Whether it’s a conversation about money, the role of the beneficiary, what it means to be wealthy, or clarifying values and purpose, families often delay important discussions with kids out of fear, or the rationale they are not ready. Like so many things in life, helping children develop readiness is how we prepare them for the future. With early education and age-appropriate learning they get a head start that allows them to incrementally adapt to their unique future, with abundant resources and options.
Family Engagement in Learning
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The Shared Responsibility of Nurturing the Family Legacy | 2023 FOX Family Office and Wealth Advisor Forum
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Families tend to focus on the technical elements when planning wealth transfer, including management of their investments and estate planning. However, to build a long-term foundation for success, it's just as critical to strategically prepare the people in a family. Come to this interactive discussion to learn realistic best practices for strengthening the 'people-side' of your Family Office planning, including communication, education, and preparation- for future roles.
2023 Rising Gen Research Brief
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This research brief uses direct feedback from members of the rising gen to identify their top concerns and shed new insights into the important goals they have with their family. With the data and recommendations gathered, you can learn more about the group—including the challenges and pressures they face—to create a roadmap that leads to productive family engagement and communications, action planning, and problem-solving.
We are entering a New Era in Family Wealth. The New Era represents a distinct shift in families’ needs and priorities. Family wealth has long been defined mostly in financial terms, which led to growth and protection of the family’s financial capital as the overriding priority. Today, here is an emerging desire by more families to focus on purpose, education and leadership or the human capital element.
Discover different learning approaches taken by three families who partnered with a FOX consultant to develop their human capital, engage the next generation, and create a culture of learning at an early age. These three vignettes exemplify best practices and trends in family education, including the formalization of family learning.
How to Teach Your Kids the Basics of Investing
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You know the value of encouraging children to learn and practice the basics of money management. And at age 11 or 12, it may be the right time to start a conversation about investing, including how it’s different from saving. Creating opportunities to teach your kids these basic investing principles, and then helping put those principles into practice, can be an important step toward their eventual financial independence.
Starting an Independent Business: How to Build on Your Family’s Entrepreneurial Legacy in Your Own Way
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Growing up in a family business environment often rubs off on the younger generations, with some making the decision to start their own business instead of joining the family enterprise. Toward that end, getting help while staying true to their own ideas requires balance. Here are four steps that will help launch their independent business venture while continuing their family’s entrepreneurial legacy.
The Rising Generation Engagement Pipeline
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At our Family Office Exchange (FOX) Rising Gen Leadership Programs held in February and June, we noticed developing themes from our next-generation attendees. It became clear their needs and concerns were coalescing around three emergent areas. In this article we’re presenting a simple engagement pipleline to guide families and rising gen on their learning journey. This intentional approach is based on our research and the best practices of leading families.
Whether knowledge is shared around the dinner table or in a boardroom, starting family member education early puts a family office in a strong position to strengthen the family’s legacy. While the education program would likely depend on family characteristics, there are three topics that should be part of the curriculum: basic financial literacy, security and privacy, and the lessons and legend on how the family built its wealth.
FOX’s Chief Learning Officer, Mindy Kalinowski Earley, explains how and why family education is an essential component that supports family cohesion and the transfer of wealth and legacy through generations. During this session she walks viewers through the newly released FOX Family Learning Handbook, filled with a roadmap of tools that will assist leaders in addressing common family education challenges as well as strategies to solve them. View the Family Learning Handbook.