future of work Archives - David Werdiger

#Intergenerational necessity, vulnerabilities, and resilience are typical factors addressed in determining wealth transition. However, adapting to the changing demands, expectations and opportunities in the disruption via #pandemic will epically force family businesses to rethink their strategies. The immediate need for #workfromhome, revised #familybusiness strategy, #riskassessment, and governance are paramount for pivoting to #nextgeneration and #futureofwork organizations. In the UK, the final report by the Intergenerational Commission speaks in terms of an intergenerational contract – “the principle that…

Whether you choose to spend your kids inheritance, gift assets, or you prefer to hold money back for the kids, managing what you leave behind can be done a few different ways. There is no right way, and there should be no pressure to choose one direction or another. Your life, your money! Mass media will always jump on stories that seek to challenge and debunk commonly accepted narratives. CNBC is running a story suggesting…

Consider This: How do you explain your family wealth to young children? At what do you start this process? How do you say ‘no’ to them and place limits on their spending when they reply “but we can afford it”? Affluenza and entitle-itis are some of the newest ‘diseases’ that afflict the wealthy, and of course there is always the ubiquitous ‘privilege’ that almost everyone is now obliged to check. In her book Uneasy Street:…

Q: How do we protect the next generation from blowing our money? A: Stop right there. Whether you have created or inherited the wealth, the language of the question reeks of a power, control and mistrust dynamic. Many families either hang on to their wealth or setup structures to prevent their children from “blowing it” (which is often controlling from the grave). Yes, it’s awkward having discussions about estate planning and family wealth, and who wants to…

Many families struggle with the ‘why’ of their wealth. Defining a philanthropic strategy is a great way for a family to articulate a purpose for their wealth. However, only 20% of families have a formal process for doing so. At the start of COVID, there was concern that financial pressure on families would lead to a reduction in philanthropy. But in a recent survey, 43% of respondents said that the pandemic had not altered the…