76: Love, Wisdom, Money
Let's Talk Family Enterprise
Advisor as Facilitator and Family Office Role
Buddy explains using templates to facilitate family decision-making and relieve pressure on advisors and families.
Host Steve Legler speaks with Buddy Thomas, the author of Love, Wisdom, Money: The Family Fiduciary's Guide to Generative Wealth. Together, they discuss the concept of a 'Family Fiduciary' and the importance of putting those three elements—Love, Wisdom and Money—in the right order.
All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.
Guest bio
Buddy Thomas is the founder of Superior Planning – Family Office, specializing in customized family wealth and relationship enrichment programs for HNW and UHNW families since 1982.
A Certified Financial Planner and Accredited Estate Planner with a background in psychology and economics, Buddy is a thought leader in personal wealth management. He has authored four books, over 50 articles, and produced 200+ educational videos, including the Fifty-Five Second Family Fiduciary series.
You can learn more about Buddy Thomas on LinkedIn and on the Love, Wisdom, Money website.
Key Takeaways
[:23] Steve Legler welcomes Buddy Thomas and launches the episode by asking about his book Love, Wisdom, Money: The Family Fiduciary's Guide to Generative Wealth.
[2:15] Buddy explains what a Family Fiduciary is, how Love, Wisdom, and Money must come in the correct order, and how he came to understand why the order is so important.
[6:06] From Jay Hughes, through years of meeting families: translating "human capital" into an understandable concept for all was key for Buddy to flesh out this book.
[7:42] Learning to write books is quite the experience. "No one wants to read a whitepaper!" Buddy shares how finding your author's voice is part and parcel of learning how to write for good reading.
[10:03] Buddy shares how his own family founded and grew their own successful family enterprise.
[11:42] How can advisors encourage families to foster "the right stuff" and support them in growing?
[14:24] The family fiduciary has to lead the movement for the benefit of the whole family.
[15:54] How The Gift of Lift by David R. York opened Buddy's eyes.
[17:23] The gamification of enterprising families' dynamics.
[20:13] Why separating the portfolio and the cash flow games is really important.
[21:57] What Buddy believes a comprehensive planner should hope for.
[23:11] Helping families see what they have not been able to understand, so that they can make the best decision for themselves.
[25:32] If you've seen one family office… You've seen one family office. Buddy shares that in the course of his 40-year career, he has concluded that no two families will take the same decision.
[27:34] Buddy talks about separate vs. community property law and how surprised he was by the differences between Ohio and California.
[29:02] Buddy's book recommendation and advice for families and advisors.
[31:26] Steve thanks Buddy for sharing so much of his experience and invites listeners to sign up for Symposium, which will be held May 25‒27 in Vancouver, BC.
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Mentioned in this episode
Values-Based Estate Planning: A Step-by-Step Approach to Wealth Transfer for Professional Advisors, by Scott C. Fithian
Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators, by James E. Hughes Jr.
Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations, by James E. Hughes Jr.
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