Joel Nagel on Client Trust and Family Wealth
At an investment conference fireside chat, Richard C. Wilson introduces Joel and asks about his work, business growth and family wealth planning.
Richard C. Wilson opens the fireside chat for an investment conference audience. Joel discusses his legal practice, client relationships and related ventures. He also describes his approach to asset protection and planning for future generations. Richard guides questions from the stage and audience.
In this video: Richard C. Wilson (Host and interviewer), Joel (International asset protection expert)
What they said
- Joel on client trust and co-investing. Joel says he used his legal background to serve clients. As they grew comfortable with him, they introduced him to others and offered co-investment opportunities.
- Joel focused his law practice. Joel says he resisted taking every piece of business while building his law practice. He used spare time to write articles and contact conferences about speaking on asset protection.
- Joel asked clients about their situation. Joel says his team starts by asking clients many questions. He compares the process to measuring twice before cutting.
- Joel kept structures transparent. Joel says his approach is to handle reporting properly and keep arrangements open to scrutiny. In his view, acting lawfully and transparently supports protection over time.
- Joel's sons work in the family businesses. Joel says two of his sons work in the family businesses. He wants them to understand the advantages they received, learn the work and find directions that suit them.
In their words
"The beautiful thing about trees, by the way, is they don't go on strike."
"I was really just a poor farm kid honestly from Western Pennsylvania."
Why it matters if you are building or preserving great wealth
Joel says working with his sons gives joy to his day, even though he had reached his financial goals and could have retired years earlier.
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Focus on one main cause. Her family found its giving more satisfying and impactful once it chose primary education for the underprivileged in India.
- Binod K. Chaudhary: Never chase a deal out of desperation. Stay cool and look at every part of the deal. Have your advisers and your finance team review it critically. Your counsel should review it too.
- Larry Connor: Learn from every mistake. Larry's team owns its failures and makes no excuses. They learn, change quickly, and keep getting better.
See the data
Frequently asked questions
What did Joel say a memorandum of wishes can do?
Joel said it can set out the grantor's preferences for distributions and give a trustee written context for decisions.
Why did Joel's team plant teak?
Joel said the land was a former pasture unsuitable for housing, but it had river access and conditions that could support teak. His team was prepared to wait for the trees to grow.
Did Joel give a minimum wealth threshold for planning?
No. Joel said his team considers structures in proportion to a person's circumstances. He also said an entrepreneur may consider planning while a company's value is still low.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.