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On this episode of the Family Business Voice, Joseph W Reilly talks about inheritance — the often-overlooked problems associated with wealth, strategies for young inheritors to cultivate a healthy relationship with wealth, and tools, including the family office, that enable inheritors to generate positive outcomes with their wealth.
Joseph W Reilly is a family office advisor and Director of the Inheritance Project, a platform that allows inheritors to explore the emotional and social impact of wealth through the experiences of others.
– That wealth can be burdensome in some ways is often surprising to people. The stigma associated with talking about these problems and wealth in general, can exacerbate the isolation some inheritors feel.
– There’s no hiding affluence from next-gens in the digital age. Instead, healthy relationships with wealth are rooted in open communication — talking about where it comes from and the responsibility that comes with it.
– For next-gens, finding a way to apply themselves to a project they are passionate about is key. Rather than feeling burdened by their wealth, they can utilise it to create the change they wish to see in the world.
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Dr Chengwei Liu is an Associate Professor of Strategy and Behavioural Science at England’s Warwick Business School. An expert in executive decision-making, Dr Liu’s...
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