Date: Oct 29 2020
FOX recently hosted a Rising Gen Forum, and here Mindy Earley, Chief Learning Officer at FOX, and Heather Abramson, Relationship Manager at FOX, share the key takeaways from that forum and more information about the FOX Rising Gen program.
FOX first started the Rising Gen program because their Rising Gen community asked for it. The first official forum was in April 2018, and the program has grown from there now with multiple forums and workshops each year, and a growing, engaged community of Rising Gen members.
Today there are over 225 Rising Gen members in the community. This is a confidential space for the Rising Gen community and excludes outside family members and family office executives.
Abramson and Earley share a bit about the FOX Rising Gen demographics including age range, generation, location, investable assets. And the Rising Gen report that their top five challenges are:
- Defining future roles in the family
- Communication building between generations
- Family dynamics
- Leadership development
- Investment strategies
Abramson reminds us that family offices need to be careful not to lump all their Rising Gen members into one category. There is a disparity of ages and stages for these members – from college, grad school, dating, to marriage, to children, and careers. etc.
What happens when you have new Rising Gen family members, who maybe have inherited or have newly found wealth. Families should help bring along the Rising Generation. If you have new wealth or a liquidity event, you want to talk about the big questions.
What if you have a Rising Gen who wants to get more involved, how can the family office help with the process? Be sure to give them meaningful, intentional roles, so they can have impact. There has to be an understanding around what everyone “gets” out of it.
What if the Rising Gen gets frustrated if the senior generation doesn’t understand the need to transition? Be up front and thoughtful about your intentions, and how they come across. Slow, intentional, incremental inclusion makes the process easier.
Abramson advises perhaps work backwards – for example, if you want your son or your niece or your grandson to run your business someday, how are you going to help them get there?
The next FOX Rising Gen event is the Leadership Program, held in-person in Chicago, and offered virtually as well, on December 7-8.
Mindy Earley is an education and family office professional who believes that empowerment and knowledge are key to living a purpose-driven and self-actualized life. She is inspired by helping people learn, grow and discover the way that they will make personal and productive contributions, using their strengths and talents.
Areas of Expertise: Family Learning