Lessons in Legacy - Private Wealth Law at Boodle Hatfield

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Lessons in Legacy.

The next 25 years will see a huge transfer of private wealth to new generations. Philanthropy, entrepreneurship, pandemic disease, conflict and climate change all feed into conversations that a succeeding generation may view differently to the last. Successful individuals and families need to plan for wealth transfer in this complex context, which means keeping the structures and policies that govern their affairs under review, ensuring they are fit for any altered purpose.

‘Lessons in Legacy’ is series exploring what legacy now means in the twenty first century to help successful individuals, families and their associated business ventures navigate a new terrain.

Chapter One: The Legacy Landscape.

In the first chapter of this four part series, we have sought to provide a spring board for thought and debate at what is undoubtedly a time of changing attitudes and approaches among families who are working hard to steward a legacy from this generation to the next. We have touched on our most recent research, drawing on the insights of our network, and begun to break down some of the themes which are now front of mind with those heading HNW and UHNW families, those in the next generation – as well as the professionals who support them.

Chapter Two: Defining our Legacy.

In part two, the firm has turned its attention to how families and businesses answer the question ‘what does legacy mean to us’, with thinking about how a family ‘story’ can help define legacy, and how, in practical terms, that narrative can be captured and communicated to current and future generations. Here, drawing on our experience working with successful families and family offices we think about the power of what might be called the family ‘narrative’ and its role in shaping legacy. We have been lucky enough to draw on the expertise and experiences of a number of longstanding family clients of the firm, as well as a leading academic and a family business adviser.

Our aim is to help both start, and evolve, the conversation, and in doing so take into account the priorities of the next generation in ways that will support a legacy’s sustainability and reflect their families’ purpose, values and sense of cohesion.

At Boodle Hatfield we have been supporting and advising our clients for 300 years, helping them to secure what matters most to them – the future of their family, the security of their assets, the continuation of businesses, the wider contribution they want their wealth to make to the community and other good causes, and the pursuits and interests they are passionate about. This is their legacy, and securing it is our business.

The Lessons in Legacy Podcast.

To explore this topic further, we have created The Lessons in Legacy Podcast where we speak with a number of leading academics, professional advisers and business leaders about the evolution in the approaches, attitudes and adjustments successful individuals and families are taking to plan for wealth transfer. Across the coming months, we will break down some of the themes that are now front of mind for those responsible for family wealth. We will take into account the priorities of the succeeding generation and look at how, in turn, we as advisers can support and steward a legacy’s sustainability and reflect a families’ longer term purpose, values and sense of cohesion.

The episodes

Episode One, In Conversation with Dr Justin Craig In the inaugural episode, Partner, Clare Stirzaker is joined by Dr Justin Craig, a visiting Professor of Family Enterprise at Kellogg Business School. Using Justin’s research on the strategy, function, management, and performance of multi-generational family enterprises and those who lead and steward them, we look at what the term legacy means in today’s world and its connotations, whether the next generation feels hamstrung by the concept of legacy and how business leaders can innovate where a predecessor’s legacy is so dominant. Read more Episode Two, In Conversation with Catherine Grum In the second episode, Partner, Clare Stirzaker is joined by Catherine Grum, the founder of the Catherine Grum Consultancy, a newly launched business with a mission to empower enterprising families to apply their wealth with purpose. Together they look at what the term legacy means as advisors, the concept of purpose within successful businesses and families, the influence of philanthropy and the importance of legacy. Read more Episode Three, In Conversation with Maria Villax In the third episode, Partner, Clare Stirzaker is joined by Maria Villax, Head of Family Governance and Solutions at the Bedrock Group. Together Clare and Maria discuss the intangible value of legacy, how family governance tools work with a family constitution and the importance of encapsulating and defining what a family is about. Read more Episode Four - Philanthropy Edition, In Conversation with Sarah Woolnough In this episode, Alberto Lidji and Clare Stirzaker are joined by Sarah Woolnough. Sarah is the CEO of Asthma + Lung UK, a charity leading the fight to improve care and support for everyone with a lung condition. Together Alberto, Sarah and Clare look at the impact donations and supporters have on charities and the work undertaken to build personal relationships with philanthropists to build trust and ensure a mutual partnership is aligning with the objectives of both parties. Read more Episode Five - Philanthropy Edition, In Conversation with Professor Beth Breeze In this episode, Alberto, Beth and Clare look at how, hand in hand, philanthropy can be done more effectively and at greater levels. They consider the concept of quantifying the impact of giving, the role of innovation in philanthropic capital and the idea that no philanthropist is an island – collaboration and partnerships are key. Read more Episode Six - Philanthropy Edition, In Conversation with Ben Morton Wright In this episode, Alberto, Ben and Clare look at the importance of philanthropists considering the impact of their giving, the power of innovative thinking and how we can encourage the giving dial to move. Read more Episode Seven - Philanthropy Edition, In Conversation with Derek Bardowell In this episode Alberto Lidji, Clare Stirzaker and Derek Bardowell look the importance of philanthropists considering the impact of their initiatives, they look at how funding and giving can ‘sweat’ the most and the challenges of gratification vs impact. Read more Episode Eight - Philanthropy Edition, In Conversation with Jake Hayman Together Alberto, Jake and Clare look at everything from taxes to misunderstandings around philanthropy and how wealth can be managed in a more equitable and just way. Read more Episode Nine - How is the Wealth Management Industry reacting to increased interest in philanthropy and sustainable investments? Partner, Clare Stirzaker is joined by Lyn Tomlinson, Eleanor Sepanski and James Woods Davison to look, in more detail, at how the Wealth Management Industry is reacting to increased interest in philanthropy and sustainable investments. Read more Episode Ten - Do we underestimate the impact that divorce, incapacity or death can have on a legacy? In the latest episode of The Lessons in Legacy Podcast, Clare Stirzaker, Hayden Bailey, Katie O’Callaghan and Nicola Bushby discuss a series of topics that can often be underestimated when it comes to planning for the future. Read more View more

Private Wealth expertise.

The focus for us has, and always will be, to provide clear and pragmatic advice that factors in the fast pace of change in the world of private wealth.

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