WEBVTT - The Generational Wealth Playbook: What the Rich Do Differently 0:00:01.480 --> 0:00:01.880 Hey, y'all. 0:00:01.960 --> 0:00:04.800 Is Laurena Rosa with the latest with Laurena Rosa on 0:00:04.880 --> 0:00:07.920 Black Effects and I cannot wait to see you guys 0:00:07.960 --> 0:00:11.440 at the fourth Annual Black Effects Podcast Festival. Okay, we're 0:00:11.480 --> 0:00:14.440 coming back to Atlanta, Georgia on Saturday, April twenty fifth 0:00:14.480 --> 0:00:18.079 at Palman Yards and it's hosted by me alongside DJ 0:00:18.239 --> 0:00:22.040 MV and charlottagnea God. We got drink chances of Noriega 0:00:22.040 --> 0:00:25.239 and Djafing. We gotta keep it positive, Sweetye with My Girl, 0:00:25.480 --> 0:00:28.840 Christopher n Haslt. We got Reality with the King with 0:00:28.920 --> 0:00:31.720 My Guide, then my brother Carlos King, and y'all know 0:00:31.760 --> 0:00:34.440 he does reality commentary like nobody can. 0:00:35.320 --> 0:00:35.479 Now. 0:00:35.479 --> 0:00:38.080 We also have Don't Call Me White Girl, the podcast 0:00:38.120 --> 0:00:41.360 I Love Mona and Club five to twenty podcasts, along 0:00:41.360 --> 0:00:44.960 with the Grits and Eggs podcast. So this lineup sack Baby, 0:00:45.840 --> 0:00:47.519 turn up. You're also gonna want to check out the 0:00:47.520 --> 0:00:49.440 panels that we have lined up too, Feature and Cab 0:00:49.520 --> 0:00:53.000 on Stage, Pika Sumpter, and John Hope Bryant just to 0:00:53.080 --> 0:00:56.320 name a few. Of course, it's way bigger than podcast. 0:00:56.600 --> 0:00:59.360 We're bringing the Black Effect marketplace with black owned businesses, 0:00:59.680 --> 0:01:01.960 bus the food truck Court to keep you fed while 0:01:02.000 --> 0:01:04.840 you visit us. Okay, listen, you don't want to miss this. 0:01:05.360 --> 0:01:08.080 Tap in and grab your ticket down at Black Effect 0:01:08.080 --> 0:01:10.399 dot Com Flash Podcast Festival. 0:01:12.040 --> 0:01:15.319 Welcome the Money and Wealth with John Hobriyant, a production 0:01:15.520 --> 0:01:25.680 of the Black Effect Podcast Network and iHeartRadio. Hey, this 0:01:25.760 --> 0:01:28.280 is John ho'brian and this is the Money and Wealth 0:01:28.560 --> 0:01:34.480 podcast series on the Black Effect Network at iHeartRadio, and 0:01:34.560 --> 0:01:37.000 this is season three. I want to thank everyone for 0:01:37.120 --> 0:01:41.119 making the last two seasons highly successful and wherever I go, 0:01:41.240 --> 0:01:43.560 you're giving me impact. This is changing your life. This 0:01:43.640 --> 0:01:46.640 episode is going to do just that I'm with. As 0:01:46.680 --> 0:01:50.840 you know, I bring guests on fairly irregularly. They have 0:01:50.880 --> 0:01:53.120 to be truly special, not only what they do, but 0:01:53.200 --> 0:01:56.840 who they are as a human being. Michael Milkin is 0:01:56.840 --> 0:01:59.240 an example of just that kind of spirit that I've 0:01:59.240 --> 0:02:02.720 had on the show called Times. So this gentleman is 0:02:03.080 --> 0:02:07.840 really special to me. We become good quick friends because 0:02:07.880 --> 0:02:11.120 of spirit we just sink of. His name is Greg Fleming, 0:02:11.520 --> 0:02:12.919 So let me get into this because we don't have 0:02:12.919 --> 0:02:16.840 a lot of time. Greg Fleming is the president and 0:02:16.919 --> 0:02:22.560 CEO of Rockefeller Capital Management. I want you to focus 0:02:22.600 --> 0:02:25.320 on Rockefeller as I come back to that in a second, 0:02:25.320 --> 0:02:27.359 but let me tell you a bit about his background. 0:02:27.360 --> 0:02:32.320 They're headquartered at Rockefeller Plaza, appropriately in New York City. 0:02:32.720 --> 0:02:38.880 They specialize in wealth management, asset management, family office services, 0:02:39.680 --> 0:02:44.520 strategic advisory services tied to wealth building. In all full disclosure, 0:02:45.000 --> 0:02:49.040 me and my family are clients of Rockefeller. They primarily 0:02:49.080 --> 0:02:54.280 serve ultra high networth families, institutions, and corporations. The firm 0:02:54.360 --> 0:02:57.600 has about just under two hundred billion. My members are 0:02:57.680 --> 0:03:01.000 right in assets under management at least that's numbers are visible. 0:03:01.320 --> 0:03:03.919 They're the modern version of a Rockefeller family office. Again, 0:03:03.919 --> 0:03:07.040 I'm gonna get into what that means in a second. 0:03:07.400 --> 0:03:11.920 He's known as the Wall Street operators operator he's been. 0:03:12.240 --> 0:03:14.600 He was at Merrill Lynch since night where he was 0:03:14.600 --> 0:03:17.280 there since nineteen ninety two, same year I founded Operation 0:03:17.360 --> 0:03:19.600 Hope after the Rodney King riots. He was head of 0:03:19.600 --> 0:03:22.560 Global Investment Banking, co President, chief operating Officer. 0:03:23.520 --> 0:03:24.960 He managed fifty billion there. 0:03:25.240 --> 0:03:28.640 He's at Morgan Stanley and you know he's I think 0:03:28.680 --> 0:03:32.960 he's a board member of Black Rock, Council of Foreign Relations, 0:03:33.000 --> 0:03:37.320 Economic Club of New York. Lectures at Yale Law School. Greg, 0:03:37.360 --> 0:03:40.600 Welcome to the podcast. I'm so excited. 0:03:41.560 --> 0:03:42.119 Thank you, John. 0:03:42.160 --> 0:03:44.200 It's great to be here and I've been looking forward 0:03:44.240 --> 0:03:46.200 to this given friendship the U and I have built. 0:03:46.920 --> 0:03:49.240 Yeah, so let's jump right into this because you have 0:03:49.320 --> 0:03:52.880 limited time, and unlike most of my podcast, I'm gonna talk, 0:03:52.880 --> 0:03:55.800 I'm gonna try to talk very little. Rockefeller Capital Management 0:03:56.280 --> 0:04:00.840 is a roll up of essentially the Rockefeller dynasty. 0:04:01.760 --> 0:04:03.200 Rockefeller built his wealth. 0:04:03.240 --> 0:04:04.720 You can give a little bit of background on that, 0:04:05.160 --> 0:04:10.120 and he endowed his children with assets and put some limitations, 0:04:10.280 --> 0:04:13.119 some structure about what they could do, how they could 0:04:13.120 --> 0:04:17.599 access it. Really did some family wealth planning, and is 0:04:17.640 --> 0:04:19.800 my memory serves me right, and you feel free to 0:04:19.839 --> 0:04:22.760 correct me. There's no embarrassment here. I'm just going from memory. 0:04:22.920 --> 0:04:25.440 If my memory serves me right. It's like seven generations 0:04:25.960 --> 0:04:30.680 of Rockefeller wealth went through this sort of internal structure 0:04:30.680 --> 0:04:33.680 of them having this family office for the family purposes, 0:04:33.880 --> 0:04:36.000 and at some point they said, you know, we have 0:04:36.120 --> 0:04:38.560 friends who need these same services, we have colleagues who 0:04:38.560 --> 0:04:41.040 need these same services. Let's open it up. And that 0:04:41.080 --> 0:04:44.440 allowed people like me to join the Rockefeller family. Did 0:04:44.440 --> 0:04:46.440 I get that at least partly right? 0:04:47.120 --> 0:04:47.560 You got that. 0:04:47.760 --> 0:04:51.000 I think in all material respects, they're in their seventh generation. 0:04:51.720 --> 0:04:54.080 There are three hundred and twenty five of them alive today, 0:04:54.120 --> 0:04:57.360 John and their seventh generation. It did start with the 0:04:57.360 --> 0:05:01.120 famous John D. Rockefeller Senior way back in eighteen eighty two. 0:05:02.240 --> 0:05:05.479 We have now built a firm, Rockefeller Capital Management, that 0:05:05.600 --> 0:05:08.359 takes care of the Rockefellers, a lot of them, and 0:05:08.400 --> 0:05:10.560 they're an important part of this. Two of them sit 0:05:10.640 --> 0:05:14.080 on our board, David Rockefeller Junior and Peter O'Neil. They 0:05:14.160 --> 0:05:16.640 own a piece of our business. We take care of 0:05:16.680 --> 0:05:18.640 a lot of them, so many of the family members. 0:05:18.680 --> 0:05:20.799 We give them advice like we do to your family. 0:05:21.440 --> 0:05:23.320 But we built a company. We wanted to build a 0:05:23.360 --> 0:05:26.800 company in partnership with them, using their legendary name, but 0:05:26.839 --> 0:05:29.880 we wanted to take care of successful American families across 0:05:29.880 --> 0:05:32.880 the whole country. We wanted to be the firm that 0:05:33.000 --> 0:05:36.320 was the go to choice for families that had created 0:05:36.640 --> 0:05:39.839 real wealth that they were hoping to sustain, like the 0:05:39.920 --> 0:05:44.120 Rockefellers over generations, which is not something everybody who makes 0:05:44.160 --> 0:05:46.919 money thinks about, but a lot of people are worried 0:05:46.960 --> 0:05:50.560 about having it last and taking care of succeeding generations. 0:05:50.560 --> 0:05:52.640 So we wanted to build a firm that took care 0:05:52.680 --> 0:05:56.159 of yes, the Rockefellers, but many more successful American families. 0:05:56.160 --> 0:05:57.760 And the great thing about our country is there's a 0:05:57.760 --> 0:05:59.400 lot of them. 0:06:00.160 --> 0:06:04.080 Yes, And I know justin Rockefeller and I just met 0:06:04.240 --> 0:06:07.480 one of the younger Rockefeller I'm sure great great grandchildren 0:06:07.560 --> 0:06:10.640 when I was in UAE four weeks ago. Couldn't be 0:06:10.720 --> 0:06:12.800 nice or wanted to talk to me about He says, 0:06:12.839 --> 0:06:15.320 he works with you around financial literacy the firm, and 0:06:15.360 --> 0:06:17.640 he wanted to talk to the operation Hope about bringing 0:06:17.640 --> 0:06:21.640 financial literacy into the firm's superstructure, which I was very honored. 0:06:21.760 --> 0:06:25.480 It was his idea, not mine. I mean, a very nice, 0:06:25.800 --> 0:06:29.360 humble guy, not cocky at all. Everybody I've met from 0:06:29.440 --> 0:06:33.080 Rockefeller family has been incredibly gracious. 0:06:33.720 --> 0:06:35.719 Hey, John, just can I expound on that because I 0:06:35.760 --> 0:06:38.400 was struck by the same thing, because I've really gotten 0:06:38.440 --> 0:06:40.120 to know them, and that we're in our ninth year 0:06:40.120 --> 0:06:41.560 here now, so I've gotten to know them in the 0:06:41.640 --> 0:06:46.159 last decade in depth. And the family it consists of 0:06:46.240 --> 0:06:49.480 so many really nice people, and they have a quite 0:06:49.880 --> 0:06:55.080 philanthropic spirit about giving back because the founder John Rockefeller Senior. 0:06:55.120 --> 0:06:57.800 He made all the wealth, and unlike other families where 0:06:57.800 --> 0:07:00.800 you keep the business in the family for generations, he 0:07:00.960 --> 0:07:04.560 sold it. And John Rockefeller Junior, his son, was literally 0:07:04.560 --> 0:07:09.240 the world's first great philanthropist. So they built universities. Spelman 0:07:09.320 --> 0:07:13.520 College was founded by them. The University Spelman named after 0:07:13.600 --> 0:07:18.360 Lauras Belman Rockefeller, John Rockefeller Senior's wife. What they started 0:07:18.440 --> 0:07:22.120 Rockefeller University, where twenty eight Nobel Prizes have been awarded 0:07:22.120 --> 0:07:25.360 in science and medicine, The University of Chicago, Museum of 0:07:25.440 --> 0:07:31.280 Modern Art, Lincoln Center, Grant Teesan National Park, Acadian National Park, 0:07:31.920 --> 0:07:33.320 a lot of Jackson, Wyoming. 0:07:33.360 --> 0:07:34.880 They were the first ones there. They gave a lot 0:07:34.920 --> 0:07:35.680 of that land away. 0:07:35.920 --> 0:07:39.200 They built a hospital in Beijing in nineteen twenty one 0:07:39.200 --> 0:07:40.119 that's still there today. 0:07:40.160 --> 0:07:42.360 That's part of Pee King University. 0:07:42.560 --> 0:07:44.360 So not only did they start with a lot of wealth, 0:07:44.400 --> 0:07:47.080 but they were very focused on giving back. And it's 0:07:47.280 --> 0:07:49.440 you know, it's a family with a lot of nice 0:07:49.480 --> 0:07:53.800 people trying to make a mark in life in our country, 0:07:54.240 --> 0:07:56.440 you know, not just from a well standpoint, but in 0:07:56.520 --> 0:07:58.880 terms of a lot of the other things that matter. 0:08:00.080 --> 0:08:02.840 I of course share this passion of doing well and 0:08:02.880 --> 0:08:06.080 doing good, and doing well by doing good also positive 0:08:06.760 --> 0:08:10.160 love for good capitalism. I have a book coming out 0:08:10.360 --> 0:08:14.920 that's called capitalism. It's called Capitalism for All Inclusive Economics 0:08:14.920 --> 0:08:17.400 in the Future Proving of America, and it goes right 0:08:17.400 --> 0:08:20.520 into this, straight into this debate the country's having, which 0:08:20.560 --> 0:08:23.560 seems to be about either your four or year against wealth. 0:08:23.600 --> 0:08:24.800 And I think it's the wrong debate. 0:08:25.480 --> 0:08:30.000 And all the major employers in this country, eighty percent 0:08:30.040 --> 0:08:33.439 plus are private sector employers. The wealth came from the 0:08:33.520 --> 0:08:36.599 legitimate wealth came from private sector of interests. The philanthropy 0:08:36.679 --> 0:08:40.560 came from private sector interests like Rockefeller. Yes they get 0:08:40.559 --> 0:08:44.240 a tax benefit from it, absolutely enshould. But you can 0:08:44.559 --> 0:08:47.840 give it away unless you made it. And there's other examples, 0:08:47.880 --> 0:08:51.079 clearly other than mister Rockefeller, John Rockefeller, but this is 0:08:51.120 --> 0:08:54.840 a good example. I didn't know the Spellman example at all. 0:08:55.200 --> 0:08:56.600 I'd try to be pretty bummed up. 0:08:56.960 --> 0:08:57.199 Did you. 0:08:57.200 --> 0:09:00.040 I'm going to repeat this again. You said that the 0:09:00.160 --> 0:09:02.720 Leman College was named after John's wife. 0:09:02.800 --> 0:09:07.280 I get that right, Yes, Lauris Bellman Rockefeller. That's where 0:09:07.360 --> 0:09:10.840 Spelman College in eighteen eighty four. And John, to the 0:09:10.840 --> 0:09:13.520 point that you're raising, which is so important because this 0:09:13.600 --> 0:09:15.920 is true of your family and so many of our clients. 0:09:16.400 --> 0:09:18.520 They make wealth and then they want to do good 0:09:18.559 --> 0:09:21.400 things with it. Yeah, and I'm always talking about one 0:09:21.440 --> 0:09:24.199 of the great things about the American economy, one of 0:09:24.280 --> 0:09:27.200 the reasons it's the world's still the world's greatest economy. Yes, 0:09:27.240 --> 0:09:30.200 we have these incredible big companies, but there are thirty 0:09:30.240 --> 0:09:33.240 three million businesses in the United States that employ fewer 0:09:33.280 --> 0:09:37.760 than five hundred people, employing sixty million Americans. Many of 0:09:37.800 --> 0:09:40.640 them are family owned businesses that have been in the 0:09:40.679 --> 0:09:43.760 family for years, for generations. We work with a lot 0:09:43.800 --> 0:09:46.720 of those families and they're trying to build the business, 0:09:47.280 --> 0:09:50.560 hire more people who then get a good job. So there, 0:09:50.640 --> 0:09:53.920 you know, the capitalist machine in the United States is 0:09:54.000 --> 0:09:58.400 critically important for job creation and giving people something fulfilling 0:09:58.440 --> 0:10:01.800 to do in life, for wealth creation, and then giving back. 0:10:02.280 --> 0:10:05.840 And again, as I said, your family is typical in 0:10:05.880 --> 0:10:09.280 our client base of Look, you may be on the 0:10:09.360 --> 0:10:12.360 extreme because you're so focused on philanthropy and so focused 0:10:12.360 --> 0:10:14.440 on giving back, and you know you do that even 0:10:14.480 --> 0:10:15.120 through all of the. 0:10:15.080 --> 0:10:15.920 Messaging that you do. 0:10:16.559 --> 0:10:20.320 But we actually have a group within Rockefeller Capital Management 0:10:20.679 --> 0:10:25.280 that we call philanthropic advisory we demand from our clients 0:10:25.360 --> 0:10:28.800 is so great to set up foundations and to give 0:10:28.840 --> 0:10:30.520 money back to causes that. 0:10:30.480 --> 0:10:31.200 They care about. 0:10:31.520 --> 0:10:33.679 That we have to have a group that provides advice 0:10:33.720 --> 0:10:36.760 to those families and how to do it well, how 0:10:36.800 --> 0:10:38.439 to set it up in a way where if you're 0:10:38.440 --> 0:10:41.600 focused on, you know, one topic, you can build the 0:10:41.600 --> 0:10:45.360 foundation and really go after that topic. Education, the environment, 0:10:45.880 --> 0:10:49.400 you know, you know, economic inequality that our clients are 0:10:49.400 --> 0:10:52.400 going after, you know, so many of the challenging problems 0:10:52.440 --> 0:10:55.120 in society that we have to have a group help 0:10:55.200 --> 0:10:57.680 them set up the foundations so they can spend the 0:10:57.720 --> 0:10:59.520 money that way. Now, there's a lot to be said 0:10:59.520 --> 0:11:01.839 for what you know, the model you describe, which is 0:11:02.120 --> 0:11:03.679 in order to give it the way you've got to 0:11:03.720 --> 0:11:05.320 make it, and by the way, in making it, if 0:11:05.360 --> 0:11:08.320 you build a family business, you're creating jobs that are 0:11:08.360 --> 0:11:11.480 good jobs for people that they can obviously then earn 0:11:11.520 --> 0:11:12.480 their own income. 0:11:12.880 --> 0:11:15.520 One hundred percent. And I'm going to address all. 0:11:15.600 --> 0:11:18.280 I'm going to go on tour this whole year, Greg 0:11:18.760 --> 0:11:21.640 and maybe we'll come and have a conversation there at Rockefeller. 0:11:22.040 --> 0:11:25.240 I want to audiences large and small. I want to 0:11:25.280 --> 0:11:27.120 say look, you don't have to be It's not about 0:11:27.120 --> 0:11:29.880 black or white, or red or blue. It's about the green. Okay, 0:11:30.120 --> 0:11:32.640 it's not about Republican Democratic. It's about to get it 0:11:32.679 --> 0:11:35.400 done party, not the Democratic or Republican party. And when 0:11:35.400 --> 0:11:37.520 you will wealth, you want to get it done. And 0:11:37.520 --> 0:11:40.880 for folks who I relate to on the left side 0:11:40.920 --> 0:11:43.640 and left with my left hand or right doesn't matter. 0:11:43.720 --> 0:11:45.880 With my right hand left hand, with one of my hands, 0:11:46.120 --> 0:11:48.160 I can reach into the hood to where I grew 0:11:48.240 --> 0:11:51.000 up in South central LA or Competent or wherever, and 0:11:51.040 --> 0:11:54.240 I can see the streets and I can understand their perspective. 0:11:54.480 --> 0:11:58.520 I can also go to the suites and understand their perspective. 0:11:59.000 --> 0:12:01.400 And what I'm trying to do is bridge these perspectives 0:12:02.000 --> 0:12:04.840 and to say, no, you want to become wealthy, you 0:12:05.000 --> 0:12:09.400 want to become successful. I have very wealthy entertainment friends 0:12:09.440 --> 0:12:14.199 who have regular checking accounts, regular savings accounts, Like they 0:12:14.240 --> 0:12:15.800 go and they bank at the bank brands. 0:12:15.800 --> 0:12:18.440 I'm like, what are you doing? No one's ever taught them. 0:12:18.640 --> 0:12:24.600 These are world class people, incredibly successful, incredibly smart, and 0:12:24.640 --> 0:12:29.720 they resent capitalism model because they think they're being intentionally 0:12:29.800 --> 0:12:33.360 locked out. They just don't know anybody in this relationship 0:12:33.440 --> 0:12:37.280 circle who's brought them in and said, hey, let me 0:12:37.280 --> 0:12:40.920 sit you down explain this to you. And so I'm 0:12:40.960 --> 0:12:45.560 trying to with conversations like this to break these silos down, 0:12:45.600 --> 0:12:48.840 because when I meet people like you, I can legitimately 0:12:48.880 --> 0:12:51.199 say you're the nicest person you ever meet. I mean, 0:12:52.240 --> 0:12:57.920 just incredibly kind and gracious and open and reasonable. Please 0:12:57.920 --> 0:13:01.480 tell them the audience Family Office is and what you. 0:13:01.440 --> 0:13:03.880 Do there, and John, before I do that, I just 0:13:03.960 --> 0:13:06.199 want to emphasize what you just said, because that that 0:13:06.400 --> 0:13:09.000 is you know, I love our country and I've got 0:13:09.040 --> 0:13:11.480 three children on my own, and I think with all 0:13:11.520 --> 0:13:15.040 of the challenges that we have, it's the greatest country. 0:13:14.640 --> 0:13:15.480 In the world. 0:13:15.720 --> 0:13:19.920 And an essential component of that is the belief for 0:13:20.000 --> 0:13:22.840 the individual. And we can't have anybody left out of 0:13:22.840 --> 0:13:27.040 this belief that through their own work and effort, they 0:13:27.080 --> 0:13:32.080 can achieve a better position and status in life, for them, 0:13:32.240 --> 0:13:34.280 for the people close to them, for the family they're 0:13:34.320 --> 0:13:39.000 taking care of, and that is that's the bedrock, you know, 0:13:39.280 --> 0:13:42.080 of our society, and we need if we as you said, 0:13:42.080 --> 0:13:43.680 and you and I talked about this the first time 0:13:43.679 --> 0:13:48.559 we met, if that becomes elusive. If we don't have, 0:13:48.720 --> 0:13:50.959 you know, the broad majority of Americans that believe that, 0:13:51.400 --> 0:13:53.680 then it's a problem and we have a big challenge 0:13:53.679 --> 0:13:55.920 in this country. So we have to have a system 0:13:55.920 --> 0:13:59.480 where the individual can say, I'm very smart, you know, 0:13:59.480 --> 0:14:00.240 and you met that. 0:14:00.280 --> 0:14:01.280 I teach at ye Law School. 0:14:01.280 --> 0:14:02.640 I went to Yell Law School, which I had a 0:14:02.640 --> 0:14:05.720 great experience, and I had my daughter go there. 0:14:05.559 --> 0:14:08.960 And I meet your wife went there, right. We talked 0:14:08.960 --> 0:14:09.440 about that. 0:14:09.640 --> 0:14:12.679 I meet so many people that I teach there that 0:14:12.720 --> 0:14:15.480 have come from very challenging backgrounds and taken themselves all 0:14:15.480 --> 0:14:17.520 the way through to Yale Law School, and then they're 0:14:17.559 --> 0:14:20.400 going beyond to run a law firm, to maybe be 0:14:20.480 --> 0:14:23.120 a senator, to whatever they want to be. You know 0:14:23.200 --> 0:14:26.880 that those paths are still there. We need a country 0:14:26.920 --> 0:14:30.880 where the vast majority of people feel like avenues are available, 0:14:30.960 --> 0:14:33.600 and that is a critically important part of our society. 0:14:34.280 --> 0:14:36.880 That's right, and society and audience, please forgive me this 0:14:36.920 --> 0:14:39.760 one last preaching sentence, because I'm just Greg's lit me 0:14:39.880 --> 0:14:43.760 up here. Societies don't create her from the top down, 0:14:44.680 --> 0:14:46.040 the creator from the bottom end. 0:14:47.080 --> 0:14:48.360 When the bottom. 0:14:48.240 --> 0:14:51.080 Does not believe that they play by the rules, do 0:14:51.120 --> 0:14:53.840 the right things stop at red lights, respectful to the elders. 0:14:54.200 --> 0:14:54.880 That is going to play. 0:14:55.000 --> 0:14:57.680 Pay off is a reasonable shot, a success or failure 0:14:57.720 --> 0:15:00.840 on their own merit. They rebail, They say, you know what, 0:15:00.880 --> 0:15:02.880 the system's corrupt. It doesn't no matter what I do, 0:15:03.000 --> 0:15:05.600 I can't get ahead. And without faith and trust and 0:15:05.640 --> 0:15:08.880 honesty and integrity and belief and confidence and joy, all 0:15:08.920 --> 0:15:12.480 intangibles were done and has screwed up. This country is 0:15:12.520 --> 0:15:14.600 as you just said, it's the best bet I've found 0:15:14.640 --> 0:15:19.280 in the world. Let's not destroy the system. Let's reformat it, 0:15:19.360 --> 0:15:22.760 refashion and give it a software of great, give capitalism 0:15:22.800 --> 0:15:25.400 a software of great, and return it to a fruits 0:15:26.040 --> 0:15:28.960 where somebody like John Rockefeller, who wasn't perfect to me, 0:15:29.040 --> 0:15:31.600 get that out of the way, but who that positive 0:15:31.680 --> 0:15:35.320 did more good than bad, who built something up, Yes, 0:15:35.360 --> 0:15:39.080 straight up capitalists, but then gave a lot back. Isn't 0:15:39.080 --> 0:15:41.320 there some huge by the way, is there some huge 0:15:41.680 --> 0:15:44.680 public institution in New York. I don't want to say 0:15:44.720 --> 0:15:46.920 this and get it wrong that John Rockefeller built. I 0:15:47.000 --> 0:15:49.480 want to say Grand Central Station or some crazy thing. 0:15:50.080 --> 0:15:52.720 They gave the land for the United Nations, you know, 0:15:53.280 --> 0:15:55.320 so they gave the land for the United Nations. They 0:15:55.320 --> 0:15:57.680 built as you know, museum a mote in our Lincoln Center, 0:15:57.760 --> 0:16:00.760 Asia Society Rock Center they built, and they built a 0:16:00.800 --> 0:16:04.520 lot of that during the depression, and they were when 0:16:04.560 --> 0:16:06.800 they first were going to build it, they had it 0:16:06.840 --> 0:16:10.640 was a much more diversified funding approach, John, you'll appreciate this. 0:16:11.000 --> 0:16:13.560 And then the depression happens and they actually finished that 0:16:13.640 --> 0:16:16.680 project largely on their own, which, despite the wealth that 0:16:16.760 --> 0:16:19.160 they had, was risky for them, and it became this 0:16:19.280 --> 0:16:22.120 defining part of New York City. You know, the philanthropy 0:16:22.120 --> 0:16:24.000 on the Rockefellers goes right through to. 0:16:24.000 --> 0:16:24.720 The modern time. 0:16:24.800 --> 0:16:28.840 There's a neuroscience Institute in West Virginia that was established 0:16:28.840 --> 0:16:32.440 about a decade ago by former Senator Jay Rockefeller, which 0:16:32.480 --> 0:16:34.560 is one of the finest of its kind in the country. 0:16:34.840 --> 0:16:37.800 So they continue to try to do things that benefit 0:16:37.920 --> 0:16:41.360 society at large. But you know, my point is that 0:16:41.520 --> 0:16:44.800 we have the John Hope Brian family. So many families 0:16:44.800 --> 0:16:47.240 that are our clients are trying to do things like that. 0:16:47.640 --> 0:16:49.560 But you know, back to they need to make the 0:16:49.640 --> 0:16:52.520 wealth first, but we have to have a society where 0:16:52.960 --> 0:16:55.240 the vast majority of people feel like they can be 0:16:55.320 --> 0:16:57.680 on that path and make that wealth and it's fair, 0:16:57.720 --> 0:16:58.840 as you said, which is. 0:16:58.960 --> 0:17:02.400 How black family and brown families and women and minorities 0:17:02.440 --> 0:17:05.520 listening to this to know. You make money during the day, 0:17:05.560 --> 0:17:07.639 you build wealth in your sleep. Once you make that 0:17:07.720 --> 0:17:11.000 money to get rich to that contract, take some of 0:17:11.040 --> 0:17:13.600 that riches and turn it into a wealth creation which 0:17:13.640 --> 0:17:15.560 you do it. You only build wealth at night and 0:17:15.760 --> 0:17:18.240 when you're sleep, so you can build enough wealth to 0:17:18.240 --> 0:17:20.240 take care of your own lifestyle, take care of your 0:17:20.560 --> 0:17:22.880 generation follows you, and give something back. 0:17:23.240 --> 0:17:24.919 We need to be philanthropists. 0:17:24.920 --> 0:17:27.040 We need to be building institutions in our communities like 0:17:27.320 --> 0:17:32.399 they have done Rockefeller's family has done, and scale that model. Again. 0:17:32.480 --> 0:17:34.240 I've done this a role. I'm so excited about meeting 0:17:34.280 --> 0:17:35.560 with you in this interview. 0:17:35.840 --> 0:17:39.000 With you five times, but now you led me back 0:17:39.000 --> 0:17:41.440 to it though just there because they're making money at night. 0:17:41.680 --> 0:17:44.200 Let me talk about what we do a Rockefeller Capital Management. 0:17:44.560 --> 0:17:47.760 We help our clients make money at night. They've got 0:17:47.760 --> 0:17:51.119 wealth we have. What our job is to work with 0:17:51.160 --> 0:17:53.240 them on what do they want to do with the wealth? 0:17:53.600 --> 0:17:53.720 You know. 0:17:53.840 --> 0:17:55.359 One of the things John, you've asked me about in 0:17:55.400 --> 0:17:58.800 the past is what's the difference between building assets and actually 0:17:59.080 --> 0:18:02.760 you know a you know, generating wealth over generations. 0:18:02.200 --> 0:18:03.679 And a lot of that is about intent. 0:18:04.480 --> 0:18:07.040 You know, are you just you know, earning money and 0:18:07.040 --> 0:18:10.240 building assets and there's not a larger plan, and you 0:18:10.280 --> 0:18:13.000 know you might then spend beyond your means or you 0:18:13.080 --> 0:18:15.680 might be you know, not focused on earning the money 0:18:15.680 --> 0:18:18.159 at night. What we work with our families on is 0:18:19.040 --> 0:18:20.600 what do they want to do with the wealth that 0:18:20.720 --> 0:18:24.320 they either have or still creating. What's the long term plan? 0:18:24.880 --> 0:18:27.080 We help them build the plan. We help them with 0:18:27.160 --> 0:18:30.600 a diversified set of investments that will ensure that whatever 0:18:30.640 --> 0:18:32.840 happens in market cycles, because a lot of people that 0:18:32.880 --> 0:18:35.000 are new to markets, you know, there are things that 0:18:35.040 --> 0:18:37.600 pop up that you know, somebody might want to chase, 0:18:37.640 --> 0:18:39.119 but that may not be the right thing, and it 0:18:39.160 --> 0:18:41.680 may go, John, you and I've lived this over three 0:18:41.760 --> 0:18:44.160 four decades. It may go as fast as it came 0:18:44.560 --> 0:18:46.959 something that looked like a great new product. And so 0:18:47.160 --> 0:18:49.920 we're working with clients on a detailed long term plan. 0:18:50.520 --> 0:18:53.680 They want to get here, you know, they want somebody 0:18:53.720 --> 0:18:56.080 has created a fair amount of wealth in generation one 0:18:56.200 --> 0:18:58.720 through working as hard as you or I have, and 0:18:58.760 --> 0:19:01.640 they would like the generations to be able to be 0:19:02.119 --> 0:19:05.520 educated for free or whatever it is. We work with 0:19:05.560 --> 0:19:09.160 them on the plan to have the wealth sustain and say, okay, 0:19:09.200 --> 0:19:11.479 if you want to have a plan to take care 0:19:11.520 --> 0:19:14.399 of succeeding generations, this is the kind of wealth you 0:19:14.400 --> 0:19:17.399 can spend in your lifetime. This is what's available to you. 0:19:17.480 --> 0:19:19.439 But we're going to build some of this so that 0:19:19.480 --> 0:19:22.560 your grandchildren are attending these schools. 0:19:22.440 --> 0:19:23.800 And the tuition is taking care of. 0:19:23.840 --> 0:19:26.360 So what a family office effectively is It starts with, 0:19:26.920 --> 0:19:29.479 you know, a certain level of wealth in order to 0:19:29.520 --> 0:19:32.879 have the family office. That could be first generation and 0:19:32.920 --> 0:19:35.040 there's still a lot of first generation wealth created in 0:19:35.080 --> 0:19:38.120 this country, or it could be a second or third generation, 0:19:38.280 --> 0:19:41.440 or in the Rockefeller's case, seventh generation. And then there's 0:19:41.480 --> 0:19:44.640 a lot of planning with my team, which is very 0:19:44.640 --> 0:19:48.200 good at this on you know, investments, yes, of course, 0:19:48.600 --> 0:19:52.680 but also taxes. Do you want philanthropy, what kind how 0:19:52.760 --> 0:19:55.760 much you know, if you've created a lot of wealth 0:19:55.760 --> 0:19:58.080 and you're still creating more, how much is going to 0:19:58.119 --> 0:20:00.240 be for this generation and maybe the next one of 0:20:00.280 --> 0:20:02.480 the kids, And do you want to start thinking about 0:20:02.520 --> 0:20:05.359 the generation after that. We spent a lot of time 0:20:05.520 --> 0:20:08.280 working with our families on those kinds of plans, because 0:20:08.600 --> 0:20:12.800 generational wealth is intentional. John Rockefeller Senior had a tremendous 0:20:12.840 --> 0:20:16.000 amount of wealth, but you still could have consumed it all. 0:20:16.480 --> 0:20:19.040