Empowering the next generation to recognize, receive and steward the family’s legacy is critical. But it is equally critical that each individual’s dreams are identified, nurtured and supported.
Families with wealth can leverage exceptional resources to develop the next generation and on helping their families adopt the practices and behaviors that foster individual growth while making family collaboration more effective and rewarding.
And while this work is not all about the money, it is important that the next generation develop the financial acumen and skills necessary to manage the complex pressures and demands they will encounter. Learning how to assess the performance of advisors and service providers, to evaluate business proposals, to be a responsible beneficiary, a valued board member, even a co-trustee — and learning how to say “no,” are all vital skills.
Doing this empowers each member of the family to –
Embrace their own identity and dreams,
Prepare for the responsibility of wealth,
Undertake their role as a wealth creator,
Steward the family’s legacy, and
Engage in collaboration and joint decision making