Governance

How to speak ‘rising gen’

How to speak ‘rising gen’
MTM360 is the first technology to prepare multiple generations of UHNW families for impactful family meetings on core values, legacy, communication, gratitude and governance. Here, they delve into the importance of learning to connect with the Next Gen…

For many families, engaging the rising generations in a meaningful qualitative conversation about wealth, and its impact and meaning to the family, is often “easier said than done.” Why? Because we fail to speak the millennials and Gen Z’s language. Per a 2023 article in Forbes, families “should lead this new group more effectively with a focus on empowerment, purpose-driven work execution and coaching for development and succession planning.” 

Copious amounts of research from Deloitte, Forbes, Campden Wealth and hundreds more clearly demonstrate these rising generations are motivated by three major elements.

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Empowerment
They want a seat at the table. Our research and experience clearly demonstrate that many in the rising generations avoid engaging in a multi-generational dialogue as they feel “dictated to” and as a result avoid engaging in valuable qualitative conversations. Even more so, they feel a family meeting facilitation process is another way for “mom and dad to control me.”

A successful qualitative process should show how everyone’s opinions are equally solicited. Mom/dad and/or grandma/grandpa have no more input on the qualitative direction of the family than little Johnny and little Susie. For the older generations, newsflash, this process is not about you, it’s about them. It’s about preparing the family for the wealth and positioning the family assets as a source of unity and empowerment.

The rising generations, often with their own strong opinions, hence the family should seek to ask for their views, feedback and appreciate their responses. Starting the multigenerational engagement is achieved easily and safely by identifying each family member’s communication style and shared core values. Each topic is unlikely to lead to disagreement. This small step will empower the rising generations in your family.

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Living a purposeful life
According to research published in the Harvard Business Review, millennials want to:

• Make a positive impact.
• Help solve social/environmental challenges.
• Work with a diverse group of people.

This data presents a wonderful opportunity to meaningfully engage the rising generations in dialogue about gratitude, philanthropy and furthering their vision and deepening their purpose. We often use the term “active gratitude” with our families to encourage the family to donate both time, talent, and treasures to further a shared philanthropic vision. Active gratitude will strengthen family unity, demonstrate the positive impact wealth can have on worthy causes and speak to the rising generations’ natural motivations. This can, and will, go a long way to defeating the destructive forces of materialism and entitlement, the antithesis of gratitude.

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Technology
Millennials were the first generation to be born and raised in the social media, smart phone era. Texting is preferred over a phone call, and anything can be ordered through an app. As one millennial client said to me, “if it can’t be done on my phone, you lost me.”

Without technology, an archaic, paper-based process with no tangible client deliverable is unlikely to excite the rising generations. The likelihood of success in engaging the rising generations demands the process to be in the palm of their hands.

Technology also creates time efficiency. In this era of streaming, social media and the like, the rising generations have far more options to occupy their time than prior generations. An interview and paper-based process will be a cure for insomnia for most of the rising generation.

Furthermore, we do not live in Mayberry anymore. The days of families living on the same street or town are far less common than previous generations. Technology has made our world more global than ever, and an engaging, fun, and productive qualitative family meeting facilitation process is required to meet this demand.

In closing, studies suggest the rising generations “thrive in collaborative environments and prefer to work in teams.” Is there a more valuable “team” than your family? 

In this light, to bring your busy, on-the-go and more likely than ever, geographically dispersed family together, you must “speak rising gen” to meaningfully engage and prepare your family’s future leaders.

If your rising generation outreach empowers, deepens their purpose, and offers a technology interface, it will engage the rising generation in potentially the most important conversation a family of wealth will ever have.

Empower. Purpose. Technology. It is as easy as 1,2,3!

To discover more about More Than Money 360, click here.

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