Many children of philanthropic families are raised in a consumerism culture, surrounded by affluence. Exposing them to the needs of the world can enhance their empathy for others and reduce judgment. It is also an excellent way of demonstrating family values and attaching meaning to money.
Pat Armstrong, Arne Boudewyn, and Jill Shipley, Abbot Downing
Wednesday, April 12, 2017
One of the most common concerns families have revolves around how to share wealth with family members without encouraging entitlement. With forethought and care, giving well and wisely can bring families together and strengthen the bonds between generations.
We are all inspired by successful entrepreneurs, whether they be technological innovators, social problem solvers like Blake Mycoskie, or even entertainers like YoYo Ma, who redefined the world’s perception of a classical musician.
Finding your voice as an adult is a difficult process for everyone, but can be especially challenging when you grow up in a family of wealth. Perhaps you already control some or all of your inheritance or maybe you soon will.
The topic of wealth transfer to the next generation has been well documented. Accenture estimated that $30 trillion of financial and nonfinancial assets are ready to shift from baby boomers to their children in North America alone.
While many families are expending effort on important concepts such as improving financial literacy, defining family shared values, and creating family mission statements, such efforts are likely to be lost if families do not first focus on one fundamental aspect of a successful family: Communica
Poorly structured family meetings that lack a clear purpose and agenda can do more harm than good. Failing to get buy-in from all family members can cause irreparable damage to relationships, despite the best of intentions.
Charles B. Grace, III, Managing Director, Family Office ExchangeJane Flanagan, Director of Family Research, Family Office ExchangeSteven Draper, Senior Technology Consultant, Family Office Exchange
Thursday, April 21, 2016
If you think you may need a family office to manage your family’s wealth, this webinar will help you find out what a family office does and what it takes to start one, as well as an overview of family office technology needs.
One of the greatest concerns among wealthy parents is that the family’s great fortune might inadvertently lead to misfortune for their children. Raising responsible children in affluence is a life-long task requiring patience and persistence.