The family, the family office and the family responsibility.
From a libertarian viewpoint, every parent wants the same thing. Their children should grow into independent, self-reliant and productive adults. Yet in our advisory talks, clients and their advisors raise real worries. Often, they are unsure how to resolve them. Below, we set out the concerns we hear most often.
The future is uncertain. As a result, parents struggle to guide their children. Should they steer them toward engineering, law, medicine or senior management? Or should they let them follow the creative arts? There is no easy answer. Another question troubles them too. At what age should children learn how wealthy they are? And when should they gain access to that wealth? After all, wealth serves a wider purpose than consumption. It lets an enterprise grow and, in time, create jobs.
The family and the fear of disclosure
Many parents hesitate to speak about wealth too early. They worry that it may nurture the wrong values. It may also weaken a child’s character. A young heir who knows he will never need to earn a living may lose focus. He may drift through his studies or coast without effort. In the worst case, he becomes an idle trust zombie. Such heirs simply wait for their inheritance and live off earlier generations.
Raising a productive next generation
So how do parents solve this puzzle? Above all, they want the next generation to stay as diligent and productive as the last. In that way, the household grows its wealth rather than dissipating it. In our conversations with wealthy clients, one theme always emerges. The family, and the family office beside it, must prepare each heir with care and purpose.
libertarian viewpoint, every family wants the same thing. Its children should grow into independent, self-reliant and productive adults. Yet in our advisory talks, family clients and their family offices raise real worries. Often, they are unsure how to resolve them. Below, we set out the concerns we hear most often.The future is uncertain. As a result, parents struggle to guide their children. Should they steer them toward engineering, law, medicine or senior management? Or should they let them follow the creative arts? There is no easy answer. Families also wrestle with another question. At what age should children learn how wealthy they are? And when should they gain access to that wealth? After all, wealth serves a wider purpose than consumption. It lets an enterprise grow and, in time, create jobs.
The fear of telling too soon
Many families hesitate to speak about wealth too early. They worry that it may nurture the wrong values. It may also weaken a child’s character. A child who knows he will never need to earn a living may lose focus. He may drift through his education or study without effort. In the worst case, he becomes an idle trust zombie. Such heirs simply wait for their inheritance and live off earlier generations.
Raising a productive next generation
So how do families solve this puzzle? Above all, they want the next generation to stay as diligent and productive as the last. In that way, the family grows its wealth rather than dissipating it. In our conversations with wealthy families, a shared responsibility always emerges. The family, and the family office beside it, must prepare its heirs with care and purpose.
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