So many of our clients ask us the age-old question, “How much is enough?”

• How much of my wealth should I give to my children?
• At what age should I share my estate plan with my family?
• How do I prepare my children for the responsibility of the wealth they will inherit?

Our guests on today’s podcast have spent the better part of their careers answering these questions. Steve Fradkin is President of Wealth Management at Northern Trust.

Pam Lucina lead’s Northern Trust’s Trust & Advisory Practice and is President of The Northern Trust Institute.

Steve and Pam discuss a new book that the Northern Trust Institute recently published titled “Secrets of Enterprising Families” which answers these questions of intergenerational wealth transfer along with many others which we will cover during our discussion.

In this episode you will learn:

• (2:48) - What makes Northern Trust qualified to write the book on wealth?
• (5:30) – How can the secrets in this book impact how families approach their wealth planning
• (7:20) – How can the book help to answer some of the tough questions that families have concerning wealth and legacy?
• (9:01) – What does Pam’s money story look like?
• (11:22) – What do we mean by the term ‘enterprising’? And why is it something that a family might aspire to be?
• (14:25) - What are some of the questions that this book helps to answer?
• (17:46) - Why is it important for families to define what wealth means to them?
• (21:17) – Have there ever been any objections from families that have tried to implement some of the secrets in the book?
• (24:47) – Why is the book structured the way it is?
• (26:45) - Are the insights in the book mainly for the older generation who created the wealth? Or are they also relevant for younger generations?
• (28:47) – Has Pam implemented any of the secrets from the book with her own family?
• (31:45) – What is Pam’s ‘why’?