Unlocking the Secrets of Enterprising Families with Steve Fradkin and Pam Lucina (Northern Trust)

https://is1-ssl.mzstatic.com/image/thumb/Podcasts221/v4/57/3b/7b/573b7bee-870f-31e1-c50f-b5c31c8f7122/mza_10267578157404144889.jpg/600x600bb.jpg

The Road to Why

The Northern Trust Institute

28 episodes

2 months ago

From start-up entrepreneurs to multi-generational family business owners, most founders are driven to succeed for reasons well beyond making money. Whether it’s a passion for reshaping their industry, building a family legacy or advancing the causes they care most about — or, in many cases, all of the above — exploring the larger “why” of their life’s work offers insights into how successful leaders operate and what is really important to them. On The Road to Why, host Eric Czepyha, Director of Business Services at Northern Trust, speaks with business owners, entrepreneurs and visionaries about business, family, wealth and legacy and shares advice and life lessons from those who have found success in ways expected and unexpected.

All content for The Road to Why is the property of The Northern Trust Institute and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Entrepreneurship

Business,

Investing

Unlocking the Secrets of Enterprising Families with Steve Fradkin and Pam Lucina (Northern Trust)

The Road to Why

34 minutes

1 year ago

Unlocking the Secrets of Enterprising Families with Steve Fradkin and Pam Lucina (Northern Trust)

So many of our clients ask us the age-old question, “How much is enough?”

How much of my wealth should I give to my children?
At what age should I share my estate plan with my family?
How do I prepare my children for the responsibility of the wealth they will inherit?

Our guests on today’s podcast have spent the better part of their careers answering these questions. Steve Fradkin is President of Wealth Management at Northern Trust.

Pam Lucina lead’s Northern Trust’s Trust & Advisory Practice and is President of The Northern Trust Institute.

Steve and Pam discuss a new book that the Northern Trust Institute recently published titled “Secrets of Enterprising Families” which answers these questions of intergenerational wealth transfer along with many others which we will cover during our discussion.

In this episode you will learn:

(2:48) - What makes Northern Trust qualified to write the book on wealth?
(5:30) – How can the secrets in this book impact how families approach their wealth planning
(7:20) – How can the book help to answer some of the tough questions that families have concerning wealth and legacy?
(9:01) – What does Pam’s money story look like?
(11:22) – What do we mean by the term ‘enterprising’? And why is it something that a family might aspire to be?
(14:25) - What are some of the questions that this book helps to answer?
(17:46) - Why is it important for families to define what wealth means to them?
(21:17) – Have there ever been any objections from families that have tried to implement some of the secrets in the book?
(24:47) – Why is the book structured the way it is?
(26:45) - Are the insights in the book mainly for the older generation who created the wealth? Or are they also relevant for younger generations?
(28:47) – Has Pam implemented any of the secrets from the book with her own family?
(31:45) – What is Pam’s ‘why’?