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Episode 020: Women and Wealth with Adrienne Penta

March 14, 2018

 

Happy 20th episode of the Successful Generations podcast! Our listeners are in for a treat this week. We wanted a dynamo guest for this milestone episode and Adrienne Penta did not disappoint.

Adrienne is a Senior Vice President and Executive Director of the Brown Brothers Harriman Center for Women & Wealth (CW&W)—the brainchild that she built from the ground up. Rooted in data regarding women and wealth, and guided by her personal experience (which she shares during our interview), Adrienne and her team at the CW&W support women as they create and manage wealth. They also produce a quarterly magazine called Women & Wealth that explores the intersection of family, wealth, and values.

In this episode Adrienne and I talk about estate planning, inheritance, preparing children for wealth, the importance of clear values, communication, and transparency, and so much more. Adrienne shares a ton of great resources, which are linked below.

Topics discussed in this episode:

  • Meet Adrienne (2:45)
  • Adrienne’s personal story (3:33)
  • Creating the CW&W (6:46)
  • About Brown Brothers Harriman (8:51)
  • Launching Women & Wealth Magazine (10:02)
  • Mission and vision for the CW&W (13:10)
  • Stats about women and wealth (15:51)
  • Practical advice: “I’m inheriting money. Now what?” (20:52)
  • Talking with children about wealth (24:56)
  • What if the generation before doesn’t want to talk about money? (28:27)
  • Communicating around wealth and planning (32:39)
  • Success is based on conversation, conversation, conversation (34:09)
  • Value sharing between generations (35:28)
  • Final thoughts (38:09)
  • Favorite resources (39:45)
  • Bonus Questions (42:28)
  • Wrap (47:08)

Guest Bio:

Adrienne M. Penta, J.D. is a Senior Vice President and Executive Director of the Brown Brothers Harriman Center for Women & Wealth (CW&W). Adrienne led the creation of the CW&W, which supports women as they create and manage wealth, and seeks to create a dynamic and inclusive environment where women can engage in conversations about wealth, family and values. She provides women with the investment, planning and philanthropic resources they need to navigate transitions, help the next generation thrive and plan for the succession of privately-owned businesses.

Prior to joining BBH in 2008, Adrienne practiced at the law firm of Choate, Hall & Stewart LLP in Boston. She received her JD from the University of Virginia School of Law and her BA from Johns Hopkins University.

Follow Adrienne on Twitter @AdriennePenta

 

Notable & Quotable:


Your estate plan is the last thing you ever get to say to the people you leave behind. —Adrienne Penta #successfulgenerations


The best advice I’ve ever received: There’s no big idea without a big ask. —Adrienne Penta #successfulgenerations


51 percent of personal wealth is controlled by women in the United States and this number is going to substantially rise in our lifetimes. —Adrienne Penta #successfulgenerations


Conversations about money with kids should start early and happen often. —Adrienne Penta #successfulgenerations


 

90 percent of families lose wealth within three generations. —Adrienne Penta #successfulgenerations


Resources mentioned in this episode:

  • Brown Brothers Harriman
  • BBH Center for Women & Wealth
  • Women and Wealth Magazine Fall Issue (Love and Money)
  • Center for Talent Innovation—Harnessing the Power of the Purse: Female Investors and Global Opportunities for Growth
  • Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values by Roy Williams
  • A Wealth of Possibilities: Navigating Family, Money, and Legacy by Ellen Miley Perry
  • Love and Money: A Life Guide to Financial Success by Jeff D. Opdyke
  • 21/64
  • New America: Better Life Lab

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Want more of Successful Generations? Check out our other episodes: 

Episode 019: The Allyn Family 2.0, Part 2
Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1
Episode 017: Achieving Your Goals through MasterMind and Peer Groups
Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel
Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf
Episode 014: More Awareness and Less Stress through Yoga
Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet
Episode 012: Generous Genes with Susan Crites Price
Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet
Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy
Episode 009: Stress Management and Holistic Health with Cynthia Damaskos
Episode 008: Family, Fights and Ferry Tales with Chris Shepler
Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond)
Episode 006: Join the Philanthropic Revolution with Michael Moody
Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers 
Episode 004: Ginny Esposito – Engaging your Family in Family Philanthropy
Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer
Episode 002: Douglas D Box, Texas Patriarch – A Legacy Lost
Episode 001: About Your Host Ellie Frey Zagel

Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com
Instagram: SuccessfulGenerations


Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.

 

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Family Wealth

Ellie Frey Zagel

Ellie Frey Zagel is 3rd Generation, Vice Chair and Trustee of her family’s foundation the Frey Foundation based in Grand Rapids, MI. For nearly a decade she has been deeply involved in working with the next generation of family business, family philanthropy, and family wealth, first as Director of the Family Business Alliance and now as President of Successful Generations, a company she recently founded.

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