Is “next-gen” becoming a buzz word in conversations about wealth? While engaging next generation is necessary for families of wealth to thrive, what does that really mean and how do we optimize it?
Might next-gen reflect, more than age, a state of mind? Perhaps more than anything, might it reflect openness to next-gen ideas?
We are assaulted on a daily basis by increasingly disruptive technologies and a rate of change that stuns. Young adults naturally strive to distinguish themselves from generations which proceed them. Existential global crises confronting the world they are inheriting has already ensured that next-gen challenges are different from their predecessors. It is reassuring that many next generation adults already evidence values of social consciousness and equity. Moral compass, coupled with financial capacity and knowledge of new technologies will allow them to create original solutions to problems of global health, poverty, climate and social justice.
Traditional advisors in systems of wealth have focused on financial domains of advising. But beyond financial capital, human capital remains our most precious asset. Meaningful focus on human capital cannot be an add-on: it must be an essential ingredient for protection and enhancement of well-being, as well as preservation and growth of financial capital. Knowledge of next-gen ideas must become part of the required toolkit of the family advisory.
The fields of genomics, artificial intelligence, blockchain and quantum computing are but a few examples of disruptive technologies that are radically reshaping our world.
Let us consider genomics more closely. Genetics, the study of heredity and single genes, has long been understood to be a major determinant of health. But today through genomics, the study of an organism’s complete set of genetic information, we have new insights and agency. We can read, write and create new DNA. We now face unprecedented choice. The implications for wellness, reproduction and longevity are stunning. The ethics, social, legal, privacy, moral and behavioral challenges related to the use of genomics are also stunning. And they are unprecedented, with few clear answers.
Bill Gates said in 2019 “Genomics is the most important public conversation we’re not having”. Mr. Gates welcomes us to new ways of thinking about public health, global warming, even food production for the entire world. It is our responsibility as advisors and mentors to ensure that our charges are included in these cutting edge conversations.
Our next-gen has the potential not only to name buildings, but to support science that will allow them to eradicate our most malignant diseases. They will wrestle with reproductive challenges that include enhancement and “designer babies”. They must ensure that the benefits of genomics accrue equitably to all.
The lens of genomics has been utilized in this discussion because of my professional expertise, but there are infinite opportunities for philanthropy and legacy creation which require awareness and knowledge of other emerging fields. These opportunities can only be fully realized with awareness as the critical first step.
As advisors, we have a responsibility to introduce next-gen to next-gen ideas. That will require us to lean in to areas about which we may have little understanding ourselves. We are not advocating rejection of tradition or the past, but an embrace of the historical perspective that appreciates change is a constant. What is new, however, and daunting for us all, is its dizzying rate of escalation.
Next-gen are the stewards of our future. We must, with great humbleness, inspire them to help us all find answers.