How Family Offices Keep Generations in Conversation
A host asks two family office speakers how they communicate across generations.
One speaker describes family governance retreats. The other describes recurring meetings, preparing children for the handoff, and teaching grandchildren financial literacy, health, and wellness.
In this video: Unidentified host (host), Unidentified family office speaker (family office speaker), Unidentified family office speaker (family office speaker)
What they said
- First speaker on family governance retreats. The first speaker says the family holds family governance retreats that last several days. Internal staff or outside consultants may facilitate them, with agenda items from family members and the person in charge.
- Second speaker on recurring family meetings. The second speaker says the family holds regular meetings with adults, one in the spring and one in the fall.
- Second speaker on preparing children for the handoff. The second speaker says preparing for the transition to the children was a priority. The children traveled with the speaker and learned about the work before the family office was formed.
- Second speaker on choosing an in-house office. The second speaker says the family considered a multifamily office, interviewed several, then decided to manage its own office after weighing the fees. The speaker says they manage the office themselves and syndicate with other family offices in the Intermountain West.
- Second speaker on teaching grandchildren. The second speaker says the family is teaching financial literacy to grandchildren old enough to understand. The speaker also includes health and wellness among subjects considered as important as family finances.
In their words
"that gives us a little bit of a DNA feeling"
"we communicate a lot. I have five children."
Why it matters if you are building or preserving great wealth
The second speaker says the oldest son now sets the agenda and does most of the talking at family meetings, while the speaker stays available for questions. That puts the next generation in charge of the meeting before the full handoff is complete.
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Frequently asked questions
Where did the first speaker's family hold retreats?
The speaker says they usually met somewhere in the United States, sometimes elsewhere. The family might choose a national park lodge, a kind of place they had visited as children.
Who sets the agenda for the second family's meetings?
The speaker says the oldest son sets the agenda and does most of the talking. The speaker remains available for questions.
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.