Avoid Generalizations In Working With NextGens

The questions of when, how, and to what extent to engage younger generations in a family's succession process cross nearly all sectors of private client advisory work, both within the US and internationally. Traditionally, the focus is on a linear down generation transition of a family's wealth and/or business. Discussions center around communication with, and education of, the younger generation(s) on their responsibilities and stewardship role with respect to the senior generation's wealth that has, or will, transition to a generation which did not create the wealth.

Advising these "NextGen" beneficiaries is only one facet of "NextGen" advisory work. In our experience, the term "NextGen" is now being broadly used and encompasses at least two other distinct groups, each of which has unique needs and considerations in the advisory process.