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Family Office
October 28, 2021
2 mins

Family education initiatives: Building a foundation for the future

October 28, 2021
2 mins
Stephen Campbell
Chairman, Citi Private Capital Group
SUMMARY

An integral part of many multi-generational efforts to develop family leaders are family learning or education programs. Getting them right is mission critical.


Affluent multi-generational families face numerous challenges, the most vexing of which is how to prepare children and young adults to assume meaningful leadership roles in the family enterprise or in life. An integral part of many multi-generational efforts to develop family leaders are family learning or education programs.

The scope of education initiatives can vary greatly, from well-orchestrated curriculum-based programs to informal but intentional activities. Regardless of complexity, developing skills, experience and judgement in next generation wealth inheritors is a crucial element of ensuring family legacy, developing talent, fostering leadership, and promoting responsible affluence in wealth inheritors.

For many who have family businesses, private investment companies, family offices, and foundations, the need to develop future leaders and responsible stakeholders is mission critical. Such efforts augment conventional college and university educational achievements. Others simply wish to prepare children for the responsibilities of parenting and wealth, cope with family fame, reinforce family values, or simply provide exposure to family history.

In any case, family learning programs are an important vehicle to inform and prepare young people for roles within the family enterprise or family, while simultaneously promoting family cohesion and sustaining multi-generational wealth. Not to be overlooked, family elders can also benefit by participating in any number of educational initiatives, as well as the opportunity to teach, mentor and support young adults and children.

As part of our ongoing efforts aimed at assisting clients in developing a comprehensive family education program or strengthening existing ones, we have published our latest whitepaper - Family learning and education initiatives: Building a foundation for the future.

In this wide-ranging paper, we have covered several crucial topics on the importance of family learning and education initiatives irrespective of the size and wealth of the family. These range from family education best practices to building an education program, work experience and skills assessment to mentoring. We hope that the paper will inform and assist you in formulating your thoughts and plans on family education initiatives.

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