RECAP: 2019 FOX Family Office Forum

Breakout B: Addressing the Complexities of Communication and Family Learning

Presenters:
Emily Bouchard
Strategic Wealth Coach, Ascent Private Capital Management
Mindy Kalinowski
Earley, CMP, CFBA Chief Learning Officer, Family Office Exchange

Session Description: 

How do you prepare next generation teens, and young adults to be responsible wealth owners? What meaningful activities can you organize to provide the training they need for their future roles as family leaders on the family council or governing board? A wellplanned education and communication plan for the rising generation can dramatically boost a family’s chances for producing responsible wealth owners. Two experts in family learning and dynamics shared best practices, practical tips, and fun activities to inspire learning and engagement.
 

“Make sure each family member is prepared for their role in family learning.”
- Emily Bouchard
“I thought the topic was fascinating. My family office’s management does not value this type of programming yet, but I hope that in the future they will.”
- Attendee Quote
Key Takeaways: 
  • Family learning and communication should start with the why. Why do family members need to learn and “why” is communication important? Once the why is understood, they can move on to what they need to learn.
  • The “how” of family communications provides methods to stay engaged and connected. This might include repeated messages, a family portal or communication platform. It should be transparent with clear expectations and two-way communication. Family meetings provide a great way for family members to connect and learn in a face-to-face setting. For these to be effective, they must have ground rules, provide a safe place (no repercussions), avoid jargon, and be as open as possible.
  • For learning to be effective is must be personalized, offer a variety of learning modalities and settings, be relevant, interesting, and agile to adapt/adjust to the generation.
  • Some learning activities that will engage family members in preparing for their role within the family as future leaders might include: work groups or committees, brainstorm sessions, events or retreats, individual learning plans, annual client meetings, or special projects.
  • Learning plans should be tailored to the individual and represent their learning style, preferences or age. These plans can include a variety of resources including online activities, games, and books.

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(FOX Members only)