The UHNW Institute’s April Theme: Family Dynamics
Each month, The UHNW Institute will identify a specific industry theme to emphasize. Much of the content and programming we highlight and produce will focus on the chosen theme.
All monthly themes can be found in the 2023 Programming Calendar here.
Through the month of April, we will explore Family Dynamics, one of the Ten Domains of Family Wealth, within the Cultivation of Family Capital cluster. Family Dynamics encompasses the personal and family strengths, challenges, communication needs and conflict management strategies related to the family, its relationships and wealth.
We have selected the following resources on Family Dynamics for members to explore this month to help deepen their knowledge and understanding of this multi-faceted topic.
- Podcast by Wealth of Wisdom – Episode 34: featuring Jill Shipley – How do you Raise Responsible, Independent, and Productive Children
Tom McCullough interviews Jill on what she thinks the best practices are for wealthy parents when it comes to raising their children. From thinking about how children mirror their parent’s behaviors, to investing in learning and fostering a reason to get off the couch, Jill covers some great starting points for families thinking about these issues.
- Article by Dennis T. Jaffe – Forbes – Family Wealth Advisors Need Skills in Family Dynamics
Advisors have begun to learn that the family is a human system composed of members who are deeply connected emotionally and whose personal relationships often make it difficult to focus on their financial or business choices. As a result, the advisors must learn to understand and work with family relationships and dynamics in order to do the job they were trained to do.
- Book by James E. Hughes Jr., Susan E. Massenzio, Keith Whitaker- The Voice of the Rising Generation Family Wealth and Wisdom
Many books are addressed to parents and grandparents who worry about the effects of unearned wealth on their descendants. In contrast, The Voice of the Rising Generation speaks directly to 20-, 30- and 40-somethings, encouraging them–literally, giving them courage–to meet the challenge of integrating wealth’s power into their lives.
- Book by Dennis T. Jaffe and James Grubman – Cross Cultures: How Global Families Negotiate Change Across Generations
Prosperous families around the globe face unexpected challenges as younger generations are sent for education and training in faraway lands and diverse cultures, then return home. The resulting conflicts can bring significant stress to the family and risk to the family enterprise, especially at times of generational transition. Cross Cultures outlines recent research identifying three fundamental cultural styles around the world. It then explains the practical, commonsense strategies that families in each culture (and their advisers) can use to resolve the differences threatening the fabric of the family.
If you have any questions about this month’s theme or are interested in joining The UHNW Institute, please do not hesitate to contact us.