Mel Lagomasino Comments to the New York Times on Talking to Children about Family Wealth

June 6, 2017

When it comes to talking to children who stand to inherit a large sum of money, there are several schools of thought: some parents approach the subject of family wealth early. Others wait until their children become adults. Each approach comes with its own set of challenges. WE Family Offices CEO Mel Lagomasino recently spoke to the New York Times about the ways she has seen parents successfully communicate with their children about their family’s wealth.

“When parents are silent, adult children tend to poke around for details,” said Lagomasino. She explained that the lack of communication can create uncertainty around what the financial future holds.

To illustrate her point, Lagomasino shared what she learned from David Rockefeller early in her career. “The Rockefellers knew they had a lot of money, but their family talked to them about investing and service to the community,” she said. “They put money in the context of the family.” She also shared an insight that Mr. Rockefeller shared with her: “My parents taught me the value of a dollar, whether I was spending it, earning it or giving it away.”

The full New York Times article is available here.