Replay – The UHNW Masterclass: Power Dynamics
On Wednesday, June 28, The UHNW Institute Masterclass series held its latest session, covering the essential topic of Power Dynamics. Using examples from the Emmy-winning show, Succession, this Masterclass explored the unequal, often-invisible influences that shape how members of wealthy families and family businesses interact, communicate and participate with one another.
Some of the topics this UHNW Institute Masterclass specifically highlighted include:
- Why power dynamic problems frequently develop within wealthy families
- The six main sources of power within families and how to express and understand them
- How advisors can work to mitigate power struggles that go against family goals
- Different types of family relationships that have their own unique power dynamics
- How to separate the kinds of power and determine the legitimate source of power to create calm and clarity
- How competence, control and confidence can help enable condition for decision-making
- How to document power relationships within family trees
- How to use map power in a manner that examines risks within the family and how power can be mediated to limit its potential for not being used appropriately
- Guideposts and best practices for advisors to help families thrive now and across generations
Additionally, there were collaborative breakout sessions amongst attendees that addressed the following questions:
- When and how have you observed power dynamics with your clients? What has been your personal reaction? What have you tried, if anything, to intervene?
- What is your view of your power within your client families? How might you apply tools in the families you work with to address power dynamics for the greater benefit of the family?
We’d like to thank the following facilitators for contributing their expertise:
Dennis Jaffe, Senior Research Fellow, Banyan Global
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Betsy Erickson, Head of Family & Individual Services, Arabella Advisors
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Rebecca Meyer, Partner, Relative Solutions, LLC
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David Werdiger, Principal Consultant, Nathanson Pearson
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The video replay of this UHNW Institute Masterclass is available for members here. Stay tuned for our next UHNW Institute Masterclass in September! As always, if you are interested in learning more about membership, please contact us
