00:00:06:11 - 00:00:25:12
Stewart
We are incredibly excited about our partnership with FBK, a fantastic organization that is set up to champion family businesses throughout the UK who play an incredible role in our communities. 93% of businesses, private businesses in the UK are family owned, and that's over 5 million organizations up and down the UK.
00:00:25:12 - 00:00:27:24
Stewart
So a real backbone of the economy and
00:00:28:02 - 00:00:43:02
Stewart
we employ over 20,000 people here in our offices in London, Bournemouth, Manchester, Edinburgh and Glasgow and we see this partnership as a real way for us to showcase our support for this community and to ensure that the goals and objectives of family businesses
00:00:43:02 - 00:00:45:03
Stewart
are at the heart of everything that we do as a firm
00:00:45:07 - 00:00:47:21
Stewart
and we see our role to really help those families
00:00:47:21 - 00:01:11:01
Stewart
with defining their roles and their objectives for both their business assets, but also their personal assets and then helping them to develop. What is my aspiration? How can I achieve what my family is looking to achieve, utilizing all of the capabilities of JP Morgan to support that vision going forward from
00:01:11:03 - 00:01:28:09
Stewart
helping a client to define the purpose of their business and their wealth is one of the key roles that we have as advisors in undertaking those conversations. I think when we position that to families, we like to set a framework for how they should think about what is what is the end game ultimately.
00:01:28:09 - 00:01:55:09
Stewart
And does that involve multi-generational planning, multi-generational integration into the family businesses, or does it involve a different approach or a change of ownership structure which brings in third parties? I think our role is to really help families navigate that conversation, and I think that gets more complicated the more generations you have within family
00:01:55:11 - 00:02:18:08
Olivia
When we think about key milestones for family philanthropy, I think there's a few that we want our clients to be really aware of and to consciously work towards. The first one is articulating those values, finding their focus, defining what impacts going to look like for them, for their family, but most importantly for the community that they're seeking to serve and working out what they're going to do together.
00:02:18:09 - 00:02:43:19
Olivia
Honoring that collective impact whilst also identifying individual passions. We then start to really think about governance. So how are you going to make decisions together as a family? What's everyone's roles and responsibilities in that space? Before we move into thinking about how do we really measure that impact? What's your role with the charities that you're supporting, and how are we measuring that impact across the years?
00:02:43:21 - 00:03:05:14
Olivia
And then lastly, an area where we believe we're really powerful is in connecting like minded funders to each other. Peer to peer connectivity with philanthropists to share projects that they've worked on, that have worked, areas they've been developing on, and innovative thinking in the space as an important part of our global network and some of the value that we bring to multi-generational families.
00:03:05:19 - 00:03:23:00
Olivia
And I think helping our clients to identify what the vision, values and purpose of their wealth is really taking the time to define what that North Star looks like for them across the generations is really important and can help provide clarity both now and for generations to come.
00:03:23:03 - 00:03:29:00
Stewart
And it's quite common. We might see families have different visions, purposes and objectives
00:03:29:02 - 00:03:45:19
Stewart
different generations. And a big part of our role again, is to help with the governance of that, because I think when you do have different perspectives, different views, how that is navigated is a really important consideration for sustaining that family wealth over multiple generations.
00:00:06:11 - 00:00:25:12
Stewart
We are incredibly excited about our partnership with FBK, a fantastic organization that is set up to champion family businesses throughout the UK who play an incredible role in our communities. 93% of businesses, private businesses in the UK are family owned, and that's over 5 million organizations up and down the UK.
00:00:25:12 - 00:00:27:24
Stewart
So a real backbone of the economy and
00:00:28:02 - 00:00:43:02
Stewart
we employ over 20,000 people here in our offices in London, Bournemouth, Manchester, Edinburgh and Glasgow and we see this partnership as a real way for us to showcase our support for this community and to ensure that the goals and objectives of family businesses
00:00:43:02 - 00:00:45:03
Stewart
are at the heart of everything that we do as a firm
00:00:45:07 - 00:00:47:21
Stewart
and we see our role to really help those families
00:00:47:21 - 00:01:11:01
Stewart
with defining their roles and their objectives for both their business assets, but also their personal assets and then helping them to develop. What is my aspiration? How can I achieve what my family is looking to achieve, utilizing all of the capabilities of JP Morgan to support that vision going forward from
00:01:11:03 - 00:01:28:09
Stewart
helping a client to define the purpose of their business and their wealth is one of the key roles that we have as advisors in undertaking those conversations. I think when we position that to families, we like to set a framework for how they should think about what is what is the end game ultimately.
00:01:28:09 - 00:01:55:09
Stewart
And does that involve multi-generational planning, multi-generational integration into the family businesses, or does it involve a different approach or a change of ownership structure which brings in third parties? I think our role is to really help families navigate that conversation, and I think that gets more complicated the more generations you have within family
00:01:55:11 - 00:02:18:08
Olivia
When we think about key milestones for family philanthropy, I think there's a few that we want our clients to be really aware of and to consciously work towards. The first one is articulating those values, finding their focus, defining what impacts going to look like for them, for their family, but most importantly for the community that they're seeking to serve and working out what they're going to do together.
00:02:18:09 - 00:02:43:19
Olivia
Honoring that collective impact whilst also identifying individual passions. We then start to really think about governance. So how are you going to make decisions together as a family? What's everyone's roles and responsibilities in that space? Before we move into thinking about how do we really measure that impact? What's your role with the charities that you're supporting, and how are we measuring that impact across the years?
00:02:43:21 - 00:03:05:14
Olivia
And then lastly, an area where we believe we're really powerful is in connecting like minded funders to each other. Peer to peer connectivity with philanthropists to share projects that they've worked on, that have worked, areas they've been developing on, and innovative thinking in the space as an important part of our global network and some of the value that we bring to multi-generational families.
00:03:05:19 - 00:03:23:00
Olivia
And I think helping our clients to identify what the vision, values and purpose of their wealth is really taking the time to define what that North Star looks like for them across the generations is really important and can help provide clarity both now and for generations to come.
00:03:23:03 - 00:03:29:00
Stewart
And it's quite common. We might see families have different visions, purposes and objectives
00:03:29:02 - 00:03:45:19
Stewart
different generations. And a big part of our role again, is to help with the governance of that, because I think when you do have different perspectives, different views, how that is navigated is a really important consideration for sustaining that family wealth over multiple generations.
