Wealth managers, guardians of enrichment

Herlin-Giret, Camille

doi:10.4324/9781003089513-18

Cited by 4 publications

(4 citation statements)

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“…In contemporary times, business‐oriented upbringing may make interpersonal affinities in morality, values, cultural interests and outlooks more significant for the ability to jostle for position and foster “kindred world‐views” between jurists and a thriving capitalist class (Herlin‐Giret, 2021; De Keere, 2019; Flemmen et al., 2017; Bourdieu, 1987, p. 842, Toft & Hansen, 2022). Further unpacking such “homology effects” between lawyers and their clientele (Bourdieu, 1987, p. 850) may help us understand how social backgrounds stratify lawyers' ability to connect with emergent groups of power today.…”

Section: Discussionmentioning

confidence: 99%

Nation‐builders and market architects: How social origins mold the careers of law graduates over 200 years in Norway

Toft

2023

British Journal of Sociology

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This paper examines the types of work that jurists have historically undertaken and maps how opportunities for legal practice have been shaped by social origins across three centuries: after constitutional independence in the mid‐1800s, during industrial capitalism in the mid‐1900s, and at present‐day advanced capitalism. I analyze historical archive data on law graduates from the 19th and 20th centuries in combination with administrative registry data from the 1990s onwards and employ correspondence analysis to explore how social backgrounds shape careers, considering transformations in class structures and the changing significance of juridical expertise over time. Within each period, jurists have served in very different roles including those that craft and cater to the institutional make‐up of the state and the markets. My analysis shows that the impact of social origin on occupational outcomes has undergone significant changes, mirroring shifts in the broader social structure; from the importance of legal and political capital (within regional jurisdictions) in the 19th century to the significance of economic capital as the main structuring principle, but also a greater significance of cultural capital, in contemporary times. The ability to reach the most powerful positions among law graduates—within the polity in the 19th century, and the economy in the 21st century—has been differently structured by origins. I argue that expansion of the student body, the declining standing of the university, and heightened differentiation of the social structure and the juridical field have made intimate familiarity with the business world pivotal for forging mutually beneficial alliances between jurists and the increasingly dominant capitalist class. Today, a select group of jurists have managed to connect with and contribute to the rising power of private capital. Thus, the historical tale of jurists cannot be accurately captured by notions of uniform descent from national power structures.

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Section: Discussionmentioning

confidence: 99%

Nation‐builders and market architects: How social origins mold the careers of law graduates over 200 years in Norway

Toft

2023

British Journal of Sociology

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“…3 Children who grow up in wealthy families with business backgrounds may develop field‐specific dispositions, or a ‘psychological readiness’, to use Mills' term, that help shape their inclinations to engage successfully in the accumulation of profit (Hartmann, 2000 ; Kuusela, 2018 ; Neely, 2018 ). They may benefit by developing ‘financial literacy’ (Lusardi & Mitchell, 2014 ), and gaining access to professional consulting and management services (Glucksberg & Burrows, 2016 ; Harrington, 2016 ; Herlin‐Giret, 2021 ), which help them to secure profitable returns on assets. Moreover, kinship ties may provide ample opportunities through social networks and career opportunities in general, or through family‐owned businesses in particular (Allen, 1987 ; Carney & Nason, 2018 ; Korom et al., 2017 ; Mills, 2000 [1956]).…”

Section: Wealth Accumulation and Dynastic Wealthmentioning

confidence: 99%

Dynastic cores and the borrowed time of newcomers. Wealth accumulation and the Norwegian one percent

Toft

Hansen

2022

British Journal of Sociology

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“…For instance, wealth managers in the UK and Brazil encourage a sometimes reticent next generation of heirs to invest in the family’s wealth through participation in philanthropy, and in doing so train them in wealth management skills (Sklair & Glucksberg, 2020). Whereas for wealth managers in France, rather than reluctant heirs, clients who spend too much, or whose only aspiration is for endless accumulation, are the risks that shape their education mission (Herlin-Giret, 2020). This previous research has highlighted the crucial role of wealth managers in training, influencing and enabling their wealthy clients to secure intergenerational advantage.…”

Section: Family Wealth and Inheritancementioning

confidence: 99%

“…Given this role, we need a better understanding of the individuals and families who own, accumulate and pass on substantial amounts of wealth. A growing body of work explores the cultural, intimate and affective work that goes into successfully managing dynastic forms of advantage among the wealthy (see, for example, Kuusela, 2018; Schimpfössl, 2018; Sherman, 2017) and their professional advisors (see, for example, Glucksberg & Burrows, 2016; Harrington, 2016; Herlin-Giret, 2020; Sklair & Glucksberg, 2020). This article takes a new approach in analysing the concerns in relation to inheritance for both the wealthy and their wealth managers, alongside one another.…”

Section: Introductionmentioning

confidence: 99%

Dynasties in the making: Family wealth and inheritance for the first-generation ultra-wealthy and their wealth managers

Higgins

2021

The Sociological Review

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The inheritance practices of the ultra-wealthy play a key role in reproducing socio-economic inequalities across generations. Given this role, we need a better understanding of the individuals and families who own, accumulate and pass on substantial amounts of wealth. This article asks two questions: first, how do parents with profound ownership or control over capital reconcile cultivating dynastic wealth with beliefs in meritocratic achievement? And, second, how do wealth managers justify their commercial value to first generation wealthy clients? The answer to both of these questions involves what I call a pedagogy of inherited wealth. Drawing on semi-structured interviews with first-generation ultra-wealthy parents and their wealth managers, it documents how wealthy parents and wealth managers construct risky futures around inheritance, and their strategies to manage those risks through the control of access to the family’s wealth. In doing so, it explores how they produce two roles, termed here the ‘good inheritor’ and the ‘good client’. Through examining various strategies to manage family wealth and inheritance, the article reveals the legitimating and enabling pedagogy surrounding this process and the paradox at the heart of this pedagogy – which promotes both the value of work among the next generation of inheritors and the preservation of dynastic wealth that will preclude their dependence on income-generating work.

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Wealth managers, guardians of enrichment

Cited by 4 publications

References 1 publication

Nation‐builders and market architects: How social origins mold the careers of law graduates over 200 years in Norway

Nation‐builders and market architects: How social origins mold the careers of law graduates over 200 years in Norway

Dynastic cores and the borrowed time of newcomers. Wealth accumulation and the Norwegian one percent

Dynasties in the making: Family wealth and inheritance for the first-generation ultra-wealthy and their wealth managers

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