Overview:
Jake Knight welcomes Torri Hawley, Director of Client Learning Experience at Tamarind Learning and a seventh-generation member of an enterprising family. Torri shares her journey of navigating the complexities of family business dynamics, from forming a family council to building programs that empower the next generation of inheritors and leaders.
Torri discusses the pivotal role of internal and external credibility, the challenges of working within one's family firm, and how personal growth often requires stepping outside of familial expectations. With over a decade of experience in family enterprise, she emphasizes the importance of technical education in wealth management and how it transforms not only professional but also personal relationships.
Key Themes and Timestamps:
00:00:00 Opening & Introduction
Jake introduces the podcast and guest, Torri Hawley, providing an overview of her work at Tamarind Learning and her family's 150-year-old enterprise.
00:02:24 Torri’s Background & Family Enterprise Journey
Torri shares how her tumultuous first family meeting sparked her decision to pursue a degree in Family Enterprise and work with next-gen leaders.
00:04:05 Understanding Technical Wealth Education
Torri explains Tamarind Learning's mission to teach young inheritors the technical aspects of wealth ownership, like trust responsibilities and financial literacy.
00:06:07 Challenges in Family Businesses
Torri discusses the sticky dynamics of family businesses and how next-gens often feel isolated in their roles until they connect with peer networks or educational programs.
00:07:23 Building Credibility in a Family Business
Torri explores the concept of external and internal credibility, highlighting how self-doubt and imposter syndrome can impact next-gen leaders.
00:10:06 Navigating Nepotism & Gaining Outside Experience
Torri reflects on her experience working outside the family business and how external feedback helped her gain confidence. She shares insights from her master's research on nepotism.
00:13:45 Defining Values and Ownership Mindset
Torri emphasizes the importance of understanding one's core values and developing an ownership mindset to meet the higher expectations placed on family members in a business.
00:19:21 Advice on Choosing Roles Inside or Outside the Family Business
Torri provides advice for next-gen members on whether to join the family business or explore other career paths, stressing the importance of trying different roles.
00:25:23 Challenges of Family Governance Policies
Torri critiques rigid outside work requirements in family enterprises, suggesting alternative strategies to better support next-gen engagement and growth.
00:31:38 Learning & Self-Development in Family Enterprises
Torri explains the importance of developing human capital within families through intentional education and self-discovery, sharing stories of next-gen members transforming their roles through learning.
00:37:20 The Power of Curiosity and Empowerment
Torri discusses how curiosity and empowerment can lead to success for next-gens. She shares examples of beneficiaries gaining the confidence to take ownership of their financial responsibilities.
00:42:18 Tamarind Learning Program Structure
Torri outlines Tamarind Learning's comprehensive curriculum, which includes stewardship, trust administration, financial literacy, and advisor communication skills.
00:46:14 Challenges in the Wealth Management Industry
Torri describes how many advisors prefer a transactional approach rather than empowering their clients with education, highlighting the shift toward collaborative advisory practices.
00:48:52 Misunderstanding Rising Gens in Wealth Management
Jake and Torri reflect on how the wealth man
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