In this issue of Women & Wealth Magazine, we provide strategies for overcoming one of the key issues business owners voiced in our inaugural Private Business Owner Survey: how to communicate their estate plans with their family. In addition, we dive deeper into the statistics behind business owners’ approach to risk-taking. Even for the most experienced business leaders, change management can be complex. Learn new strategies to make lasting impacts in your organization. Finally, learn why being confident – despite discomfort – is so important.

Our 2023 Private Business Owner Survey revealed that nearly all business owners have an estate plan, but almost none of them have discussed it with their families. In this issue’s feature article, Adrienne Penta, the executive director of the BBH Center for Women & Wealth, explores five common communication obstacles and how to navigate them.

In this issue’s “By the Numbers” infographic, we take a closer look at the statistics from our 2023 Private Business Owner Survey, particularly around estate and succession planning communication hurdles and how different genders view risk-taking in business.

BBH Senior Wealth Planner Ross Bruch explores some of the psychological barriers to effective communication and provides five strategies for overcoming them to successfully plan for the future.

We sit down with BBH Senior Advisor Dr. Lynn Kelley to learn more about the key lessons from her new book, “Change Questions: A Playbook for Effective and Lasting Organizational Change,” and the importance of experimentation and failure in change management.

In “Five Questions,” we speak with Lydia Fenet, founder of the Lydia Fenet Agency and author of “Claim Your Confidence,” about how to unlock your confidence and the importance of being comfortable with discomfort.

Active ETFs show little sign of slowing down, as 82% of investors intend to increase or maintain their exposure to active ETFs. Chris Pigott, Eamonn O'Callaghan, and John Hooson highlight where the opportunities and benefits are for asset managers considering active ETF launches.

We break down the latest updates on the T+1 Settlement transition and provide insights from our conversations with clients, industry groups, consultants, and peers.

In the immediate aftermath of Brexit, the continued access of UCITS funds to U.K. retail investors became a primary concern. While temporary measures were employed, the FCA said it would soon consult industry on a permanent solution.

As the global tax landscape continues to evolve, let’s take a closer look at the major changes and developments impacting our industry.

The purpose of responsible investment at BBH IM is, primarily, to further our mission to preserve and grow our clients’ capital across economic and market cycles. We believe Investment Stewardship can serve as an effective mechanism in our investment process to manage material risks and inform our conviction on the durability of assets for the long-term.

Portfolio Manager, Nicholas Haffenreffer provides the most recent quarter-end results of the US Large Cap Equity Strategy.

In our latest FX quarterly, strategists share the key considerations for global markets following recent volatility, BRICS expansion and the road ahead as markets looks to restabilize.

In this issue of Owner to Owner, we explore strategies for successful communication in a private business, examine factors that come into consideration when debating whether now is time to sell the family business, and review key findings from our inaugural Private Business Owner Survey.

Michael Conti, Grant Smith, and Christine Hourihan provide an overview of the business environment on three fronts: the overall economy, the credit markets, and the private equity and mergers and acquisitions markets.

Executive Director of the BBH Center for Family Business Ben Persofsky discusses four strategies for improving communication in a private or family-owned business.

John Secor, Kyle Gordon, and Carson Christus from our Corporate Advisory team discuss family and business factors that come into consideration when debating whether now is the time to sell the family business.

Co-Chief Investment Officer Suzanne Brenner explores how the various aspects of our asset allocation, portfolio construction, risk management, and manager selection processes work together to create value for clients.

With some in the industry downplaying the impacts of the upcoming settlement shift, it’s important to consider the facts behind the myths.

A leader’s openness to exploring a future for themselves represents a crucial turning point in beginning the transition journey. We lay out several steps owners can take to begin on the path of a successful business transition.

Emotions are high this election season. BBH Senior Advisor Ellen Perry provides suggestions for communicating with family and fostering togetherness during this intense period.

Before asking the EU to greenlight the revised ELTIF 2.0 rules by January 2024, ESMA considers industry feedback on what will make it a success. Here’s our take.

Selecting a private wealth management firm requires one to answer a multitude of questions before making a final decision. In this commentary, Jacob Turner discusses the 10 most critical considerations high-net-worth individuals must make when hiring a private wealth manager.

Portfolio Manager, Nicholas Haffenreffer, discusses how the U.S. Large Cap Equity portfolio companies performed over the most recent quarter-end.

Portfolio Managers, Andrew Hofer, Neil Hohmann, and Paul Kunz, provide an analysis of the investment environment and most recent quarter-end results of the BBH Limited Duration Fixed Income strategy.

Portfolio Managers, Andrew Hofer, Neil Hohmann, and Paul Kunz, provide an analysis of the investment environment and most recent quarter-end results of the BBH Core Plus Fixed Income strategy.

Portfolio Managers, Neil Hohmann, Chris Ling and Andrew Hofer provide an analysis of the investment environment and most recent quarter-end results of the Structured Fixed Income strategy.

Portfolio Managers, Andrew Hofer, Neil Hohmann, and Paul Kunz, provide an analysis of the investment environment and most recent quarter-end results of the BBH Multisector Fixed Income strategy.

Portfolio Manager, Gregory Steier, provides an analysis of the investment environment and most recent quarter-end results of the Municipal Fixed Income strategy.

Portfolio Managers, James Evans & Jorge Aseff, provide an analysis of the investment environment and most recent quarter-end results of the Inflation-Indexed Fixed Income strategy.

Co-Portfolio Managers, Andrew Hofer, Neil Hohmann, and Paul Kunz provide an analysis of the investment environment and most recent quarter-end results of the Taxable Fixed Income Strategy.

Portfolio Manager, Nicholas Haffenreffer provides the most recent quarter-end results of the US Large Cap Equity Strategy.

Co-Portfolio Managers, Andrew Hofer, Neil Hohmann and Paul Kunz, provide the most recent quarter-end results of the Limited Duration Fixed Income Strategy.

Co-Portfolio Managers, Andrew Hofer, Neil Hohmann and Paul Kunz, provide the most recent quarter-end results of the Core Plus Fixed Income Strategy.

Portfolio Managers, Neil Hohmann, Chris Ling and Andrew Hofer provide the most recent quarter-end results of the Structured Fixed Income strategy.

Co-Portfolio Managers, Andrew Hofer, Neil Hohmann and Paul Kunz provide the most recent quarter-end results of the Multisector Fixed Income Strategy.

Portfolio Manager, Gregory Steier, provides an analysis of the investment environment and most recent quarter-end results of the Municipal Fixed Income strategy.

Co-Portfolio Managers, James Evans, CFA, and Jorge Aseff, Ph D, provide the most recent quarter-end results of the Inflation-Indexed Fixed Income Strategy.

We outline key year-end opportunities as they relate to gifting, income tax planning, retirement planning, and planning in a high interest rate environment, as well as provide a year-end checklist based on your goals.

The ESG disclosure regime has had a significant impact on funds in Europe since implementation in March 2021. Now, policymakers are reassessing.

As emerging technology levels the competitive playing field, the right blend of AI and human intelligence will help firms achieve effective innovation.

A deep dive into the downstream impacts of T+1 on the ETF ecosystem and how participants should be preparing to support primary market activity.

Relationship Manager Elizabeth Madden reviews some of the benefits included in employee health insurance plans that go beyond your typical retirement and insurance elections.

In our fall Next Gen Spotlight, BBH Relationship Manager Scott Hooper speaks with DaQuan Jones of the Buffalo Bills about physical and mental wellness and how he manages both as a defensive lineman in the NFL.

Relationship Associate Brooke Royer and Associate Maddy Pellow explore five ways you can increase your productivity, prevent burnout, and promote wellness at work.

Relationship Associate Scott Danforth takes a closer look at the skill sets student athletes bring with them to the workforce and how playing a college sport may translate to success in post-graduate careers.

Senior Relationship Associates Sean Kennedy and Lucy Townend discuss the key differences between HSA and FSA plans so you can best plan for the future.

Relationship Manager Laura Salibello and Analyst Maddy Pellow define the basic principles of investing and share how parents can incorporate them into preliminary conversations when teaching kids about investing.

Keeping innovation and entrepreneurship front of mind is key to both maintaining and growing the family business as it moves into the future and, eventually, into a new generation's hands. Executive Director of the BBH Center for Family Business Ben Persofsky discusses how business owners can shift their mindset toward innovation in order to sustain entrepreneurship for generations.

BBH Partner Kathryn George, Head of the Center for Family Business Ben Persofsky, and Senior Wealth Planner Ali Hutchinson explore the various roles of a family business’s board of directors in succession planning.

We review why a charitable mission is important and provide guidance on how to approach crafting a mission statement that enables you to take philanthropy beyond just “being charitable” or “giving back.”

John Secor and Kyle Gordon discuss a key issue faced by family businesses: the difficulty of managing capital and liquidity demands. They zero in on a critical factor of finding the right balance – patient capital – and provide advice on how family businesses can achieve this important objective.

Senior Wealth Planners Karin Prangley and Anne Warren cover an important topic for private business owners: creating a family constitution to enable seamless business and wealth transitions.

BBH’s Amy Morris explains how the transfer agent’s AML/Sanctions program can help the fund and asset manager mitigate risks effectively while providing a best-in-class experience for their investors.

Summertime usually feels a bit quiet in NYC. It’s easier to get a seat on the train, the lines at the deli counter are shorter, and sometimes the pigeons outnumber the people. However, since the pandemic, this quiet summertime feeling has stuck year-round in some cities across the U.S., creating a range of potential implications for municipal credit, particularly for the debt of cities and their mass transit systems.

Let’s look at the rapid growth of the ETF market and debunk the five most common misconceptions holding asset managers back.

In this issue of Owner to Owner, we speak with Murray Nossel, co-founder of Narativ, on the value of creating a legacy story, review the potential effects of the Inflation Reduction Act on private business owners, and outline how to establish a dividend policy for the family business.

Michael Conti, Jeff Miller, Neriah Ray-Saunders, and Christine Hourihan provide an overview of the business environment on three fronts: the overall economy, the credit markets, and the private equity and mergers and acquisitions markets.

In this issue’s feature interview, we speak with Narativ Co-Founder Murray Nossel about his passion for storytelling, why it’s so important that people – especially business owners – record their stories, and how they can negotiate their legacies.

Lewis Hart, our head of corporate banking, reviews the potential effects of the Inflation Reduction Act tax credits and more on private business owners.

John Secor, Kyle Gordon, and Carson Christus of our Corporate Advisory team outline five options for family business owners that are committed to formalizing a dividend policy.

The EU Commission’s Retail Investment Strategy is a behemoth set of policy revisions to revise and revamp EU regulated investment funds. However, one specific proposal has attracted vast industry commentary.

With 35,000 funds and €12 trillion of assets in scope , any substantive changes to the UCITS framework are usually worthy of asset managers’ attention, writes Adrian Whelan

In this issue of Women & Wealth Magazine, we speak with a group of women driving change in the healthcare space, explore the complexity of teaching the value of digital currency to children, provide three strategies for maximizing time, and learn more about the current state of motherhood in the U.S.

In the feature article of this issue of Women & Wealth Magazine, we sit down with three innovators in women’s health – Dr. Connie Lehman of Clairity; Heather Monroe, LCSW, of Monroe Wellness; and Dr. Katherine Saunders of Intellihealth – to discuss how they are working to change paradigms in their areas of expertise, why preventative medicine is so important, and how the industry is shifting toward more personalized methods of treatment.

BBH Senior Wealth Planner Ross Bruch provides three time management strategies in order to maximize your time affluence.

In Five Questions, we sit down with Jill Koziol, co-founder and CEO of Motherly, to discuss why she started the platform, the results of Motherly’s latest annual State of Motherhood survey, and where she sees the company and herself in the next five years.

BBH Private Banking Co-Chief Investment Officers Suzanne Brenner and Justin Reed examine generative AI and our portfolios’ exposure to this rapidly developing technology.

In the feature article of this issue of InvestorView, BBH Co-Chief Investment Officer Justin Reed and Head of Investment Research Ilene Spitzer cover the “10 Ps” that are core to our manager selection process.

BBH Partners and Co-Chief Investment Officers Suzanne Brenner and Justin Reed and Chief Investment Strategist Scott Clemons recently discussed the current economic environment, market volatility, and positioning for the future. Here, we review key takeaways from the conversation.

In this issue of InvestorView, we cover our “10 Ps” of investment manager evaluation, review the current state of the markets, discuss our approach to investing in private markets, examine the rise of generative AI, and look at results from our 2023 Private Business Owner Survey.

BBH Principal Adrienne Penta looks at insights gathered from our inaugural Private Business Owner Survey, focusing in on the attitudes of private business owners toward economic uncertainty and investing.

Amid market volatility and greater divergence in capital markets, securities lending revenues will be granular and targeted to a concentrated set of opportunities, writes Rob Lees.

Amid sighs of relief that mandatory swing pricing and intermediary support of floating NAVs haven’t made the final cut, groans about the work to do to adhere to MMF rules can also be heard.

As access to private markets funds broadens, alternative asset managers must adapt to a new ecosystem where simplification and investor education about access routes are key. BBH’s Lata Vyas spoke on the topic at FundForum and shares further insights.

In the second FX quarterly of the year, strategists examine how the major investment themes that held at the beginning of the year have been proven wrong.

A look at how an expanding product platform and investor use are driving growth.

In this article, we discuss family offices, what it takes to create one, who should consider creating one, and who is better suited to work with an established private wealth manager focused on ultra‐high‐net‐worth clients.

With news headlines about listed and unlisted share classes ramping up, here’s what managers considering these structures should know.

Senior Relationship Associates Amy Orser and Holly Rule look at several tax-efficient strategies for parents looking to pass wealth to children: 2503(c) trusts, trusts with Crummey withdrawal rights, UGMA/UTMA accounts, and 529 education savings plans.

In our Summer Next Gen Spotlight, Senior Relationship Associate Hailey Hoyos sits down with Jill Koziol, co-founder and CEO of Motherly, to discuss why she started the platform, how she navigates growth, and where she sees the company and herself in the next five years.

Associate Maddy Pellow covers three types of insurance – health, life, and disability – to review if you’re expecting.

Relationship Associate Lucy Townend discusses the risks and challenges involved with the decision to leave the workforce and the steps you can ‎take to make the decision a positive one for the entire family.

Senior Relationship Associate Sean Kennedy looks at the benefits and drawbacks for couples considering a DINK, or “dual income, no kids,” life.

Head of Philanthropic Advisory Kerri Mast discusses a common dilemma among philanthropically inclined individuals: the decision to set up a private foundation vs. a donor-advised fund.

We cover key areas of the philanthropic journey, highlighting considerations when thinking about how to give back.

Making tactical decisions at the expense of more strategic approaches would be a missed opportunity. Keith Haberlin shares how to optimize your operating model for shorter settlement cycles.

We speak with Kevin Duncan, the BBH Trust Company’s director and head of estate administration, about the role estate administration plays in helping families thrive for generations and why a corporate executor may be the best option in certain situations.

Wealth Planner Peter Moshang covers considerations for those looking to help family members buy a home.

Portfolio Manager, Nicholas Haffenreffer, discusses how the U.S. Large Cap Equity portfolio companies performed over the most recent month-end.

BBH’s Tom Poppey and Rob Lees look at the changes that asset managers should prioritize and how they can use the race to T+1 to gain an edge.

Investing in private markets is an important component of many client portfolios. We provide advice on how to construct a prudently sized private markets portfolio with adequate diversification.

Senior Wealth Planner Kerri Mast discusses developments regarding the extent to which trusts are protected from creditors in the event of divorce.

CW&W Executive Director Adrienne Penta and BBH Relationship Manager Beth Milkovits explore the complexity of teaching the value of digital currency in a time where we increasingly store and spend money online and in the cloud.

Alison Hutchinson and Melineh Ounanian outline some ideas for how trust beneficiaries can learn more about their roles and responsibilities.

BBH presents its 2023 Private Business Owner Survey, which was conducted to see how owners are addressing current economic conditions, future succession planning, and family communication dynamics. Read the results.

Adrienne Penta, the executive director of the BBH Center for Women & Wealth, and Alison Hutchinson, a senior wealth planner, focus on the topic of families, wealth and communication, discussing the guiding principles that we believe help families create life-affirming, enduring, effective wealth plans.

Managing Director Brett Sovine discusses section 6166 of the Internal Revenue Code, which in certain situations permits the executor of an estate to defer federal estate tax on a closely held business following an owner’s death.

The tax benefits for investing in or founding certain startup businesses can be incredible. Not all investors or founders can take advantage of these benefits, but for those who can, millions of dollars of tax can be saved – and with proper planning, potentially even more.

Learn how BBH thinks about building digital services and experiences for clients.

We review the reasons that we prefer and recommend concentrated and actively managed investment strategies.

BBH Private Banking Co-Chief Investment Officers Suzanne Brenner and Justin Reed review the markets and provide an update on our current portfolio positioning and priorities.

We discuss upstream gifting, an increasingly popular estate planning technique that involves making gifts up the family tree, rather than downstream.

BBH’s Denise Mak and David Weibe explain how the transfer agent, as a natural extension of the asset manager’s operating model, can facilitate an investor experience that is key to enabling growth.

In this issue of Women & Wealth Magazine, we feature a group of inspiring women business owners and leaders to watch in 2023 and look at the next generation of women business owners, estate planning for blended families, and time affluence.

In this issue’s feature article, we highlight an inspiring group of women business owners and leaders and share their insights as they anticipate the opportunities and challenges of 2023.

In this issue’s infographic, we look at the state of women business owners and the next generation of women entrepreneurs – why they are starting businesses and how they are doing.

BBH Wealth Planner Michael Shapiro provides a primer on estate planning for blended families and considerations for couples who are remarrying to create blended families.

BBH Senior Wealth Planner Ross Bruch explores “time affluence” – a term that refers to the idea that, like money, time can be saved, spent, and wasted. He addresses wealth’s impact on time affluence, how to cultivate it, and how to avoid “time poverty,” which can lead to a lack of mindfulness and cognitive overload.

In “Five Questions,” we speak with Christina Pardy, founder of Sh*t That I Knit, about what led her to start the company, what it takes to be competitive in the sustainable clothing space, and how she navigates challenges.

Travis Dunn provides an overview of family business advisory boards and discusses their benefits, composition, and steps for getting started.

Alison Hutchinson and Melineh Ounanian discuss the fundamentals an individual must follow in order to be a good trustee when the trust owns business interests.

We discuss tax planning for the terminally ill or elderly, covering the basic necessities and more advanced techniques around death-bed tax planning.

BBH We