For some people, philanthropy isn’t on their radar. If they have surplus funds, their preference is to reinvest with the view to grow their wealth.
For others, giving back is part of who they are, and they find it a rewarding and fulfilling experience.
There’s no right or wrong, but it can be challenging in family group situations if there is a mix of these personas. Once you’ve found a compromise and way forward though, working together towards an agreed outcome establishes a unique connection over and above the normal business and family life.
Working as a family group presents the opportunity to increase financial literacy across all generations through open discussions. For example, older family members can pass on lessons learnt and experiences gained through previous philanthropic activities, and younger generations can highlight issues prominent in society today and the means available through technology to raise awareness and funds.
This sense of connection through agreed outcomes or goals goes a long way in building better relationships and a more harmonious family. Bonds that are forged through doing something outside of the day-to-day that is beneficial to others can be a game changer for family members that don’t usually see eye to eye. The shift of focus to one that is aligned for the betterment of others can create an enhanced understanding of values, views and behaviours.
The connection between family members, especially if ongoing, can lead to further and more frequent opportunities to discuss the family wealth and provide guidance on how to preserve it for generations to come. It’s the open nature of the relationships in the group, allowing questions and the passing on of knowledge, that will help foster effective decision making through the generations to come. It’s an interesting space and one that is becoming more and more common in the conversations we are having with the people we help. If this sounds like something your family group would be interested in knowing more about, please book an appointment today via the Let’s Talk page.