Fulfillment Archives - The Certior Group

Strengthening Families by Putting People First

December 7, 2019 by Avi Kantor

Happy Holidays! In the spirit of the season, I thought it would be appropriate to reprise a post from 2018 that speaks to the value of Gratitude. May this be a time of Peace and Goodwill for you and your family.

Much of what I’ve learned about Gratitude has come from personal experience. When I look back, every personal crisis I’ve had has ultimately led to me to Gratitude. Whether it’s a serious illness, or a major setback in business or an unexpected accident, I now see the positives in those events and feel grateful for what I’ve learned from them. I’ve learned that adversity can be a great teacher, if you pay attention to the lessons. It wasn’t always that way.

I’ve learned a lot about Gratitude from my colleagues and friends at Empowered Wealth. Many have had personal or family health issues. We have all learned to appreciate and not take good health for granted. We’ve all learned the value of having family members who get along and care about each other. I think we share the value of friendship and being part of a community where we feel like we belong. It’s one of the reasons why I love living here in Jackson.

Most of all, my experiences have taught me the value of Gratitude is a lifestyle, a practice that starts with self-respect and respect for others, grows into appreciation for the many blessings we all have, and inspires the spirit of generosity that gives fulfillment and meaning to the way we live our lives.

Is Life About the Ascent or the Summit?

November 3, 2019 by Avi Kantor

I like to hike. Because Jackson Hole is surrounded by mountains, I have many opportunities to hike with my family, friends, colleagues, and out-of-town visitors. For quite a while, I was single-minded about hiking; it was all about getting to the top of the mountain. Yes, there’s scenery, conversation, and opportunities for contemplation but what really mattered was getting to the top.

Recently, I was introduced to some articles, videos, and a book titled “The Second Mountain” by New York Times columnist David Brooks. In each instance, hiking and climbing mountains became a metaphor for living and life. “The Second Mountain” and its two-mountain metaphor in particular, caused me to view hiking and the work that we do from a different perspective.

A few years ago, Brooks suffered some personally devastating setbacks. He had metaphorically climbed his “first mountain”. He was an acclaimed, best-selling author and political commentator; he was financially secure; he had raised a family. He had achieved. He was famous. He was wealthy. He was, what most people would consider to be “successful”. But when his marriage ended and he was forced to confront his life at that time, he experienced depression, emptiness, and a lack of purpose and meaning that caused him to explore what was missing in his life and ultimately to write “The Second Mountain”.

Like the work that we do, Brooks’ Second Mountain is a metaphorical journey, an exploration of what matters most. Very much akin to one of our defining principles “True Wealth”, Brooks focuses on deep relationships, meaningful work, building and contributing to communities, and core values, especially faith, in order to live a good and moral life. The climb up the metaphorical second mountain, then, is an aspirational pursuit of fulfillment, meaning, and joy; it’s an ongoing process of optimizing True Wealth.

Brooks’ relentless, single-minded climb up his first mountain was much like the way I hiked; get to the top, that’s what matters. I realized that it’s good to know first of all what our destination is; that in each phase of our lives the destination might be different. It’s also good to realize that there are two mountains, to be aware of which mountain we’re climbing, and especially why. Regardless, it’s really about the journey; about enjoying it and finding meaning and fulfillment in the process. It’s about optimizing True Wealth and, in our case, about helping others to optimize their True Wealth in every phase of their lives.

Creating a Lasting Legacy

June 7, 2019 by Avi Kantor

When estate planners talk about creating and leaving a lasting legacy, they usually are referring to investment strategies and legal structures. These strategies and structures recognize the wishes of the wealth creator, protect assets from creditors and lawsuits, and encourage future family philanthropy. Successful wealth creators often want to create and leave a lasting legacy; they would like to be remembered for their success. Often they have strong opinions about what inheritors should think, believe, and do with their lives. Planning documents and wealth preservation strategies generally reflect these opinions and the values of the wealth creators, not necessarily those of the wealth inheritors.

Do these legal and investment activities, in fact, lead to a lasting legacy? The statistics aren’t encouraging. Studies indicate that an extremely high percentage of family wealth is dissipated by the end of three generations. From my perspective, the reality that most legacy plans exclusively reflect the thinking of the wealth creators works against their vision for a lasting legacy.

What’s missing? Many planners focus on philanthropy as a means for sustaining families. Philanthropy can be a catalyst for discussions on family values, family history, and the vision that family leaders have for the future. Done thoughtfully, philanthropic efforts can create a rallying point and become a source of pride for a well-intentioned family. But there are other reasons people donate. Many donate primarily for tax purposes. Others want the recognition that often comes with large donations. I’ve even heard of people who donate so that they can be invited to the “best parties” that are frequently associated with charitable fundraising.

One of our collaborators says that we don’t really leave a legacy…we LIVE our legacies. To me, this means that the way we live each day creates a legacy – positive or negative – over our lifetimes. I’ve observed that families that are intentional about living their values – that is, discussing and acting upon their visions and ideas about what their best lives can and should be – these families develop leadership character and culture among family members. The ability to nurture and grow strong family leadership and a positive, sustainable family culture is, in my opinion, what’s missing in estate planning today. Wealth creators would be better-served if, in addition to great strategies and structures, they could develop a process for the ongoing development and contributions of current and future family members.

The Secrets of Happy Families

May 7, 2019 by Avi Kantor

In the late 1990’s, one of our co-collaborators Lee Brower read a statistic published by the Family Firm Institute, a Boston non-profit that focuses exclusively on family-owned businesses; over 90% of family wealth is lost by the end of the third generation. Even today, this dramatic loss of family wealth continues to occur, despite the best efforts of the best attorneys, accountants, wealth managers, insurance and financial planning professionals. Lee, his firm Empowered Wealth, and many others, including The Certior Group, have wondered why this happens and, more importantly, what can be done to counter or prevent this from occurring.

Many ideas have resonated with us and informed our evolving thinking on this matter. If you’ve ever engaged in multi-generational estate planning, you know that there are numerous sophisticated planning techniques and structures available to families. Aside from the unique advantages of certain Wyoming-only strategies such as private single family trust companies, we’ve chosen not to focus on legal structures but rather on facilitating a flexible planning process that encourages inter-disciplinary collaboration among advisors, including skillful, experienced attorneys.

Much of our practical thinking is now focused on how to build and maintain a healthy family culture as an essential, often overlooked element in sustaining family wealth. To this end, New York Times columnist Bruce Feiler published a book in 2013 titled “The Secrets of Happy Families“. In it, he lays out the theory and the research that supports the notion that families that know their histories – their family narratives – are happier, more resilient, and more cohesive.

One way that we help families capture and organize their family narratives is by employing an Empowered Wealth tool and exercise called the TimeMap. As Bruce Feiler might suggest, this exercise identifies key people, events, milestones, learning experiences, and most importantly, the stories that in the aggregate form the essence of family narratives. Our experience aligns with Feiler’s: that is, most families are not intentional about telling their stories. However, once they realize the importance and value of capturing and making those stories part of the family’s traditions, those families that know their narratives have a better chance of defying the statistics and sustaining their families’ wealth.

Lessons from El Capitan

March 7, 2019 by Avi Kantor

“If you’re free soloing it’s about perfect execution…or certain death” – Jimmy Chin

On Sunday evening, Jackson Hole resident Jimmy Chin, along with his wife filmmaker Chai Vasarhelyi, won an Academy Award for co-directing the film “Free Solo”. The movie features climber Alex Honnold and Honnold’s dramatic, unprecedented free solo climb of El Capitan in Yosemite National Park.

In this interview with Vanity Fair, Chin and Vasarhelyi describe what sets Alex Honnold apart from most people, even if he weren’t a uniquely talented climber.

Here’s an excerpt from the interview:

Chai: Alex lives every day of his life with intention. He’s doing exactly what he wants to do with his life.

Jimmy: But there’s also this misperception…people think “Oh, he’s a free soloist. He has a death wish”…that’s not who he is.

Chai: If he was a daredevil or a maverick, we wouldn’t have been interested in making the film. It was actually his process, his discipline…It was kind of a perfect storm for a documentary film…real existential issues lay in the dangers involved….in his courage he was connecting with people.

Ironically, although the movie focuses on Alex Honnold it also says a great deal about Jimmy, Chai, and their team. What Jimmy and Chai said about Alex Honnold also applies to themselves and their team. It took great discipline and a unique process for everyone involved in the project in order to create the gripping drama that audiences experience. “Free Solo” is more than a film about an extraordinary athlete accomplishing an astonishing fete. In fact, this movie is the story of two extraordinary human feats: Alex Honnold’s free solo of El Capitan and Jimmy Chin’s team filming it. Chin led a highly-skilled crew that filmed the accomplishment, shooting video and photos from positions on El Capitan that few – other than world-class climbers – could even reach, let alone film or photograph from. The experience that he, his wife, and their team produced is a testimonial to what can be achieved with collaboration, a sound process, and great execution.

Most of us can’t aspire to free solo El Capitan or win an Oscar. But we can aspire to live life intentionally, with courage to face obstacles we encounter, and with discipline, collaboration, and a well-conceived, well-executed process.

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