Wealth is more than just financial capital— it is a malleable force that can shape family goals influence life decisions and empower future generations. Purpose-driven wealth serves as a reflection of family values and aspirations. When approached with purpose, it can transform financial assets into tools to strengthen relationships and create a lasting impact on society. With the right tools, thoughtful planning, and collaboration, wealth can become a unifying resource for families, helping them to thrive across generations while contributing meaningfully to society. 

Wealth as a Living Framework 

Effective wealth management is a continuous journey—one that must evolve alongside shifting goals, generational transitions, and societal changes. By establishing guiding principles for a family’s decisions, wealth serve as a launchpad to create good rather than become a potential source of conflict, complacency or confusion.

Building Trust and Unity Through Communication and Transparency 

When approached with openness and a shared vision, family wealth planning can be a collaborative and empowering experience. Openly sharing information and engaging family members not only minimizes the risk of conflict or unexpected challenges but also creates a strong foundation for collaboration and trust between all parties and long-term financial stability. Parents should identify personal and family goals while also considering their children’s aspirations. Asking for everyone’s input helps lay the foundation for long-term family cohesion around values and the substantial good you’d like to do with your wealth. Initiating conversations about wealth, inheritance, and family roles early in life helps children develop a healthy understanding of financial responsibility.

This process can begin when children are quite young, starting with simple, hands-on experiences—such as allowing children aged 3 to 5 to hand a credit card to the cashier. As children grow, discussions between the ages of 6 and 10 can start to explore the family’s definition of wealth, weighing values like security, education, and generosity. From ages 10 to 15, consider introducing an allowance, chores, and basic budgeting to help children grasp financial management in a practical way. By 16 and older, opportunities for work, personal budgeting, and increased financial independence prepare teens for adulthood. As children mature, families can incorporate structured discussions facilitated by financial advisors or family meetings to ensure transparency and encourage active participation in wealth planning.

Revisiting these discussions and strategies regularly ensures that they remain aligned with the family’s vision, reinforcing responsible stewardship while empowering future generations to carry forward both financial stability and the deeper mission behind it.

Click here now to read the full whitepaper: Purpose-Driven Wealth: Redefining Prosperity to Build a Lasting Legacy

Disclosures

¹The information shown herein is not an exhaustive list of the types of trusts available but examples of the most common types of trusts at Rockefeller Capital Management. ²Philanthropic strategies can also come with potential drawbacks. These may include administrative responsibilities, significant costs, and complexities in managing and distributing funds. It is important to carefully consider these factors and consult with a financial advisor to determine the most suitable approach for your philanthropic goals.

These materials were prepared by Rockefeller Capital Management (“Rockefeller”) solely for informational and educational purposes only and 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. The views and opinions represent the views and opinions of Rockefeller as of the date indicated herein and are subject to change without notice. Certain information is based on information provided to Rockefeller from third party sources believed to be accurate and reliable. We assume no responsibility for independent verification of such information, and we have assumed and relied upon the accuracy and completeness of such obtained information for purposes of these materials. Neither we nor any of our affiliates or agents make any representation or warranty, expressed or implied, in relation to the accuracy, fairness, reasonableness or completeness of the information, and expressly disclaim any and all liability to any such inaccuracy, unfairness, unreasonableness, or incompleteness. The information provided is for informational purposes only and should not be construed as financial, tax, or legal advice. Please consult your legal and tax advisors when considering this information.

Although the information provided is carefully reviewed, Rockefeller cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided. The information may not be copied, reproduced or distributed without Rockefeller Capital Management’s prior written consent.

Rockefeller Capital Management is the marketing name for Rockefeller Capital Management L.P. and its affiliates. Investment advisory, asset management and fiduciary activities are performed by the following affiliates of Rockefeller Capital Management: Rockefeller & Co. LLC, Rockefeller Trust Company, N.A. and The Rockefeller Trust Company (Delaware), as the case may be. 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), Securities Investor Protection Corporation (SIPC). These registrations and memberships in no way imply that the SEC has endorsed the entities, products or services discussed herein. Additional information is available upon request.

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