How Family Offices Bring the Next Generation Into Wealth
At a family office conference, Richard C. Wilson asks guests how families communicate across generations and prepare younger relatives to take part.
Richard C. Wilson introduces a discussion about passing down family values and preparing younger relatives to take part. Guests share examples involving a charity, early exposure to wealth matters and conference participation.
In this video: Richard C. Wilson (Host and interviewer), Steve (Guest discussing Nights of Goodness), Alexandra (Guest discussing how her mother involved her in wealth matters), Family office parent (Guest discussing how his family involves children)
What they said
- Alexandra on early exposure. Alexandra credits her mother with taking her to meetings, banks and attorneys' offices when she was young. She now brings her sons to conferences and involves them in investing.
- Alexandra on finding an interest. Alexandra says a child's interest can be a way to engage them in family wealth matters. She mentions philanthropy and a family bank approach where children pitch a deal for possible funding.
- Family office parent on portfolios. A family office parent says his family shows children portfolios and asks what they think and follow. He says young people on TikTok and Instagram may already know what could make money, so adults should listen.
- Panelist on respecting Gen 2 and Gen 3. A panelist says Gen 2 and Gen 3 may hold different beliefs from Gen 1 and still have value to bring to the family. He urges professionals to ask questions and treat them with respect.
- Family office parent on meetings. A family office parent says children sit in on meetings and attend conferences with the family. He teaches eye contact and conversation, and says phones are put away when adults are engaging with them.
In their words
"They get to see firsthand what it is to actually be a family office."
"If you look at it, kids that are on Tik Tok, on Instagram, they already know what's going to make money."
Why it matters if you are building or preserving great wealth
Alexandra's family bank example gives children a chance to make a case for capital while adults decide whether to fund it. That creates a defined way for them to take part in family decisions before they hold formal responsibility.
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Check before you give. Study the work of an NGO, ask more questions, and visit it if you can. This leads to an informed decision.
- Tim Draper: Make your customers your sales force. Hotmail put a message at the bottom of the screen inviting people to get free email. It spread to 11 million users.
- Don Wenner: Commit to scale. Don's major turning point came when he decided to build a great company that makes an impact. Making money and being successful was not enough for him.
See the data
Frequently asked questions
What is Nights of Goodness?
Steve describes it as a separate public charity developed to grant partial scholarships, mostly to children who were not water safe.
What does Alexandra say her sons manage?
She says they run her crypto and blockchain portfolio.
How did Alexandra describe her early exposure?
She said her mother took her to meetings, the bank and attorneys' offices, and that she played banker with her dolls.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.