Chairman's Message: Preparing the Next Generation – Navigating Family Wealth with Intention, Empathy, and Engagement

In June, I had the privilege of speaking at and attending Northwood Family Office’s Second Annual Rising Gen Forum, a gathering of the next generation of wealth holders. While the event was full of diverse perspectives and lively discussions, I walked away with four thoughts that struck me both personally and professionally.

These aren’t just theories; they’re lessons shaped by my own experience and the many families I’ve had the privilege to work with. My hope is that by sharing them, others can navigate the journey of preparing the next generation with greater intention, empathy, and purpose.

1. Bringing the Rising Gen into Wealth Management

It’s a good idea to start early. You can expose children in their teens (and before) to conversations about philanthropy, budgeting, and strategy. In their twenties, you can encourage active participation in and learning about financial decisions and charitable giving. And as they emerge into adulthood, you can go further if you choose to. In our own family, we have recently been through this process with our 30-something children, sharing elements of our balance sheet, governance, and transition plans.

In spite of the rough age guide above, readiness isn’t only about age; it’s about mindset. Look for curiosity, humility, and responsibility, then create opportunities that match their stage of development.

2. Lessons from My Own Rising Gen Experience

Growing up alongside a family business offers a unique window into wealth creation and management. In my case, I saw the risks, effort, and choices firsthand from my father’s businesses.

There were no illusions about instant wealth. We talked openly about work ethic, debt (“avoid it unless it’s for investment”), and smart risk-taking. These lessons shaped how I approached our own family and as well as building Northwood.

3. Room for Improvement: What I Might Have Done Differently

I have few regrets, but if I had one, it would be this:

I would have started sooner and asked more questions.

I assumed my kids would ask when they were curious. But many rising gen members don’t know what to ask or worry about appearing entitled. By proactively opening the door to discussion, we can signal that curiosity is welcome.

A favorite quote that guides me:

“Do the best you can with what you know. When you know better, do better.” — Maya Angelou

4. What We Talk About and What We Avoided

Our family culture is intellectually curious, passionate, and adventurous. We debate issues. We laugh. We genuinely like being together.

But like many families, we historically didn’t talk much about the emotional aspects of wealth, such as guilt, anxiety, or fear of judgment. That’s changing. We’re learning to name and normalize those feelings, knowing that emotional intelligence is essential to financial stewardship. This is increasingly common with many of the families we work with.

Final Thoughts

Wealth transitions used to be about control and succession. Today, the most effective families are reframing them as opportunities for partnership and shared purpose.

The rising generation doesn’t want to be managed; they want to be mentored. They want to make an impact, not just inherit an asset. And they want to belong to something bigger than themselves, that communicates openly and prepares its members to flourish.

By starting small, starting early, and staying human, families can turn rising gen engagement from a source of stress into a source of strength.