Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, speaker and consultant Michael Kitsas, to hear stories of how leading financial advisors navigated the inevitable challenges that arise on the path to success and get insight from leading industry consultants about how to break through to the

next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.

Welcome to the 219th episode of the Financial Advisor Success Podcast. My guest on today's podcast

is Coventry Edwards Pitt. Covey is the chief wealth advisory officer at Ballantine Partners, a wealth management firm headquartered in Waltham, Massachusetts, that oversees nearly $8 billion for just $230,000 ultra wealthy families. What's unique about Covey, though, is that when her firm has almost $8 billion of AM for just 230 family households, it means that their

average client is almost $35 million of investable assets.

And as a result, Covey's firm is a unique focus on the issues that reach beyond just doing a

great job when it comes to the technical aspects of wealth management.

And instead, the problems that very large sums of money can exacerbate rather than solve,

helping families navigate the decisions that can affect multiple generations

and the unintended consequences those decisions often have when not carefully considered first.

In this episode, we talk in depth about how Covey helps ultra-wealthy families,

many of whom did not come from money and have suddenly found themselves in uncharted parenting waters after experiencing a liquidity event.

Pass along valuable lessons about money when their default parenting scripts about limits

like, we can't buy that because we can't afford it, suddenly don't hold sway anymore.

What Covey has learned about children from ultra wealthy families who are well-rounded and

well-grounded and the common experiences they share about gaining a foundational sense of self-esteem

and achievement outside of what they were born into. And why Covey and the team at Ballanty

may not introduce these deeper conversations until years after the client relationship begins.

And once all that initial complex technical wealth management work has been done,

and clients are really ready for the more personal money conversations.

We also talk about how Ballantyne Partners organizes its own internal structure

around senior client advisors, who both manage client relationships as generalist experts,

...