Simply Tax® Episode 99: The Psychology of Wealth in Taxing Times
Effectively adapting to adjustments in economic culture and wealth is often difficult and requires families to balance past tradition with the need to move forward. Internationally recognized family wealth psychologist Dr. James Grubman joins host Damien Martin to discuss the dilemmas, decisions and challenges that come with wealth and share real-world stories for those both new to and coming from wealth. Here’s what’s covered:
- Immigrants and natives to wealth @02:48
- “Adapting from one economic culture to another is harder than people think” @06:44
- The three main questions of adaptation @08:34
- Best practices for balancing the past with the future in adaptation @09:57
- The importance of finding the right balance of leaning on past tradition and taking on new skills @13:39
- How to communicate during a crisis @16:24
- Tips and techniques for getting the communication ball rolling @22:18
- The “white noise” factor @25:19
- A resource for getting some help with family communication @27:18
- “You are absolutely not alone” @28:24
BIO FOR GUEST
Dr. James Grubman has provided services to individuals, couples and families of wealth for more than 30 years. His work with clients at many levels of affluence—from the “millionaire next door” to the Forbes 400—has earned him a reputation as a valued family advisor. Jim often is consulted in situations of complexity where psychology, law, finance, medicine and business all come into play to varying degrees. He draws on his experience as a psychologist, neuropsychologist and family business consultant with specialty interests in trusts and estate law, family governance and wealth psychology.
Jim brings his deep knowledge of the client's perspective to his work with single and multifamily offices, top 100 wealth management firms, attorneys and other advisors. He has coached hundreds of advisors on the core competencies needed to foster exceptional client relationships. His practical approach emphasizes collaboration, empathy and efficiency.
Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations and co-author (with Dennis Jaffe, Ph.D.) of Cross Cultures: How Global Families Negotiate Change Across Generations, groundbreaking explanations of how individuals and families can adjust to wealth effectively. His work has been discussed in Malcolm Gladwell’s national bestseller, David and Goliath, as well as featured in the Wall Street Journal, Business Week, CNBC, The New York Times, The Boston Globe and Private Wealth. He has published widely in The Journal of Wealth Management, Journal of Financial Planning, Financial Advisor and many other media.
ADDITIONAL RESOURCES MENTIONED IN THE EPISODE
- Dr. Grubman's website
- BKD webinar archive: Maintaining Your Emotional Balance During Taxing Times (May 20, 2020)
- Publications by Dr. Grubman
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