We hope you had a wonderful summer and were able to spend relaxing time with your families and loved ones. In this fall issue, we focus on how families communicate, what happens when they don’t and how the successful ones work together. Our families are often the most enduring (and forgiving) fixtures in our lives, but in a culture of endless to-do lists, overbooked schedules and high-wire, work-life balancing acts, we often take them for granted, forgetting or postponing our most important conversations.
The Brown Brothers Harriman (BBH) Center for Women & Wealth (CW&W) supports women in the creation and management of wealth by helping families understand, craft and communicate their wealth plans. Families who are successful in stewarding, preserving and transitioning wealth know that communicating and establishing trust are the most critical elements of good planning. This issue focuses on how to make time in our busy lives to pause, includes strategies for engaging our families and features some rising generation business owners and entrepreneurs who work with their families every day.
Where has America’s time gone? Our feature interview with Brigid Schulte, a former Washington Post journalist, explores her journey to understand the history of busyness and leisure and how we’re influenced by cultural norms. So many of us have trouble embracing leisure and putting down our to-do lists, and Brigid provides tips to achieving a more balanced life.
We all want our children to be “good with money.” The practical applications of that common phrase, however, are perhaps not fully understood. In “Your Personal Balance Sheet: A View Into the Future,” Scott Clemons, BBH Chief Investment Strategist, details how younger generations can use a personal balance sheet framework to create healthy relationships with money.
In this issue’s “By the Numbers” infographic, we explore the challenges of transferring wealth, why families sometimes fail and the importance of planning and communication.
Part of being a member of a family is being asked for favors. Requests for financial support, however, can prove more complicated than other types of favors. We explore how to give financial support to families and friends in a fair, equitable way and examine some popular and efficient options for providing support.
What can we learn from a fifth-generation family-owned company? Elizabeth Crowley-McKinnon, the director of marketing at Polar Beverages, discusses how her family’s company has evolved, how it stays ahead of trends and how it continues to grow 134 years after its founding. She also provides some interesting thoughts on working with family members.
Finally, as part of our “Five Questions with …” series, Neely and Chloe Burch, the founders of Neely & Chloe, a new line of handbags, shoes and accessories, discuss what motivated them to start a new business, the integral role that e-commerce plays in reaching their customers and the challenges of working with your sister.
We hope you enjoy this edition of Women & Wealth Magazine. If you would like to be more involved with the CW&W or are interested in learning more about BBH Private Banking, do not hesitate to contact us at email@example.com. BBH has been working with families to preserve, grow and transition their wealth for almost 200 years, and we would love to help yours.
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