RECAP: 2018 FOX Rising Gen Forum

The Generation of Impact: Using Your Voice for Change

Presenter:
Paulina Cromwell, CFA, Product Manager, Family Office Exchange
@paulinacromwell

Session Description: 

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 heard stories from peers who have been successful and explored how we can influence to make an impact.

 

“Where your passions, resources, and the needs of the world collide – is the magical mid-point where you can maximize impact."
- Paulina Cromwell
Key Takeaways:  
  • This session covered impactful leadership and how to put it into play.  Take your purpose statement and figure out how that fits into your family. 

  • Current state and opportunity: $400 billion in family foundations and $59 trillion expected with wealth transfer. Almost half has been earmarked for philanthropy ($27 trillion). Huge opportunity for the world, but future leaders are very influential in where the wealth goes. 

  • Rising Gen values align with their families’ in most cases, but they are different in their approach. They are more global, digital-oriented, have a lack of patience, want to go beyond the checkbook (want reporting, site visits, see the impact), are willing to work together and share ideas, and are focused on social entrepreneurship. 

  •  The #1 issue for high net worth donors is that they can’t figure out what they care about and where they want to give. Think about the issues that you are passionate about. What does a perfect world look like in 10 years, what is different? Starting with the “what” is not always the most productive way to figure out what you care about. The why – understanding your motivators – is sometimes an easier way to get there.

  • Understand your resources: 

    • Time – volunteering, expertise, word of mouth (platform) 

    • Talent – professional skills, not just tangible skills, but collaboration 

    • Treasure – money, physical goods, investments 

  • Maximizing impact - Where your values, resources and “needs of the world” collide is the magical mid-point where you can maximize impact. Start with your own values and look for where it aligns with your families’ values. 

  • Final thoughts - Ask questions and seek to understand. Speak up and question tradition. Do research and seek learning opportunities. Collaborate and join peer groups. Think outside the box. Center around common goals and values and accept differences, and be patient and set realistic goals.
     

VIEW THE PRESENTATION SLIDES >
(FOX Members only)