Media Coverage
Source: BusinessWorld
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
07.06.20
Wealthy families are no longer content with just preserving and growing their assets, many have been contemplating how they can use their riches for good.
“We have third-generation or second-generation family members marching [and] protesting,” said Melina Spadone, a Private Wealth consultant at Pillsbury. “They’re not just saying, ‘This is my opinion, see you next time.’ They’re actually using their actions to demonstrate to their families what their views are.”
“There is no clear division between family issues and business issues and legal issues, so uniquely in family wealth and private wealth, decisions are not based on just the bottom line,” Spadone added. “You don’t look at a decision and say, ‘Is that going to make me money or not make me money?’ It’s always filtered through the lens of family values or family goals.”
“There’s no pure — at least in my experience — legal issue, because it feeds into the financial issue, it feeds into the family dynamic, it feeds into succession and lifestyle,” she added. “The relationship of trust [between you and your clients] has to be built up over time, but once you’ve built it up, with one particular family or multiple families, it starts to spread.”
“So not only are they trusting you, but they’re trusting you that if there’s something you don’t know or something you need to find out, that you’re going to use someone that you trust,” she said.