Family Business Audiocast | Episode 28 | Valerie Galinskaya | Merrill Center for Family Wealth

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About Our Guest:

Valerie Galenskaya is a highly accomplished wealth management expert and the head of the Merrill Center for Family Wealth, where she provides holistic advisory services encompassing wealth management, philanthropy, and governance. With over 18 years of experience, she knows the ins and outs of navigating complex financial considerations for ultra-net-worth families. Valerie is also a sought-after speaker and contributor to prominent publications like the New York Times and Bloomberg.

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[Transcript]

R. Adam Smith: [Intro] Welcome to the Family Business Audiocast on LinkedIn. I am R. Adam Smith, creator of this audiocast series. As an entrepreneur, investor, founder, investment banker, and board leader the last 25 years, I am fortunate for my many experiences within the family firm industry. 

A warm thank you to our live audience on LinkedIn today – and for those listening in the future. 
A brief comment on why I created this broadcast: private companies are a passion of mine, having grown up in a family of entrepreneurs, and having engaged for two decades in deals, strategic transformations, investments, and boards, with an array of fascinating family enterprises, family firms, and family offices. I founded this series to offer a useful platform for listeners to hear from veterans, academics, and leaders in the vast family firm ecosystem. Whether you are a family business owner, building, running, or advising a family office, or just expanding your family office activities, I hope these conversations are useful and enlightening. And now, it is time to turn our [01:00] attention to our accomplished guest on today’s episode.

I'm very pleased to host Valerie Galenskaya today. Thank you, Valerie, for joining us. Great to have you.

Valerie Galinskaya: Thank you for having me.

R. Adam Smith: So, Valerie is one of the top in the world in the family thought leadership space. I'm going to share a couple words on her briefly and then we'll jump into the conversation.

Valerie is a seasoned expert in family wealth management. She currently serves as the managing director and head of the Merrill Center for Family Wealth. She has a very rich background in strategy and governance and for 18 years has helped ultra-net-worth families navigate the complexities of many considerations in their life—wealth, philanthropy, structure, governance—and ensuring that their financial decisions are purposeful and impactful. Her work extends beyond advisory as she frequently speaks on family wealth topics and contributes to various prestigious publications [02:00] such as the New York Times and Bloomberg. And she holds an MBA from Harvard Business School and a Magna Cum Laude, also, in finance and marketing from NYU Stern.

It's really great to have you today, Valerie. Where are you?

Valerie Galinskaya: I am in New York.

R. Adam Smith: Great. I'm really excited to have you as our guest. I’m a big fan of Merrill and Bank of America and really admire, respect, what you've built over there. So, we're going to get started.

Valerie Galinskaya: Thank you very much.

R. Adam Smith: So, early years at Merrill. During your early years there, which, obviously, Merrill is one of the world's most prestigious wealth management firms, along with its parent company, Bank of America, you have managed a range of intelligence efforts around family offices and also launched different initiatives like the family boot camp series and advising senior management on the family office and family business space.

So, just a bit on those experiences within the context of a firm of Merrill's scale, how do you get involved with the family offices and firms [03:00] and shape their lives and their success stories over the years?

Valerie Galinskaya: Yeah, absolutely. Thank you for having me, Adam. I think, for me, I feel very fortunate that I started my career, not just within Merrill, but within the internal strategy group and specifically within the competitive intelligence efforts. And I say that because I feel like it gave me a really unique vantage point to dig into understanding what are the products and services, and most importantly, clients, at the end of the day, what is most important to them.

And there's one experience early on when I first started that was really, I would say, kind of an aha moment. And it was really a meeting of our client advisory board. I was probably four months or so into my tenure in the competitive intelligence group. It was a two-day meeting with about 30 clients, top clients of the firm, really trying to dig into and understand, provide them both with an update across [04:00] investments, trust and estate planning, various other projects and initiatives, but also really to seek their input. And I say that because I vividly remember to this day sitting there with my notebook, taking notes, reflecting, looking down, and thinking to myself, this is helpful, but this is so granular.

We were talking about, just to put into context, the macroeconomic perspective, oil, gold, trajectory, implications for investing. And I was thinking to myself, this is really, really interesting, but I have to go back to the competitive intelligence group and really have some sort of actionable insight, and this feels really detailed.

And as if someone had heard my feedback, on the second day of the meeting, the person organizing it at the time said there was a little bit of free time. And he said to the group, you know, “We have a little bit of time. Given that Valerie is here from the strategy group, Valerie, do you have any questions for the board?” And I thought to myself, this is my moment to really [05:00] cut through.

So, the question that I ended up asking the group was, “What keeps you up at night?” Hard stop. And the reason I highlight it now in reflecting on the experience is it was incredibly telling for me sitting there with this really formidable group of clients, all incredibly successful and yet at the same time all very different in terms of source of wealth, background, age, politics. And yet, despite their various backgrounds, what they shared was incredibly, incredibly similar.

And as we went around the room, what they really talked about was that what really keeps them up at night were questions that had much more to do with their families. So, how do I think about communicating about money and so forth?

R. Adam Smith: That's fascinating. That's really an interesting beginning to your role today because it really has changed quite a lot into more of a thought leadership platform for the bank and it's obviously such a large organization. Maybe a bit more on the personal side [06:00] and then we'll move into the firm and the family office with family enterprise space.

So, you shared a poignant story about your family's immigration from Kiev and your commitment to the American dream that we refer to here in the US in a Harvard Business School portrait project, which I liked seeing. So, maybe a bit on that personal journey and what it's like to look back from the early parts of your career. And then, how do you think about where you are today within your role at Merrill?

Valerie Galinskaya: Sure. So, that portrait project, which I was so honored to be a part of, I reflected on this experience, after my family first moved to the states, of my grandfather, who's my hero, walking me to my first week at school and just, you know, bursting into tears at the thought of learning a new language, adapting, and him turning to me and really saying this notion that hard work is not lost in translation. And those words in his experience, I think, have really [07:00] inspired me because he's somebody who was, despite antisemitism, was incredibly successful in Ukraine, became a respected architect. And yet when we moved to the states, he really had no professional identity here.

And I think observing that, particularly then, but also, you know, as I've grown, I hope at least that it's given me more empathy and more perspective on what success means, what wealth means. And I take that to heart in our work in the Center. We work with about 350 families; about 85% of them are first generation wealth creators. So, this notion of what it means to be a wealth creator versus a rising generation member and this notion that we tend to, I think, label individuals sometimes or put them into boxes. I hope that it's given me a deeper understanding of the impact on both sides and both generations and what success and wealth means to them.

R. Adam Smith: I like that reference. [08:00] Just some statistics; there are actually over a million Ukrainians in the US alone in terms of original background. So, it's quite a large population. And I really enjoy hearing the career stories with such growth as yours from places other than the US. We tend to forget that it's a big world out there, and there's lots of drive and motivation and personal growth that can come from many different places and walks of life. It's wonderful.

And on the other side, Merrill is quite a storied firm. I just wanted to mention I've been a big fan of the firm a long time. I met [David] Komansky once and [Winthrop] “Win” Smith [Jr], and I think it's been quite a powerful merger integration within Bank of America for such a storied brand. Today, Merrill manages, I think, three or four trillion or so, and was founded way back in 1914, similar to some other [09:00] Wall Street legendary firms. Salomon Brothers was started back in the similar days, Goldman Sachs also quite a while ago. And there's a great deal of fans out there of Merrill’s heritage.

Maybe just a bit on the firm. What is it like working there? What's the culture? And also, how does Merrill like to distinguish itself within the family enterprise space in the world today?

Valerie Galinskaya: Sure. So, I think in terms of the culture, Adam, you know, for us in the Merrill Center for Family Wealth, we are fascinated and are so dedicated to working with families. I feel like you have to really love this work. And I think our culture, I always like to say, is entrepreneurial within a much larger enterprise, as you highlighted. And I say that because we, to my earlier story, are really obsessed, I guess you could say, with really understanding what is keeping clients up at night. For families who have significant wealth, what is keeping them up at night, whether it's communicating with family members, how much do they share? how much do they give? [10:00] how do they think about fairness versus equality? how do they think about philanthropy? We're unilaterally focused on understanding what are those questions and how do we develop, hopefully, thoughtful and actionable insights to deliver them?

So, I would say from a firm perspective, that client advisory board meeting that I mentioned, the very first thing to come out of that was a program we have been hosting for the last 16 years called the Financial Boot Camp series, which is interactive for clients. So, I would say it's entrepreneurial within the support of a larger institution to enable that.

R. Adam Smith: Wonderful. You also talked about the way that Merrill works in terms of the framework of the team and the firm culture more as a family and creating a framework for this integrated decision-making, which is quite essential in large, bulge bracket investment banking organizations. So, both internally and also with the families, what are your thoughts on working together [11:00] as a team, empowering people, creating transparency, vulnerability, within, let's say, your workplace? But also, what is your view on that in terms of bringing the best outcomes of solutions within the larger family offices of family enterprises and bringing people together to talk about the tough topics? I'd like your thoughts on that in terms of a little bit of how does that impact a succession generation that's happening and also family office governance?

Valerie Galinskaya: Absolutely. So, I think there are a few really critical elements, whether it's talking about the team or with families; one of those is trust, right? Understanding and feeling comfortable enough to share candid inputs. And I think that's true on a team. I just facilitated a family discussion earlier this morning, so the trust is critical. I think there's a lot of focus in the world, and understandably, about what is the right decision. I think there's a lot [12:00] less focus on how decisions are made. And both within the team and in our work with families, we focus on, I call it “deciding how to decide,” but really this notion of, do you have clarity on how any decision will be made? an investment decision? a philanthropic decision? Is it a unanimous decision? is it a majority? is it parents getting the young adult children’s input and then making decisions on their own?

The reason I say that is we found that there are a lot of unintended consequences, whether feelings of resentment or just lack of, I don't know, excitement or motivation. A lot of times that can come not because somebody is not engaged, but because they feel that their opinion, their voice, is not heard. And a lot of times, it's because we are not explicit of how we're communicating and how we're making decisions.

R. Adam Smith: And taking that further in terms of the key decision-makers within the family enterprises or family offices, there's a range of opinions between experts, [13:00] many of which we've had on this show, as you know, between Alfredo de Massis and Ron Diamond, Angelo Robles, Christina Wing, Karen Costa, Emily Bouchard. So, some of your friends and colleagues. I see a range of different opinions on how to address this massive transition of wealth and how that impacts the decision-making at the governance level in terms of the family trust and charter and making tweaks and adjustments to accommodate the next generation. And the next generation meaning, do they really want to stay in the family business or the family enterprise, or do they want to not stay? And what do they do with that wealth and how does it affect this emotional financial transfer?

I’d love your thoughts on some of that going on today.

Valerie Galinskaya: Yeah, absolutely. Our team actually just published a white paper called “Charting the Course” where we surveyed over a thousand rising generation family members on their top priorities [14:00] and challenges. And I think you're right in the sense that two of their questions were about really understanding what are the expectations. So, what can they expect? What could they not expect? What's expected of them?

And then secondly, I think to your question, what are responsibilities? So, for example, there's one family we're working with now where there are four adult children, two of whom work in an enterprise in the family business, two of whom do not. And there are the parents, there is their private wealth advisor, there's also a family office representative, several actually. And one of the things that the adult children shared with us in our work with us, and particularly the two that were not in the business, was the sense of, I'm very proud of the success that's been created. I am following my own path. And I would love to better understand what exists, because I've seen references; one of them said, you know, “My mom has referenced the trust and the fact that the trust owns the business, [15:00] and it's not that I'm questioning her intent or my siblings’, but I don't really have awareness into that.”

So, it wasn't until that we paused and said, okay, how can we bring that feedback back to the family, that the family was able to create some guidelines and really some communication mechanisms, like a family council, that has provided them with a really, really important forum to understand. And again, I say understand not decide, because the young adults who are not in the business don't have decision-making, but they are still owners. So, they are all family members, but they're not employees. So, clarifying that, I think, we found to be really, really critical.

R. Adam Smith: Right. Like in the Wall Street Journal, you discussed the complexities of sustaining this wealth across generations and the importance of intentional family conversations.

Now, having intentional conversation is really not only the solution, right? It's also about the desire to take the complexities, the burden of the wealth of the [16:00] family businesses, in terms of buying them or owning them or transitioning them and having the passion for the next generation to stay in the business.

For example, Angelo Robles and others in the SFO space are big fans of the utilization of the single family office as a mechanism to own and buy and invest and recycle the wealth into a single entity to concentrate that wealth whereas if you look at someone like [Thomas] Tom Deans, who we had last month, he has the counterpoint which is sometimes it is more elegant and more proper or efficient to just force the issue of, is this a good business? Is it good enough to actually continue owning it and buying it by the next generation or just something to move over to the investment banking world and sell it?

I'd like a little bit more of your thoughts on that as well.

Valerie Galinskaya: Absolutely. So, for us, when we kind of reflect on, if we're working with over 350 families, what are the best practices for us, [17:00] and I think the dev sales, Adam, to your question. The best practices are, one, what is your why? What is the purpose? Then, do you have the guidelines in place connected to that purpose? And then lastly, do you have the relevant skills? So, when I hear you talk about whatever mechanism, whether it's a single-family office, multi-family office, you know, lack of a family office, relying on an advisor, what we have found time and time again, it's the families who actually take the time. And it can be very nebulous at the start. That's why most successful people who like to get things done sometimes skip over this portion.

But we find that the individuals who first define, what is the purpose of this? is this really to preserve or not? are ultimately the ones that are successful.

R. Adam Smith: Right. A bit of the Tony Robbins, like, why are you here? what's the mission? what's the purpose? Right?

Valerie Galinskaya: Exactly.

R. Adam Smith: And that brings us into legacy. There are a lot of families that just don't have the courage or the advisors or ability to really [18:00] discuss about wealth. There was a note in one of your reports talking about the succession planning and gifting and preparing for the asset transfer. There was a note that 78% of families had not really discussed deeply wealth. And another quarter of them later actually regretted not having those conversations, which takes a lot of courage.

Can you talk a bit about what are the mechanisms to increase that transparency and conversation, and then how you maybe integrate this dimmer switch approach of more gradual conversation to bring these tricky topics to light?

Valerie Galinskaya: Sure. So first off, just to contextualize the statistics, we, starting in the pandemic and over the next two years, surveyed nearly 300 ultra-high-net-worth clients and found that during the pandemic, there was about a 33% increase in the number of families who were talking about money. And yet, as you said, over a quarter of them regretted it. And we find that their regret comes if there's a lack of structure of a plan, because you have [19:00] wealth creators who oftentimes feel like, well, “I don't feel comfortable sharing more. I don't want to impede motivation.” And sometimes you have rising generation family members who feel like, “Why am I getting such nebulous information?”

My sense is that a lot of people think about this as a binary thing, as a light switch. You're either on or you're off. You either are sharing something or you're sharing nothing. And for us in the Center, we believe in a dimmer switch approach, meaning you're slowly increasing the disclosure, starting with purpose, then moving to structure, and then adding dollars. And we have found that the families, when we counsel them, who follow that approach, have a much, much more successful outcome because, first off, they anchor it in what is important. And when I say what's important, it's practical, right? Is it preserving assets? Is it supporting health and education? Is it philanthropy?

And once they're able to identify that, then it becomes very clear to say, okay, because we believe this, we created this, for example, [20:00] Generation Skipping Tax Exempt Trust. And then we created this family foundation. So, it really opens up a conversation not with the dollars first, but on a purpose level to say, what are the things that exist, on one page? because I think there's a real propensity for this to become, you know, kind of a 20-pager. What's the purpose? What's the guidelines? And then lastly, Adam, I think this is critical: what do these terms mean?

R. Adam Smith: Exactly.

Valerie Galinskaya: I think a lot of times families approach these conversations without explaining what they mean.

R. Adam Smith: That's where advisors come in. And I think it's important for families, especially more of the small and mid-sized families that don't have the scale of, let's say, 25 to 50 people is to consume a great deal of literature, best practices literature and latest books and white papers from the Merrill, UBS, Camden, Morgan Stanley, JP Morgan, etc., Cambridge, FFI. There’s some on the call as well. Thank you for joining.

There's a lot of information out there. It can be daunting, but personally, [21:00] I see a great deal of overlap and interwoven topics that are that are indeed best practices. I think it's very important for family enterprises and larger family firms to engage best in practice advisors and not to pinch pennies on that front.

And on that note, maybe let's talk a bit about competencies. At the Merrill Center for Family Wealth, you have a framework such as the Five Core Competencies. I found that very interesting. Talk a bit about that a little bit, and then we'll go into one of our last topics or two.

Valerie Galinskaya: Absolutely. So, for us, the skill building, as I mentioned, is one of our best practices, and the Five Core Competencies are financial, wealth, governance, business, and philanthropy. And the headline there is that most individuals, rightfully so, focus on the financial, right? So, both the investing, the budgeting, the financial planning; that's critical. But what we find is that the individuals and the families who are most [22:00] effective in navigating wealth, who are not just successful, but confident, consider other competencies. So, wealth, for example, has two pieces of it.

There's wealth, the quantitative, what we just talked about; what is a trust? what is gift tax? why does it matter? But then also the qualitative. I was on the phone with a family yesterday. The qualitative is, how do address the social aspects around this? I was on the phone with a billionaire family, they have two children, and the mom, clearly and comfortable, said, “My daughter; I know that she really tries to play down and kind of really wants to be one of her peers in college. How do you navigate that?”

So, we talked about all of the resources that exist. And like you said, the books, the white papers that exist around, how do you address that? How do you make sure that she feels comfortable and can have an elevator speech and knows the right information? So, that's the wealth competency. Governance is, how do you make decisions? Business is straightforward; it’s not relevant to all families, but most. And then philanthropy is, how do you give and how do you [23:00] measure impact of giving?

R. Adam Smith: Wonderful. I have one more topic for you, but I do want to bring up a guest. Adam Hoffman has a question or a topic. Adam is a trustee, advisor, and wealth manager in Canada, and a good friend of mine, and is very interested in this topic. So, Adam, you're on stage. You can ask a question now to Valerie.

Adam Hoffman: Thank you, Adam. And hi, Valerie. Great discussion so far. I'm curious about when the family makes the decision to set up a family office and has investment managers like at Merrill. How do you maintain that Why? What are some tactics and tools you've used to maintain a strong family culture and family Why? in the family office structure?

Valerie Galinskaya: Thank you for joining, Adam, and for the great question. I think the family culture and the Why? is really tied to both, I would say, the show and the tell. And what I mean by that is the [24:00] tell of, do they have articulated operating principles that not just the family but the staff, for example, at the family office are really understanding of. And then I think on the show element, for example, if one of the principles of the family office is a commitment to education and to get to know one another and family bonding, are there actually mechanisms to enable that?

So, I work with a family, right? It's a Latin American family. They are very large and geographically dispersed. You know, they've created mechanisms—a newsletter, a family council—efforts to really bring together learning—a cousin group. And those really speak to their values, and I think, especially for the rising generations, really are a clear modeling of that. So, I think that, really, the onus oftentimes is on the rising generation, but also on the wealth creator generation, but oftentimes a leader in the rising generation can also be really, really critical to that, [25:00] both in creating it and really partnering with the family office staff.

R. Adam Smith: Thank you for that. Thank you, Adam, for your question up there in Canada. It also seems that Canada is such a massive market, but it's something we don't talk about very often. I think there's a significant potential for growth and expansion and consolidation in the next cycle in your neck of the woods.

Moving on to legacy, one of my favorite topics. I co-authored a paper on legacy with Professor [Mathew] Mat Hughes and FamilyBusiness.org last year, and it really got me thinking about the different opinions and motivations and definitions of legacy related to wealth, but also not related to wealth, and how they soften the hard elements of legacy.

So, to you, Valerie, given your extensive experience in guiding hundreds of ultra-net-worth families and also that you focus on governance and women-owned [26:00] businesses and the transition of where we stand today in the demographics, the G2, G3 is quite dynamic, could you talk a little bit about some of these challenges and opportunities in the multi-generational transfer?

And also, I want to say that I think legacy is an interesting topic for today's world because some people think about legacy as more of a day-to-day grind of you're really building wealth, building power. For example, Gary Vaynerchuk's quote on that is, “Think about your legacy because you're adding [sic] to it every day.” But then, also, legacy is such a bigger, amorphic topic that if you think about it much more broadly as a legacy when you're looking to hundreds of years, there's a quote by Maya Angelou that I see as interesting in that regard, “If you're going to live, leave behind a legacy,” and, “make an impact in the world that can never [sic] be erased,” which is much more of a broader concept.

So, what are your thoughts on that?

Valerie Galinskaya: It's definitely a multifaceted [27:00] topic. I think it's interesting you introduced those quotes. I think of a client of mine who actually a couple of months ago mentioned the family. It's a G1, G2, and G3. They're working on their governance plan and he looked up at his family and he said, “At the end of the day, 80 years from now, I clearly will not be here. So, what's going to be here? It's going to be my impact on all of you and also the structures that I create.”

And I mention that because I think there is a fine line or balance, if you will, between sharing intent and defining that. And I'm a big fan of encouraging wealth creators to do that through a statement of intent, for example, via video or written. So, doing that and at the same time creating enough latitude in the structures to recognize there are some known unknowns, but there are some unknown unknowns, right? So, not to create so much control over future generations in ways that may create unintended consequences.

So that balance I've seen be really, [28:00] really critical. And I think you're absolutely right. In terms of the legacy, I think communication has a huge element of that. I think there are a lot of families that we work with who feel that, or at least when we first meet them, that feel that if you don't bring it up, for example, you don't risk impeding motivation or you don't risk making a wrong decision. And yet, not communicating about this, about intent, not digging into it is still sending a message and you never know what's going to happen. Unfortunately, we have seen experiences where wealth creators, suddenly something happens, and the family is left reeling not because they don't have great advisors but because they really don't understand the objectives and the intent behind it. So, I think the critical nature of communication.

And also, if you take anything away from this, I think what I've learned is that the process is part of the product. And what I mean by that is, these are not one-off conversations. This is not two or even three conversations. And it's the families that commit to working through this that ultimately [29:00] are the ones that are most effective and that leave the most organic legacy or one that's really true to who they are.

R. Adam Smith: That's wonderful. I'm glad you mentioned the organic legacy element because money and wealth can seem quite tangible and measurable in terms of the KPI and the ego and the power associated with and benefit associated with the wealth, but also there's the fuzzier parts of the impact of our community and a family legacy. And just the pure continuity of the business itself is something that a lot of families are proud of.

And also, many, more and more, as you know, over there are building family circles or multi-family offices or holding companies that actually are looking to build a bigger legacy that's not only about wealth but also more diversified, that makes a bigger impact on their employees and their economies as well, [30:00] and also gives more spots for the G2 and G3 to actually fit within those platforms, right? Because if the business is smaller, everything becomes more dramatic. If it's bigger, there's more space to play.

I guess, your last thoughts on that.

Valerie Galinskaya: I definitely think that having, as you mentioned, kind of the latitude to do that and not just defining wealth as the financial component is really, really critical. And at the end of the day, there is a lot of complexity with respect to wealth on both the trust and estate planning piece, on the investing piece. And I think part of that complexity comes from the fact that we're living in an ever-changing world. There's digital, and how do you really foster motivation in children? I was just talking to a client about, how do you think about budgeting if things are happening digitally?

But I think to us, it really goes back to the core tenants and the core principles, which is, the individuals who are willing to be vulnerable [31:00] and to begin to define this question. Yes, starting at the Why?, it's very easy for all of us to nod and say, sure, that sounds great. It's much, much more difficult to implement. And I recognize that. But it has been heartening for me to see so many situations where a wealth creator, for example, is vulnerable and is able to share, “This is the intent.” For example, a corporate executive I'm thinking of, there's still a fair amount of variability in terms of the ultimate wealth. And I think sometimes they come at it from a standpoint of, “I can't believe I don't have all of the information,” whereas other family members, nine times out of ten, respond with gratitude for knowing something and for being brought into the fold.

So, I think the more that all of us can do to foster that communication, the better.

R. Adam Smith: That's great. Thank you for bringing up gratefulness. That topic does not get the space that it often needs to in public webinars and podcasts [32:00] and audiocasts. So, that's good.

Well, I'd like to thank all of our guests today at the Family Business Audiocast, and, of course, you, Valerie Galinskaya, at the Merrill Center for Family Wealth. Congratulations on everything you're doing and working for such a wonderful company over there at Merrill, Bank of America. Really a very respected organization and with such incredible range.

It's nice to have a personal connection and viewpoint on it as well. Thank you.

Valerie Galinskaya: Thank you so much. This has been terrific.

R. Adam Smith: This is R. Adam Smith signing off. Stay tuned for our next episode of the Family Business Audiocast on LinkedIn.

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