The Rising Generation has been called “The Generation of Impact,” as we operate not only with a value-centric mindset but are insistent upon contributing to and seeing change. But how do we influence family leadership to think differently, and give us a seat at the table? In this interactive discussion, we will hear stories from peers who have been successful and explore how we can influence to make an impact.
Family Governance
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The 25 Best Practices of Multi-Generational Families
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Sustaining wealth across multiple generations require more than financial planning. Interrelated and building off one another, 25 non-financial best governance practices have been identified as having a positive impact on the ultimate success of sustaining wealth for enterprise families.
Wealth: Burden or Opportunity?
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While it is true that having money can create great opportunities, it can make some people feel awkward and harbor deep feelings of regret and shame. Those feelings can dramatically influence wealth management decisions, affecting both the inheritors and wealth creators. When issues surrounding wealth as a burden go unrecognized, they can be magnified over several generations and result in dysfunction and conflict. To resolve these feelings, it is helpful to become explicitly aware that they exist and then to look more deeply at their source.
Family Culture: Creating a Resilient Family Tree
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Family connectedness, not money, has the greatest influence on multi-generational family continuity. But when many think about legacy, it’s often in the context of multi-generational financial wealth. Money, though, masks what people are really interested in passing to future generations of their family.
Communication is found to be the most important factor for cohesion in families and sustainability of family wealth. As one of the key tenets to happy, healthy, and thriving families, it is essential for family members to dedicate the effort necessary to become better communicators. Practicing effective communications—including being open and listening empathetically—will go a long way in building strong relationships, especially for families who work together around shared ownership of family assets.
Be careful what you wish for—increasing longevity is bringing a host of unanticipated risks. Affluent families may now have active members spanning seventy years (ages 20 to 90), upending traditional succession and spending plans. Of greater concern is the risk of senior clients developing dementia, imperiling the wealth management relationship. Dr. James Grubman, a family wealth consultant with neuropsychological and estate planning expertise, will lead an in-depth interactive session on identifying longevity risks, symptoms, and solutions for wealth advisory practices.
Upon the sale of the Knell family’s operating business, Harvey was confronted with a new set of challenges. How could he work to “let go early” like his father did so effectively, how he would support the transition of his family wealth, and most importantly to Harvey, how would he ensure critical skills were developed within his family to manage the enterprise. Allowing for the independence his sons desired and establishing accountability were top of mind as his family worked together to establish a successful family enterprise.
Tending the Fires of Wisdom
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Since the age of 14, Angus McRae had been the sole caretaker of the Markham family lodge and its surrounding 800 acres, where the Markham family connected and bonded. The original Markham brothers had bought the property in rural Quebec Province from Angus’ forebears who were the first people to settle the area. Five generations of the Markham family had known Angus, and the current generation wanted to honor him by documenting his stories and the history only he knew.
Creating an authentic life is a challenge in and of itself. Add family to the mix and this challenge becomes more complex and difficult. Whether you are the parent or the adult child in your family, you play a role in creating an environment of authenticity. Creating such an environment early is critical to achieving open and honest communication later in life. It is also crucial for families to raise uncomfortable matters and have tough conversations in order to prevent issues from becoming larger and causing more permanent damage.
If you are a newer family foundation with one or two generations on the board, five generations may seem like a long time away. Yet in family philanthropy, quite a few foundations have been operating and thriving for 50, 75, even 100 years. What’s the secret of these family philanthropies that make it five generations, and across family branches? How do they successfully attract and engage younger family members? Learn from what other thriving family foundations have done—and continue to do—to sustain a successful long-term family philanthropy.