In this episode, Russ Haworth engages with Betsy Erickson and David Werdiger to explore the intricate power dynamics within ultra high net worth families. They introduce the concept of the Power Map, a tool designed for advisors to understand and navigate the various sources of power within family structures. The conversation delves into the roles of advisors, the importance of cultural competency, and the evolving landscape of wealth management, particularly in the context of generational transitions and the shift towards a more collaborative approach in family governance. Through a case study, they illustrate the practical application of the Power Map and emphasize the need for advisors to reflect on their own power and influence in family decision-making processes.TakeawaysAdvisors must recognize their own power in family dynamics.Power can manifest in various forms beyond formal roles.The Power Map helps identify and unlock sources of power.Cultural dynamics significantly influence family governance.Wealth 3.0 emphasizes collaboration over control.Families today face more complexity than ever before.Engaging the rising generation is crucial for family success.Advisors should foster an enabling environment for families.The illusion of governance can hinder effective decision-making.Understanding cultural differences is essential for advisors.Chapters00:00 Introduction to Power Dynamics in Ultra Wealthy Families02:58 Understanding the Power Map Concept05:41 Nuanced Sources of Power11:48 The Role of Advisors in Power Dynamics17:32 Practical Application of the Power Map23:59 Empowering Families Through Understanding Power Dynamics27:19 Navigating Complex Family Structures30:12 Cultural Competency in Family Dynamics34:28 The Shift to Wealth 3.041:07 Case Study: Power Dynamics in Family Philanthropy46:06 Key Takeaways for Advisors

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