James E. “Jay” Hughes Jr.,has advised families of wealth for over 50 years. Author. He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law.
I can’t thank Jay enough for the generosity of his time he provided in this interview as always I learned so much about families of wealth, family well being, succession and legacy. Jay is the foremost thought leader in the community, a philosopher and has a presence unlike any other in my community. I am humbled to know so little, however passionate and curious to keep on learning in my life journey. This is perhaps my best non financial interview thanks to Jay.
A sampling of what we covered includes:
The underlying question in all families is a proverb shirt sleeves to shirt sleeves in three generations. It’s universal culturally, that means every culture on earth has the proverb – what does it express? If we all know it’s a problem why does it continue to happen?
Why am I here? Who am I? What are my goals and aspirations?
A family exists is to enhance the lives of its members, how is this best expressed?
When every member is flourishing, the whole system is working. That speaks to purpose and ultimately the first capital — legacy.
You’re aspiring to be a family that’s going to last for 150 years (or more). The second capital is social or the core practice of the family. Can you make decisions together?
The third consideration is intellectual capital. What do you know? What are you learning? Is your system constantly learning? And then comes the key: Are you sharing what you learn?
The fourth capital is human capital. Is every single member of your family flourishing? Is each of their dreams known to you? And are you seeking to bring each of their dreams to life?
And then finally we have financial capital. So what’s the role of financial capital in supporting and growing those other four qualitative capitals?
Will your bedrock principles of the family capitals need tweaks given…
Young people are having children at a far lower rate- Climate
Geo politics
Intra country politics in the U.S. greatest concerns since the civil war
Has western society lost its path, its north star and the impact on declining belief in religion?
We discuss evolutionary biology and psychology… men and women, gender roles and are western societies at a crossroads.
Watch on video »