One third of the global population are under the age of 40, classified as Millennials or Generation Z. They control less than 10% of total wealth yet sit on the Boards of one in three Family Offices.
With the coronavirus pandemic accelerating digital transformation in every home and Family Office, we, as a global population, are relying on our youngest generation more than ever before.
From the millennials leading the push towards Impact Investing to the software engineers behind Zoom, today’s leaders would arguably be lost without the next generation and the same can be said about our Gen-Z and Millennial children, helping to implement all of the above.
But technology aside, what else can we learn from our next-gen leaders and, what do we need to teach them today in order to succeed tomorrow?
In this white paper, we explore the strengths, weaknesses, and differences of the next generation of leaders, the impact they are already having on Family Offices from the Board downwards and why together with existing leaders, they can make powerful change.
With extracts from Principals and Family Office leaders from three generations, America’s Chief Mentor to next-gens and a millennial leader herself – this white paper offers insights, and guidance on how to prime your next-gen leaders, how to retain a family outside of the office and, how to learn from tomorrow’s leaders, today.
We also highlight the importance of recruiting external talent to fill next-generation positions and explore how it is becoming an increasingly popular talent solution with families for a variety of different reasons.
We speak to a Founder in New York whose sons are incredibly creative but have no interest in the financial nature of the Family Office, a Principal of a European Philanthropic Foundation whose family no longer speak following a dispute over succession and a next-generation leader who has chosen to quietly lead from the Board while pursuing her own passions. All three leaders are opting to externally recruit their next generation leaders for three very different reasons and speak to us about the learning process involved with each.