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Antonia da Silva Teixeira is a distinguished therapist, counsellor and coaching professional specializing in trauma, anxiety, and neurodevelopmental conditions, particularly autism spectrum disorders. With a proven track record in complex socio- behavioral assessments, she expertly guides clients towards meaningful, long-term change.

Her unique expertise extends to the mental health of family offices and foundations, where she adeptly navigates the psychological intricacies of wealth transfer and legacy planning. Antonia is also a passionate mental health advocate, actively contributing to research and community outreach programs, as well as philanthropic organisations. NGOs and charities globally.

Prior to her current role, she served as a Portfolio Manager at J.P. Morgan’s Private Bank and in Morgan Stanley’s Investment Banking arm. Her impressive credentials include fellowships with the Royal Society of Art and The Association for Coaching, alongside numerous professional certifications. She holds both a BA and MA from Cambridge University, bringing a wealth of knowledge and experience to her practice.

What is the Jungian Shadow? Carl Jung, a Swiss psychiatrist and psychoanalyst,

introduced the concept of the Shadow as part of his analytical psychology. The Jungian Shadow represents the parts of ourselves that we choose to ignore or repress; our fears, insecurities, and desires that conflict with our conscious self-image, or traits, desires, and impulses that are often deemed unacceptable by societal standards. These repressed aspects, either in the previous generation as well as in the inheritors, do not disappear; instead, they manifest in various ways, sometimes leading to destructive behaviours or psychological distress.

In the context of family offices, the Shadow can take the form of unresolved family conflicts, latent anxieties, unspoken resentments, tensions around decision making, or unacknowledged fears about wealth and its impact on relationships. For instance, a family member who struggles with feelings of inadequacy may overcompensate by exerting control over financial decisions, leading to power struggles within the family. Alternatively, the Shadow may manifest as guilt or shame about inherited wealth, resulting in self-sabotaging behaviours or strained family dynamics.

The Importance of the Shadow in Family Offices

Understanding and addressing the Shadow is crucial for family offices to foster a healthier family dynamic, as these unacknowledged aspects of the psyche can have profound implications for both individual family members and the collective family unit.

Moreover, unique pressures faced by ultra-high- net-worth families, including the responsibility to preserve wealth across generations, the expectation to live up to a family legacy, and the potential for sibling rivalry, can exacerbate the Shadow’s influence.

These pressures can create an environment where negative emotions, such as envy, resentment, or fear, are suppressed rather than addressed, leading to a toxic undercurrent that can undermine the family’s operational functionality, as well as its well-being and financial stability.

When left unchecked, the Shadow can lead to dysfunctional behaviours which can manifest in detrimental ways such as power struggles, mistrust, or even the collapse of family enterprises, and the erosion of family wealth and legacy.

Understanding and integrating the Shadow is, therefore, not just a matter of personal growth but a crucial element of effective Family Office and wealth management.

How does The Shadow in Family Offices Differ

Family offices are unique institutions where personal relationships intertwine with financial management, creating an environment ripe for the emergence of the Shadow. Unlike corporate entities, where roles and responsibilities are often clear-cut, family offices operate in a more fluid space where bloodlines, personal histories, emotions, and expectations play a significant role in shaping outcomes.

The psychological underpinnings of family offices are often overlooked in favour of a focus on financial and legal strategies. However, as Dr James (Jim) Grubman points out in his exploration of the psychological dynamics of ultra-high-net- worth families, ignoring these elements can lead to dysfunction and the eventual dissolution of wealth. Grubman highlights that many families fall prey to what he calls “affluenza”—a condition where wealth becomes a source of anxiety and conflict rather than security and fulfilment. This condition is a manifestation of the collective Shadow, where the pursuit of wealth obscures deeper emotional and psychological needs.

Ronald Diamond, in his analysis of family office dynamics, reinforces this point by illustrating how the values of integrity and authenticity can be compromised when the Shadow is not acknowledged. He notes that family members often feel torn between their individual desires and the expectations placed upon them by the family, leading to internal conflicts that can spill over into the broader family dynamic.

The Id, Ego, Superego, and Family Offices

Although Carl Jung and Sigmund Freud had differing conceptions of the unconscious, here, their models may be seen to overlap in an important way.

Freud’s tripartite model of the psyche: the Id, Ego, and Superego, provides a useful framework for understanding these psychological dynamics within family offices. The Id represents the primal, instinctual drives; the Ego mediates between these drives and the external world; and the Superego embodies the internalised societal norms and morals. In the context of family offices, the Id might drive individual desires for power, control, or material success, while the Ego attempts to balance these desires with the practicalities of wealth management and family relationships.

In a broader sense, these elements can also be seen at play in the interactions between family members, their advisors, and the broader community, where the Id within a family office might manifest as a family member’s desire for control, power, or immediate gratification. This could be seen in impulsive investment decisions, aggressive expansion strategies, or a reluctance to share control. While the Ego, striving to maintain balance within that individual, may attempt to rationalise these desires, creating justifications that align with the family’s broader goals. However, the Superego, representing the family’s collective values and legacy, may impose guilt or anxiety on the individual, leading to internal conflicts within the individual that are difficult to resolve.

When the Ego is not strong enough to manage the Id’s impulses, or when the Ego itself is influenced by the Shadow, family dynamics can become fraught with conflict. This internal struggle is where the Shadow emerges. When the Id’s desires are repressed by the Superego, they do not disappear but instead manifest in unconscious ways, influencing behaviour and decision-making. This can lead to actions that seem irrational or contradictory, such as a family member, driven by the Id’s desire for control, may dominate financial decisions, creating tension with other family members who feel marginalised. Alternatively, a family member whose Ego is heavily influenced by the Shadow may struggle with feelings of inadequacy or guilt, leading to passive or self-destructive behaviours.

Why This Issue Is Becoming Increasingly Important

As noted, the concept of the Shadow extends beyond the individual to the collective level, where it influences the governance structures and cultural dynamics of family offices. The Integral Model, developed by Ken Wilber, provides a framework for understanding these collective dynamics. This model divides the psychological and systemic elements of family offices into four quadrants: the “I” subjective, the “IT” objective, the “WE” intersubjective, and the “ITS” inter-objective.

In the “WE” intersubjective quadrant, which addresses the shared values, culture, and ethics within the family, the Shadow can become institutionalised. This is seen in unspoken rules, collective values, or cultural norms that, while intended to preserve harmony, may actually perpetuate unhealthy dynamics. For example, a family culture that prioritises loyalty above all else may suppress individual expression, leading to resentment and passive-aggressive behaviour— manifestations of the Shadow.

The “ITS” inter-objective quadrant, which encompasses the systems and structures of family governance, is also susceptible to the Shadow. Dysfunctional governance structures, such as poorly defined succession plans or opaque decision-making processes, often reflect deeper psychological issues, such as fear of conflict or resistance to change. These structural issues can exacerbate tensions within the family, leading to a breakdown in communication and collaboration.

The Impact of the Shadow on Wealth Preservation

In recent years, there has been a growing recognition of the importance of mental health and emotional well-being in the context of intergenerational family wealth. This shift is driven in part by the increasing complexity of wealth management, as well as the rising awareness of the psychological challenges associated with inherited wealth.

In October 2022 UBS published a research piece which highlighted that over the next 20 years, the world will witness the greatest transfer of wealth in history, with $84 trillion expected to pass down to younger generations in the US alone. This unprecedented wealth handover brings significant challenges, particularly in maintaining strong familial relationships, not least within a family office dynamic.

The research highlighted that a third of inheritors admitted to having unresolved issues and conflicts with other inheritors, while nearly half of the respondents identified the fear of appearing selfish or ungrateful as a major barrier to open communication. Among those investors who had already received an inheritance, four in ten wish they had been more open with the previous generation beforehand, and for those who served as inheritors of legacy roles, 64% found carrying out their parents’ or relatives’ wishes to be a difficult task.

The Impact of the Jungian Shadow on Wealth Succession

One of the most critical areas where the Shadow can influence family offices is in the process of wealth succession. The transition of wealth from one generation to the next is often fraught with psychological challenges, as family members grapple with issues of identity, responsibility, and legacy.

The 2023 Global Family Office Compensation Benchmark Report by KPMG and Agreus reveals that governance structures and interpersonal dynamics within family offices can significantly impact mental health and relationships. The report suggests that unaddressed psychological issues can lead to conflicts and misunderstandings during the wealth succession process, potentially jeopardising the family’s financial future.

Essentially, when the Shadow is not acknowledged, it can lead to poor decision-making, ineffective governance, and ultimately the erosion of wealth.

Addressing the Shadow One of the key challenges in addressing the Shadow is that it often operates unconsciously. Family members may be unaware of the ways in which their repressed fears, desires, or resentments are influencing their behaviour. This is particularly true, as we have just discussed, in high-stakes situations, such as the transfer of wealth to the next generation or the resolution of disputes over family assets. In these scenarios, the Shadow can lead to decisions that are driven by emotion rather than reason, resulting in outcomes that are detrimental to the family’s long-term interests.

The next generation of family members face unique challenges in navigating the Shadow within their family offices. As they assume greater responsibility for managing the family’s wealth, they must

also confront the psychological legacy of their predecessors. This includes not only the expectations and pressures placed upon them but also the unresolved conflicts and emotional baggage that have been passed down through the generations.

For example, a family member who feels unprepared or overwhelmed by the responsibility of managing the family’s wealth may unconsciously sabotage the succession process, either by making poor financial decisions or by withdrawing from their role entirely. Alternatively, unresolved sibling rivalries or power struggles can lead to contentious disputes over the distribution of wealth, further complicating the succession process.

The Next Generation: Inheritors of the Shadow

With this in mind it is imperative to acknowledge the importance of preparing the next generation not just for the financial aspects of wealth management but also for the psychological challenges they will face. This preparation involves helping them develop the emotional intelligence and self-awareness needed to recognise and integrate their Shadow.

It also requires creating a family culture that encourages open communication, transparency, and the healthy expression of emotions.

Dr James (Jim) Grubman and Dr Dennis Jaffe, in their exploration of wealth management practices, advocate for a shift towards what they call “Wealth 3.0”—an approach that emphasises the psychological and emotional aspects of wealth in addition to the financial aspect. This approach recognises that

the sustainability of wealth is not just a matter of financial acumen but also of emotional resilience and psychological maturity. By addressing the Shadow and fostering a culture of emotional intelligence, family offices can better prepare the next generation for the challenges they will face.

Integrating the Shadow

Integrating the Shadow is not a straightforward process, but it is essential for the long-term health and sustainability of family offices. The first step is to create an environment where the Shadow can be acknowledged and explored. This involves fostering a culture of psychological safety, where family members feel comfortable expressing their fears, anxieties, and desires without fear of judgment or retribution.

One effective approach is to incorporate psychological and emotional assessments into the family office’s regular practices. These assessments can help family members gain insight into their own Shadow, as well as the collective Shadow of the family. By understanding the underlying psychological dynamics, families can develop strategies to address them, such as through family therapy, coaching, or mediation.

Another important strategy is to build emotional intelligence within the family. This involves helping family members develop the skills needed to recognise and manage their emotions, as well as the emotions of others. Emotional intelligence is critical for effective communication, conflict resolution, and decision-making, all of which are essential for the successful management of wealth, as are strategies that promote self-awareness, emotional intelligence, and open communication among family members.

Finally, it is important to create governance structures that reflect the family’s values and priorities, while also addressing the Shadow. This may involve revisiting succession plans, clarifying roles and responsibilities, and ensuring that decision- making processes are transparent and inclusive. By aligning the governance structure with the family’s psychological and emotional needs, family offices can create a more resilient and sustainable framework for managing wealth.

Addressing the Shadow: Solutions and Strategies

1. The Role of Leadership in Family Offices

Leadership plays a crucial role in addressing the Shadow within family offices. Family leaders must be willing to confront their own psychological challenges and model healthy behaviours for other family members. This includes being open to feedback, fostering a culture of transparency and accountability, and prioritising the mental and emotional well-being of all family members.

Leaders within family offices must embody integrity and authenticity, as these values are essential for building trust and fostering healthy relationships. By prioritising these values, family leaders can create an environment where psychological issues are acknowledged and addressed, rather than ignored or suppressed. Additionally, family leaders must be proactive in seeking external expertise when needed, whether through therapy, coaching, or other forms of support. Engaging with trusted professionals can provide valuable guidance and perspective, helping families navigate the complex psychological dynamics that can arise in the context of wealth management.

2. Fostering the Next Generation: Preparing for the Future

As family offices look to the future, it is essential to prepare the next generation for the challenges and responsibilities that come with inherited wealth. This involves not only providing them with the necessary financial education and leadership skills but also addressing the psychological aspects of wealth and legacy.

Peer-to-peer experiences like the upcoming Mental Wealth Retreat I am organizing Nov. 2-5 2024 in Puglia, Italy, offer a unique opportunity for next-generation family members to explore their own identities and life paths, separate from the expectations and pressures associated with their family’s wealth. By engaging in self- reflection and group discussions, participants can develop a stronger sense of Self and a clearer understanding of their values and goals.

Moreover, the retreat emphasises the importance of balancing family responsibilities with personal aspirations, helping next- generation members navigate the often- conflicting demands of wealth management and personal fulfilment. By fostering a sense of purpose and autonomy, the retreat equips participants with the tools they need to take on leadership roles within the family office, whilst also pursuing their own passions and interests.

3. Mental Health & Wealth Focused Experiences and Trainings Are Seminal in This New Paradigm

The “Mental Wealth Retreat” represents a significant shift in how family offices approach wealth management, moving beyond the traditional focus on financial strategies to address the psychological and emotional well- being of family members. In this new paradigm, wealth is not only seen as a financial asset but also as a source of potential harm or healing, depending on how it is managed.

By focusing on the psychological dimensions of wealth, the retreat offers a holistic approach to family office management, addressing the underlying issues that can lead to dysfunction and harm. Through a combination of therapy, coaching, and experiential learning, participants can gain a deeper understanding of their own psychological dynamics and develop strategies for creating healthier and more balanced family relationships.

Ultimately, the “Mental Wealth Retreat” represents a new frontier in family office management, one that recognises the importance of mental and emotional health in preserving wealth and legacy across generations. By addressing the Jungian Shadow and other psychological challenges, the retreat provides a pathway for ultra-high-net-worth families to achieve not only financial success but also personal fulfilment and well-being.

Conclusion: The Path Forward

The relationship between health, wealth, and harm in family offices is complex and multifaceted, influenced by both conscious and unconscious psychological dynamics. The Jungian Shadow, representing the repressed aspects of our psyche, can have a profound impact on family relationships and wealth management if left unaddressed.

By acknowledging and understanding the Shadow, family offices can address the underlying psychological dynamics that influence behaviour and decision-making.

By integrating the Shadow, family offices can foster a healthier, more balanced approach to wealth management, one that prioritises the mental and emotional well-being of all family members.

This, in turn, can lead to more effective governance, healthier relationships, and greater long-term sustainability of wealth.

As we look to the future, it is clear that the successful management of family wealth will require a new paradigm—one that goes beyond traditional financial strategies to incorporate the psychological, emotional, dimensions of wealth. By embracing this holistic and heuristic approach, family offices can not only preserve wealth but also foster the health and well-being of the families they serve and promote the long-term well-being and fulfilment of future generations

This journey is not without its challenges, but the rewards are substantial. By integrating the Shadow and building a culture of emotional intelligence, family offices can create a legacy that is not only financially secure but also psychologically and emotionally rich. This, ultimately, is the true measure of success in wealth management.

Unlocking the Power Within: Mental Wealth Retreat: 2nd-5th November 2024, Monopoli (Puglia) Italy, EUR 7,900

Includes 3 x nights’ accommodation, 3 x breakfast, lunch, dinner, 1 x individual pre-retreat prep session aÌ€ 55 min (online), 3 x group therapy sessions aÌ€ 90 min, 3 x workshop sessions aÌ€ 90 min, 1 x art therapy session aÌ€ 90 min, 1 x coaching session aÌ€ 90 min, 2 x morning yoga / workout classes, 3 x afternoon activities: guided walks, exercise or spa, 1 x workbook for progress journaling and with exercises & homework, 1 x individual post-retreat therapy sessions aÌ€ 55 min (online + office hours with our resident therapist with an open door policy throughout the breaks at the retreat).

Please contact Noah Levy at noah@grammigadvisory. com for full programme and further details.

Further Reading:

1. Details of Antonia Da Silva Teixeira’s Private Consultancy Practice can be found here: https://www.theagilemindconsultancy.com/
2. 11 Questions on Next Gen Challenges by Antonia Da Silva Teixeira: https://www. linkedin.com/pulse/11-questions-next-gen- challenges-david-grammig-eproe/
3. “The Structure and Dynamics of the Psyche” by Carl Jung, 1916, and “Psychological Types” by Carl Jung, 1921, Kegan Paul, Trench, Trubner & Co.
4. “The Ego and the Id” by Sigmund Freud, 1923, and “Beyond the Pleasure Principle” by Sigmund Freud, 1920, International Psycho- Analytical Press.
5. “Complete Family Wealth, 2nd Ed.” by James E. Hughes, Keith Whitaker, and Susan E. Massenzio, 2022, Wiley.
6. “Wealth 3.0” by Dennis Jaffe, Kristin Keffeler, and Jim Grubman, 2023, Wiley.
7. “Advising Ultra-Affluent Clients & Family Office” by Michael Pompian, 2016, Wiley.
8. “Wealth in Families” by Charles W. Collier, 2006, Harvard University Press.
9. “Family Legacy & Leadership” by Mark H. Daniell and Sara S. Hamilton, 2010, Wiley.
10. “Essential Reads on Family Offices” Published by Globe Law and Business, 2020, Globe Law and Business.