We talk to someone with personal knowledge of the dynamics of a family business and what inheritors face. He is working with NextGens to tackle the danger of allowing inheritance to dominate their lives in unhealthy ways.

This news service recently interviewed Chip Fisher, principal (pictured) of Ursus Advisory, which is a peer-to-peer consultancy for young adults with inherited wealth. The organization is based in the US. 

Fisher, based in New York City, has had a varied business career. For more than 18 years, he was involved with Fisher Wallace Laboratories, acting as chairman from April 2019 at his family firm. Then, in a change of direction, he developed the idea of helping young inheritors to handle the same challenges as he had to do around his family’s business. 

Some of the topics he refers to here, such as hobbies, interests and self-development, speak to the theme of “independence,”  which this publication intends to focus on more this year (see our forward features calendar for details). 

Fisher: I founded Ursus four years ago. I did not have anyone to turn to years ago to discuss the key topics I now discuss with ultra-high net worth NextGens, and felt this would be a great way to mentor young inheritors and eventually, to write a book about the process.

I’ve thoroughly enjoyed the work and hope to continue doing it in the future. I have 12 clients with more coming on board in 2025.

FWR: How significant a challenge, in your view, do inheritors have in ensuring that they master their inheritances, and don’t let them dominate their lives and squeeze their independent choices?
Fisher: It’s a very significant challenge as there is very little of merit written on this subject, especially by those who’ve experienced these challenges on a personal basis. The emotional strains are enormous, which is why I created topic areas, all of which are important to master to have full perspective on this topic and see the road ahead. Without this kind of work is it is easy to falter going forward.

FWR: We see lots of examples, often amplified by salacious reporting, of how inheritances go sour. In your view, are these generally exceptions and do most inheritors rise to the challenge?
Fisher: I am afraid that the media picks up on the worst examples because it makes for a good story. I believe these are exceptions, but most suffer with low self-esteem unless they’re highly motivated or have come from strong emotional homes, which I find rare with G1 (first generation) to G2s.

FWR: Have you noticed a trend one way or the other of people finding inheritance difficult in the recent decades?
Fisher: I think the challenges are much greater today than in the past, primarily because people’s wealth is so public, and so lauded, for no particular reason. Privacy is the greatest prize and in rare supply, and NextGens are exposed to everything at a much earlier age. 

FWR: When talking to an inheritor, such as a young adult, how do you start off the conversation?
Fisher: I introduce the potential topics that I like to discuss and gauge which one they’re most comfortable starting with, so we can begin the work. It does not make sense to start with the most complicated subject, but rather the easiest one. 

FWR: Understanding the origins of a family’s wealth is important – the family origin “story” and the family values. What sort of approaches do you take in getting younger family members to understand the journey their ancestors took?
Fisher: By trying to get them to ask the right questions at home about this or encouraging them to do their own homework – all my clients who have done so have found this rewarding. 

FWR: In what ways do you help inheritors figure out what they want to do in life and avoid making serious mistake without becoming unduly risk-averse?
Fisher: I have deep discussions about their skills, real and imagined, and help them really focus on doing things which give them pleasure – I did so myself when I first started out in business in 1993. It proved to be a good exercise.

FWR: Inheritors can be targeted by false friends, and those hustling to get their hands on their money, etc. What sort of guidance do you give to clients?
Fisher: To encourage them to be naturally suspicious and at the same time open to possibilities, you don’t want to be so closed off to the world that you cannot look at outliers and interesting projects that have merit.

FWR: A theme is choosing a life partner who understands the responsibility of wealth – this can be hard to do, when affairs of the heart are involved. How to navigate this?
Fisher: You must really look hard at your own values, where you came from and how you were shaped as a person, and then look for someone with similar values. There are many metrics here including personality, lifestyle, raising children, and more, but you must in the end find someone with similar values, more than anything else. This is a dynastic decision in the end.

FWR: Living a full life as an inheritor means having a range of hobbies and interests, outside of work. Can you talk about that.
Fisher: I think that wealthy people before World War 1 and WW2 valued civic responsibility before all else, and the development of the full person. They thought more of a person like JP Morgan who donated millions to museums, collected books and manuscripts, and was a cultured person, than today’s alternative in worshiping the size of someone’s yacht. We should in a sense, return to these sensibilities. You also cannot be a full person if you don’t have interests and hobbies. Just working all the time makes one boring in the extreme. You need to have a range, and enjoy your good fortune, and give back to society in a cultured manner.