The Rising Generation

A major concern that consistently arises with the rising generation centers around individualism, independence, and freedom.

They seek clarity about who they want to be in the face of demands and expectations projected upon them by parents, siblings, peers, trustees, advisors, and so on.

In their search for individuation, the rising generation asks, “Who am I as an individual in the land of giants where there is so much … money, family businesses/enterprises, trusts, and significant philanthropy?”

Individuation is the search for one’s self and the process by which one emerges as unique and distinguishable from all others—can be difficult in a land of greatness and power. It’s understandable why many heirs (and their parents) are paralyzed. Disproving myths that could diminish who you are and can become is essential. It is not uncommon for advisors and parents to fear some of these scenarios below.

Together, we navigate this journey towards clarity, individuation, and empowerment.
Commonly asked questions
  • What is a steward of family wealth?
  • What does is mean to be a good beneficiary of a trust so we aren’t known as trust-funders?
  • What defines a good trustee and can we question them?
  • What if I don’t want to work in the family business?
  • How do I develop confidence and success in my role as an heir so I feel comfortable?
  • Whose dreams am I allowed to follow? Mine or my parents? And if mine, how do I figure out what they are?
  • How do we know if someone likes us for who we are—from friends to sweethearts?
  • Whose money is this? Mine or my parents?
  • With all this money, why do I need a budget, estate plan or financial education?
  • Why are taxes more complicated for me?
  • What is the function of all these advisors and how can we develop meaningful conversations with them?
  • How can I feel more confident when asking questions about things I don’t understand?
  • How do I dispel the myth that I’m lucky to have money and opportunity when so much is expected of me?
  • How can I stay grounded in who I am in the midst of so much wealth?
  • Is working really necessary when you’re wealthy?
  • Do I need a career of my own to believe life has meaning?
  • How can I feel more willing to make mistakes without feeling like a failure?
  • Why is learning from my mistakes so hard?
  • How can I overcome the guilt of having sizable wealth that I didn’t earn?
  • What if I lose it all?
  • How do I bring up the concept of a prenup?
  • How do I make strategic philanthropic contributions and stay under-the-radar?
  • How can I still feel “normal” and talk with my close friends authentically about my situation?
  • Who do I turn to when I need to talk about family wealth and how it effects my life?

“Ginni (helps) families seeking to flourish … by growing their human, intellectual, social and spiritual capitals, in addition to their financial capital. Families seeking to bring each other’s dreams to life toward the individuation of each family member finding his or her calling in vocation. Ginni’s practice lies in helping the families she serves achieve their goals of enhancing the individual journeys of happiness of each family member towards their entire family flourishing far into the future.”

— James (Jay) E. Hughes, Jr.

The Rising Generation

A major concern that consistently arises with the rising generation centers around individualism, independence, and freedom.

They seek clarity about who they want to be in the face of demands and expectations projected upon them by parents, siblings, peers, trustees, advisors, and so on.

In their search for individuation, the rising generation asks, “Who am I as an individual in the land of giants where there is so much … money, family businesses, enterprises, trusts, and significant philanthropy?”

Individuation is the search for one’s self and the process by which one emerges as unique and distinguishable from all others. Individuation can be difficult in a land of greatness and power. It’s understandable why many heirs (and their parents) are paralyzed. Disproving myths that could diminish who you are and can become is essential. It is not uncommon for advisors and parents to fear some of these scenarios below.

Together, we navigate this journey towards clarity, individuation, and empowerment.
Commonly asked questions
  • What is a steward of family wealth?
  • What does is mean to be a good beneficiary of a trust so we aren’t known as trust-funders?
  • What defines a good trustee and can we question them?
  • What if I don’t want to work in the family business?
  • How do I develop confidence and success in my role as an heir so I feel comfortable?
  • Whose dreams am I allowed to follow? Mine or my parents? And if mine, how do I figure out what they are?
  • How do we know if someone likes us for who we are—from friends to sweethearts?
  • Whose money is this? Mine or my parents?
  • With all this money, why do I need a budget, estate plan or financial education?
  • Why are taxes more complicated for me?
  • What is the function of all these advisors and how can we develop meaningful conversations with them?
  • How can I feel more confident when asking questions about things I don’t understand?
  • How do I dispel the myth that I’m lucky to have money and opportunity when so much is expected of me?
  • How can I stay grounded in who I am in the midst of so much wealth?
  • Is working really necessary when you’re wealthy?
  • Do I need a career of my own to believe life has meaning?
  • How can I feel more willing to make mistakes without feeling like a failure?
  • Why is learning from my mistakes so hard?
  • How can I overcome the guilt of having sizable wealth that I didn’t earn?
  • What if I lose it all?
  • How do I bring up the concept of a prenup?
  • How do I make strategic philanthropic contributions and stay under-the-radar?
  • How can I still feel “normal” and talk with my close friends authentically about my situation?
  • Who do I turn to when I need to talk about family wealth and how it effects my life?

“Ginni (helps) families seeking to flourish … by growing their human, intellectual, social and spiritual capitals, in addition to their financial capital. Families seeking to bring each other’s dreams to life toward the individuation of each family member finding his or her calling in vocation. Ginni’s practice lies in helping the families she serves achieve their goals of enhancing the individual journeys of happiness of each family member towards their entire family flourishing far into the future.”

— James (Jay) E. Hughes, Jr.

Demystifying the Myths

Myth #1:
Wealth is Easily Lost

  • Only 13% of family businesses survive through the 3rd generation
  • 70% of wealth transfers fail

—John Ward (1987). Keeping the family business healthy; Roy Williams and Vic Preisser (2003) Preparing Heirs: Five steps to a successful transition of family wealth.

Myth #2:
Wealth is toxic and will spoil your children

  • Heirs need to be protected by controlling access to wealth
  • You must have strict rules (like incentive trusts) to preserve wealth
  • Because they didn’t earn it, they won’t be as thoughtful and responsible as yourself
  • Making big moves like “I’m giving our wealth away for your own good”

The great news is that we have moved on! Research shows that there isn’t a lot of weight in these prior fears. In fact, many of the rising generation and their parents have begun adopting a more empowering wealth mindset with promising results.

The great news is that we have moved on! Research shows that there isn’t a lot of weight in these prior fears. In fact, many of the rising generation and their parents have begun adopting a more empowering wealth mindset with promising results.

Demystifying the Myths

Myth #1:
Wealth is Easily Lost

  • Only 13% of family businesses survive through the 3rd generation
  • 70% of wealth transfers fail

—John Ward (1987). Keeping the family business healthy; Roy Williams and Vic Preisser (2003) Preparing Heirs: Five steps to a successful transition of family wealth.

Myth #2:
Wealth is toxic and will spoil your children

  • Heirs need to be protected by controlling access to wealth
  • You must have strict rules (like incentive trusts) to preserve wealth
  • Because they didn’t earn it, they won’t be as thoughtful and responsible as yourself
  • Making big moves like “I’m giving our wealth away for your own good”

Starting Simple with the Rising Generation

By starting simple with the rising generation, we help them navigate around the multitude of questions swirling around their head.

I often hear this from advisors, “They never ask any questions or voice an opinion.” To which, I respond, “Why are your clients having trouble even knowing what to ask?”

Empowerment begins organically with assistance navigating the confusing waters of significant wealth. We help the rising generation discover what’s in their water, so they can begin to write their own life story. After receiving answers to their many questions, they are more equipped to use the power they have over their own lives.

EMPOWERING WEALTH MINDSET
  • Focus on the positive, based on strengths and resilience
  • Balance in emphasizing purpose and empowerment alongside challenges
  • Rejecting outmoded, questionable myths
  • Learning from who succeeds and why, over those who fail
EMPOWERING WEALTH ASSUMPTIONS
  • I trust my children because I have taught them what I have learned and believe, and helped them get an education
  • Wealth is a gift that will allow my children to form wonderful lives and serve the community
  • Since I don’t know what challenges my children will face, the best I can do is prepare them to make wise decisions
  • I can reduce potential conflict in the next generation by teaching them how to work together with respect and compromise

— Dennis Jaffe, presented at Family Magazine’s Transitions Fall 2003 Conference

Starting Simple with the Rising Generation

By starting simple with the rising generation, we help them navigate around the multitude of questions swirling around their heads.

I often hear this from advisors, “They never ask any questions or voice an opinion.” To which, I respond, “Why are your clients having trouble even knowing what to ask?”

Empowerment begins organically with assistance navigating the confusing waters of significant wealth. We help the rising generation discover what’s in their water, so they can surface, and begin to write their own life story. After discovering answers to their many questions, they are more equipped to use the power they have over their own lives.

EMPOWERING WEALTH MINDSET
  • Focus on the positive, based on strengths and resilience
  • Balance in emphasizing purpose and empowerment alongside challenges
  • Rejecting outmoded, questionable myths
  • Learning from who succeeds and why, over those who fail
EMPOWERING WEALTH ASSUMPTIONS
  • I trust my children because I have taught them what I have learned and believe, and helped them get an education
  • Wealth is a gift that will allow my children to form wonderful lives and serve the community
  • Since I don’t know what challenges my children will face, the best I can do is prepare them to make wise decisions
  • I can reduce potential conflict in the next generation by teaching them how to work together with respect and compromise

— Dennis Jaffe, presented at Family Magazine’s Transitions Fall 2003 Conference

Time to chart a new course?

Let’s navigate together.

Time to chart a new course?

We’ll help you navigate.

Beginning the conversation is the most significant step you’ll take.