As a wealthy family, one sure way to find out the answer is to ask (too often parents don’t bother). According to a Wells-Fargo survey of Millennials, more than 90% of children say they want to inherit their parents’ values, not their wealth. Some 84% want top sustain and build on their family’s legacy. This should be very heartening news for parents.
In a previous newsletter, I mentioned the relative importance of education and networks which families can provide to their children. Clearly, it’s not all about money!
Regarding philanthropy, 80% of children surveyed say the family’s giving aligns with their own values, but 40% want more of a say.
The survey shows the importance of talking about wealth and legacy within a family, and how learning between generations can go both directions.
Consider This: Have you asked your children what the family wealth means to them? What is most important to them about their lives? Conversations like that aren’t always easy. It’s important to make ‘space’ for them where all voices can be heard.
As an advisor to #familyoffice and #familybusiness I often help guide #intergenerational parties through counseling and actionable generational wealth succession strategies. Now offering online talks, panels, classes at https://davidwerdiger.com
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