Through our work with affluent families, we have identified a number of realities affecting the pursuit of multi-generational well-being: 1) extended family complexity, 2) entitlement, 3) digital insecurity, 4) democratization and diversification of society, 5) family leadership, 6) living longer, and 7) a challenging economic picture. We have developed the following "essentials" that, when combined together, allow families to proactively confront current and future realities to perpetuate well-being through the generations.

Modeling Through Applied Values

Consistently applied values are the glue that binds extended families through the ages. As guiding principles, they are passed down from one generation to the next through story telling, observation, explicit and implicit social expectations, and a lifetime of interaction. As family leaders, one of the greatest challenges facing parents and grandparents is teaching the succeeding generations how best to apply these values to decisions regarding personal development, relationship choices, commercial instincts, and financial management.

Effective Leadership and Decision-Making

Leadership and effective decision-making are essential components of family well-being. As with any social system — be it a nation, a city, a business or a sports team — sound leadership fosters a shared set of values, establishes priorities for all concerned, and aligns the resources necessary to achieve goals. The same holds true for a family. Leadership within a family does not imply complexity or formality, but rather establishes a family-specific approach to clarifying, developing, and sustaining well-being.

Respect For the Individual and Commitment to Human Development

Building respect within families is the "special sauce" for family well-being, which flourishes when individual strengths are encouraged and valued. Each family member, including extended family, should be recognized for his or her specific qualities and contributions. This enables the family network to build trusted relationships, create geographic reach, and tap a vast set of skills and aptitudes. The family must be committed to developing every individual’s potential just as each member must recognize that contributing to the well-being of the family makes the whole greater than the parts

Financial Alignment

Financial assets are a resource that supports a family’s priorities, and as such, should be properly structured to address funding requirements and growth needs. When expectations are not established, financial management becomes directionless and will likely disappoint. By aligning financial resources with evolved values, effective leadership, and individual potential, families can create an environment in which well-being is perpetuated.