The Rockefeller family became a part of American history not only because of their fortune, but because of how they have successfully transitioned it from one generation to the next while creating and maintaining a profoundly positive impact around the world for seven generations.
The longevity of their wealth has been made possible not only by skillfully navigating wealth’s complexities, but also by intentionally empowering each rising generation through financial education and sharing family values. Guided by foundational principles, the Rockefellers have consistently sought to preserve their wealth through generations on the basis of learning and appreciating the values that bring their family together around a shared mission, knowing this approach leads to confidence in financial decision-making, the ability to lead happy, successful lives, and ultimately great stewardship of family wealth and legacy.
One of the most meaningful things we do in life is find alignment with the right people and the right purposes or values. Therefore, one of the most meaningful things family members can do for each other is offer support in finding that individual alignment. This process looks different for everyone, but one way in which we are alike is that we all experience challenges and opportunities during our lifetime that ultimately help us determine who we are and what is important to us. Our personal understanding of what is inherently important to us puts us in a position for a productive conversation about what common values unite our family. Finding alignment within a family can be challenging. Families, after all, come with their own unique dynamics, histories, and traditions that can both enrich and complicate the process of value alignment. Within a family, different generations may hold varying perspectives on what is important, influenced by the times in which they grew up and their personal experiences. If approached the right way, this diversity of thought within families can be a source of strength, offering a broader range of insights and an opportunity to better understand and appreciate one another.
1. Ask The Important Questions
By fostering open communication and mutual understanding, family members create a foundation of trust and respect that will govern and support them in their decision-making across all areas of life, including and especially the role of family wealth. This collaborative approach not only strengthens family bonds but also ensures that wealth is managed responsibly and ethically, benefiting both current and future generations.
Ultimately, the emphasis on trust and respect transforms financial planning from a potentially divisive topic into a unifying force. It empowers each family member to contribute meaningfully, fostering a sense of shared purpose and collective achievement. In this way, the role of family wealth transcends mere monetary value, becoming a pivotal element in the family’s legacy and enduring success.
2. Common Family Themes
A general theme in parents and wealth builders is that they seek to protect. A general theme among younger generations and inheritors is that they seek to be appreciated for their own capabilities. Finding a balance between these themes can be complex but incredibly rewarding. It requires open dialogue and a willingness to understand each other’s perspectives. For parents, it’s essential to communicate not just the desire to protect, but also the reasons behind certain financial decisions. For the next generation, it’s important to express their aspirations and the areas where they wish to carve out their own paths.
3. Education and Empowerment
Financial education also plays an essential role in supporting families to find alignment between wealth and values. Ensuring that all family members understand the principles of their financial lives and the values underpinning their family’s wealth can be a significant source of empowerment. Everyone deserves to have confidence in their ability to make wise financial decisions, to understand the “why” behind advice they are given, and to feel a sense of personal achievement as they learn to navigate the complexities and responsibilities that accompany family wealth. This education should be ongoing, adapting as the family grows and the financial landscape evolves. In partnership with the Rockefeller Family, we have created the Rockefeller Financial Education Program, covering core areas such as personal finance; planning for the future; wills, trusts & estates; US tax basics; investing; sustainability & impact; philanthropy; and entrepreneurship. This program is a resource that aims to support all our clients and their families, including the Rockefellers.
4. Building a Legacy Together
At Rockefeller, we believe that true wealth encompasses more than just financial success; it includes the principles and ideals that define your family’s ethos. Our bespoke Wealth & Values Exercise serves as a guide to leading meaningful, values-driven conversations with multigenerational families to help them articulate and solidify their unique values, ensuring that these guiding principles are preserved and cherished by future generations. Discover how our expertise can assist you in creating a legacy that embodies both financial success and the enduring values that drive your passions.
Financial decisions should be guided by deeply rooted values and a desire to leave a meaningful legacy. It’s essential for all family members to understand financial principles and the values underpinning family wealth.
At Rockefeller, we are founded on the idea that families and wealth are complex, nuanced, deeply personal, and deserving of a team and strategies that uniquely match their journeys and their needs. Our global family office has served the Rockefeller family for 140 years. The standards for our services are the same standards established by the Rockefeller family legacy and the guardians who have so skillfully helped it thrive throughout seven generations and counting. The trends they have weathered, the familial bonds they have bolstered, and the positive impact they have had on society are our benchmarks.
Investing involves risk, including risk of loss. The information contained herein is provided for informational purposes only and is not intended, and should not be construed, as investment, accounting, tax or legal advice. Please consult your legal and tax advisors when considering this information. These materials may not be reproduced or distributed without Rockefeller Capital Management Inc.’s prior written consent. These materials do not constitute an offer to sell or a solicitation of an offer to buy interests in any Rockefeller Capital Management investment vehicle or product.
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Disclosures
Illustrative and Educational. The information provided is for illustrative and educational purposes only. It should not be construed as an investment recommendation, investment advice, an offer of Rockefeller investment advisory or brokerage services, or a projection or illustration of the performance of any particular investment or strategy offered by Rockefeller.
Tax Considerations. Rockefeller does not provide accounting or tax advice to its clients, unless explicitly agreed between the client and Rockefeller. Clients seeking tax or accounting advice may enter into a separate engagement with The Global Family Office division for such services. The information contained in herein is not written or intended as financial, tax or legal advice. The information provided herein may not be relied on for purposes of avoiding any federal tax penalties. All clients should be aware that tax treatment is subject to change by law, or retroactively, and clients should consult their tax advisors regarding any potential strategy, investment, or transaction. You should review any planned financial transactions or arrangement that may have tax, accounting, or legal implications with your personal professional advisors. Please consult your legal and tax advisors when considering this information.
No Distribution; No Offer or Solicitation. This material was prepared by Rockefeller Capital Management, solely for informational and educational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy interests in any Rockefeller Capital Management investment vehicle, product or service, and should not be interpreted to constitute a recommendation with respect to any security or investment plan. Although the information provided is carefully reviewed, Rockefeller Capital Management cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided. Forward-looking statements, including those presented herein, are inherently uncertain, as future events may differ materially from those reflected, and past performance is not a guarantee of future performance. No investment strategy can guarantee a profit or protection against losses. Investment decisions should be based on an individual’s investment objectives, risk tolerance, liquidity needs and financial situation. Investing involves risk, including risk of loss. This information may not be copied, reproduced or distributed without Rockefeller Capital Management’s prior written consent.
Entities Providing Service. Rockefeller Financial LLC is a broker-dealer and investment adviser dually registered with the U.S. Securities and Exchange Commission (SEC); Member Financial Industry Regulatory Authority (FINRA) (http://www.finra.org/), Securities Investor Protection Corporation (SIPC) (https://www.sipc.org/). Rockefeller Financial LLC is not a bank. Where appropriate, Rockefeller Financial LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
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About Quackenbush Panetti Wealth Partners
Life’s grandest visions require thoughtful plans. At Quackenbush Panetti Wealth Partners, we’re focused on meeting the dynamic needs of each client, adapting to how those needs unfold over every stage of wealth. Our team is able to provide solutions to your unique challenges, while providing an elevated level of service.
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