Reverse-Mentoring was a term popularised by Jack Welch in 1999 as he tasked 500 junior associates with teaching a board of executives, how to use the internet.
Two decades on and it has evolved to become a diversity tool: working to improve gender, racial, hierarchical and even intergenerational diversity in the workplace and we believe it is completely transferrable to the Family Office environment.
As of today, we have five generations in our Family Offices. Five groups of existing and future leaders that have a wealth of knowledge and expertise that is both transferable and relevant to the modern day environment.
From millennials who were raised by technology to post-war Baby Boomers who hold more than 50% of today’s global wealth, there are stark generational differences which already exist in our Family Offices – the question is, are we using this intergenerational diversity to its full advantage?
The concept of learning from one another is already a principle we are familiar with as 40% of Family Offices have their next-generation leader on an advisory board. But, with wealth still heavily skewed in favour of over 65s and with more than 50% of Family Offices setting their investment portfolio sights on Biotech and Pharmaceuticals, it could be time to put reverse-mentoring to the test.
As part of our thought-leadership series, we will be looking at the generational differences between Family Office leaders and exploring how Family Office heads born between 1928 and 1996 differ in their approach to leadership, problem solving and money.
We hope the piece will not just be eye-opening but helpful in navigating older leaders through digitalisation and younger leaders through the workings of a Family Office through lived experience.
If you would like to contribute to the white paper please reach out directly or join the conversation on LinkedIn, what advice have you taken from another generation and how do your skillsets differ?