradise and Wealth 3.0, shares his profound insights and expertise on this critical subject. Dr. Grubman is a distinguished figure in family wealth and well-being and has made a mark with his profound understanding and enduring contributions to the field. In our conversation, we unpack the wealth management landscape through a psychological lens. We discuss the definition of wealth, the complex family dynamics and hurdles faced when adapting to elevated levels of wealth, and the essential role parents play in imparting financial responsibility to their children. We also explore the fundamentals when embracing the cultural norms associated with affluence, the psychological and practical ramifications of avoiding or overcompensating for wealth, the changing landscape of family wealth management, and much more. Listeners will also gain a comprehensive understanding of the evolution of wealth management, from traditional approaches to the transformative Wealth 3.0, along with insights on nurturing strong family relationships in the context of affluence. Dr. Grubman's wealth of knowledge and engaging storytelling make this episode a must-listen for those interested in the future of wealth management. Tune in now!

Timestamps:

0:00:00 Intro
0:04:38 James defines what it means to be wealthy
0:08:07 How common it is for people to become wealthy as opposed to being born wealthy
0:14:16 The added challenges that come with raising children in the context of wealth
0:23:32 How the source of wealth affects how people adapt to it
0:26:25 What people need to think about when they consider adopting the culture of the land of wealth
0:34:41 The implications of avoiding the cultural change altogether
0:39:13 What happens when people try too hard to adapt to being wealthy
0:43:11 Some of the common challenges to successful integration
0:47:02 What parents should be thinking about as they prepare their children to receive wealth
0:54:20 The role James sees for professional advisors in managing wealth
0:56:53 In the context of managing wealth, James defines Wealth 1.0
1:02:55 Why the negative aspects of Wealth 2.0 lasted for so long
1:05:16 James describes Wealth 3.0
1:10:28 New skills do advisors need to develop in Wealth 3.0
1:18:48 How receptive clients are to the ideas of Wealth 3.0
1:20:40 What James is most excited about in the emerging Wealth 3.0
1:24:09 James defines success in his life

Links From Today’s Episode:

Dr. James Grubman — https://jamesgrubman.com/
Strangers in Paradise — https://www.amazon.com/Strangers-Para...
Wealth 3.0 — https://www.amazon.com/Wealth-3-0-Fut...
Cross Cultures — https://www.amazon.com/Cross-Cultures...
Family Firm Institute (FFI) — https://www.ffi.org/
Purposeful Planning Institute — https://purposefulplanninginstitute.com/
STEP — https://www.step.org/
Ultra-High Net Worth Institute (UHNW) — https://www.uhnwinstitute.org/
Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/t....
Rational Reminder Website — https://rationalreminder.ca/
Rational Reminder on Instagram —   / rationalreminder  
Rational Reminder on X —   / rationalremind  
Rational Reminder on YouTube —    / channel  
Rational Reminder Email — [email protected]
Benjamin Felix — https://www.pwlcapital.com/author/ben...
Benjamin on X —   / benjaminwfelix  
Benjamin on LinkedIn —   / benjaminwfelix  
Cameron Passmore — https://www.pwlcapital.com/profile/ca...
Cameron on X —   / cameronpassmore  
Cameron on LinkedIn —   / cameronpassmore