[SG]20: Women & Wealth w/ Adrienne Penta

The Family Business Leader Podcast

Happy 20th episode of the Successful Generations podcast! Our listeners are in for a treat this week. We wanted a dynamo guest for this milestone episode and Adrienne Penta did not disappoint.

Adrienne is a Senior Vice President and Executive Director of the Brown Brothers Harriman Center for Women & Wealth (CW&W)—the brainchild that she built from the ground up. Rooted in data regarding women and wealth, and guided by her personal experience (which she shares during our interview), Adrienne and her team at the CW&W support women as they create and manage wealth. They also produce a quarterly magazine called Women & Wealth that explores the intersection of family, wealth, and values.

In this episode Adrienne and I talk about estate planning, inheritance, preparing children for wealth, the importance of clear values, communication, and transparency, and so much more. Adrienne shares a ton of great resources, which are linked below.

Topics discussed in this episode:

• Meet Adrienne (2:45)
• Adrienne’s personal story (3:33)
• Creating the CW&W (6:46)
• About Brown Brothers Harriman (8:51)
• Launching Women & Wealth Magazine (10:02)
• Mission and vision for the CW&W (13:10)
• Stats about women and wealth (15:51)
• Practical advice: “I’m inheriting money. Now what?” (20:52)
• Talking with children about wealth (24:56)
• What if the generation before doesn’t want to talk about money? (28:27)
• Communicating around wealth and planning (32:39)
• Success is based on conversation, conversation, conversation (34:09)
• Value sharing between generations (35:28)
• Final thoughts (38:09)
• Favorite resources (39:45)
• Bonus Questions (42:28)
• Wrap (47:08)

Guest Bio:

Adrienne M. Penta, J.D. is a Senior Vice President and Executive Director of the Brown Brothers Harriman Center for Women & Wealth (CW&W). Adrienne led the creation of the CW&W, which supports women as they create and manage wealth, and seeks to create a dynamic and inclusive environment where women can engage in conversations about wealth, family and values. She provides women with the investment, planning and philanthropic resources they need to navigate transitions, help the next generation thrive and plan for the succession of privately-owned businesses.

Prior to joining BBH in 2008, Adrienne practiced at the law firm of Choate, Hall & Stewart LLP in Boston. She received her JD from the University of Virginia School of Law and her BA from Johns Hopkins University.

Follow Adrienne on Twitter @AdriennePenta

Notable & Quotable: Your estate plan is the last thing you ever get to say to the people you leave behind. —Adrienne Penta #successfulgenerations The best advice I’ve ever received: There’s no big idea without a big ask. —Adrienne Penta #successfulgenerations We need everyone at the table when we are making plans for the future. It’s important to tell the people affected by these plans why you made the decisions you did. —Adrienne Penta #successfulgenerations I tell clients that they have the opportunity to sit with family to share what they are planning, why, and what legacy they want to leave. That is a real gift that we can give to the people who come after us. —Adrienne Penta #successfulgenerations Wealth is not something we have for its own sake. Money is a means to an end. —Adrienne Penta #successfulgenerations 51 percent of personal wealth is controlled by women in the United States and this number is going to substantially rise in our lifetimes. —Adrienne Penta #successfulgenerations 51 percent of high net worth women feel their advisors don’t understand them. —Adrienne Penta #successfulgenerations Advisors work for you...make sure that you are being treated like a client. —Adrienne Penta #successfulgenerations Conversations about money with kids should start early and happen often. —Adrienne Penta #successfulgenerations 70 percent of all wealth transfers fail because of a lack of preparation of the heirs. We are missing communication and trust. —Adrienne Penta #successfulgenerations You are the driver of the success of your family--money, wealth, and what it all means. —Adrienne Penta #successfulgenerations Not talking with adult children about wealth sends the message that you don’t have enough confidence in them or your relationship with them to have the conversation. —Adrienne Penta #successfulgenerations 90 percent of families lose wealth within three generations. —Adrienne Penta #successfulgenerations Planning has two main part: the how and the why. The how is easy. Here are some questions to help you with the why: Why have I chosen to structure my plan this way? What does this money mean to me? How do I think about where it came from? As a family, what does wealth mean to us? —Adrienne Penta #successfulgenerations Success for the family is a communal goal not and individual one. —Adrienne Penta #successfulgenerations 90 percent of our values come from our parents and grandparents. —Adrienne Penta #successfulgenerations We can share values but express them differently. —Adrienne Penta #successfulgenerations It’s not about money, investing, estate planning or taxes. It’s about what do we want to leave behind. —Adrienne Penta #successfulgenerations Resources mentioned in this episode:

• Brown Brothers Harriman
• BBH Center for Women & Wealth
• Women and Wealth Magazine Fall Issue (Love and Money)
• Center for Talent Innovation—Harnessing the Power of the Purse: Female Investors and Global Opportunities for Growth
• Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values by Roy Williams
• A Wealth of Possibilities: Navigating Family, Money, and Legacy by Ellen Miley Perry
• Love and Money: A Life Guide to Financial Success by Jeff D. Opdyke
• 21/64
• New America: Better Life Lab

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www.successfulgenerations.com/itunes www.successfulgenerations.com/stitcher www.successfulgenerations.com/googleplay Want more of Successful Generations? Check out our other episodes: Episode 019: The Allyn Family 2.0, Part 2 Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1 Episode 017: Achieving Your Goals through MasterMind and Peer Groups Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf Episode 014: More Awareness and Less Stress through Yoga Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet Episode 012: Generous Genes with Susan Crites Price Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy Episode 009: Stress Management and Holistic Health with Cynthia Damaskos Episode 008: Family, Fights and Ferry Tales with Chris Shepler Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond) Episode 006: Join the Philanthropic Revolution with Michael Moody Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers Episode 004: Ginny Esposito - Engaging your Family in Family Philanthropy Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer Episode 002: Douglas D Box, Texas Patriarch - A Legacy Lost Episode 001: About Your Host Ellie Frey Zagel Learn more about Successful Generations:

FB: @SuccessfulGenerations Twitter: @EllieFreyZagel Email: [e-mail] Instagram: SuccessfulGenerations

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