RECAP: 2018 FOX Fall Enterprise Forum

Leadership: What Families Need Now

 

Presenter:
Jeff Strese, Chief Talent and Learning Officer, Tolleson Wealth Management

Session Description: 

Family members from all generations are hungry for clarity on how to navigate the financial and emotional complexities of wealth. In order to do this well, families need leaders—all kinds, from all generations. This session covered how one Chief Learning Officer within a multi-family office helps families develop leadership skills that are pragmatic and cross-generational. Good leadership is easily identifiable when it is present within a family system, and often overlooked when a family lacks the skills to cultivate its own leaders. What do families need now? Leadership.

 

"A transition person is a constant learner about healthy family dynamics and has a commitment to personal well-being as a role model and coach for the next generation."
- Jeff Strese
Key Takeaways: 
  1. When a family system is out of balance it has an impact on trust, sense of safety, and the roles that children play into adulthood. It can have a long-term impact on behaviors and communication patterns. Each member of the family often has an archetypal role that they play within family dynamics.
  2. A transition person is someone who breaks out of patterns to help build strong relationships with future generations. They develop new family stories and experiences to replace harmful or toxic past stories.
  3. Recent research shows that family enterprises expect the following from their advisors: comprehensive advice vs. products, broad as well as deep knowledge, more openness and knowledge of family dynamics, and a well-coordinated multidisciplinary team.
  4. Education and coaching are healthy pathways for growth. Lack of guidance from parents and influencers can lead to entitlement, narcissism, consumption, guilt, self-doubt, or passivity in the rising generation.
  5. Education should begin early and continue through adult-hood ingraining values and providing behavior/training. Parents and those that influence the child (ex. teachers, siblings, peers, mentors) can play key roles in teaching, coaching and acting as role models.
  6. Active listening is a key skill for families and should focus on questioning, reflecting, empathizing, clarifying and summarizing.
     

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