Raising stars: Family office lessons from Beyonc茅 and Serena
Raising stars: Family office lessons from Beyonc茅 and Serena
Both Beyonc茅 Knowles and Serena Williams emphasize core values and personal responsibility to prepare their children for future leadership roles.
Their strategies for involving the next generation in family decisions can be useful models for other family offices looking to ensure children stay invested in the family鈥檚 legacy.
explores how these icons foster family unity and hard work, encouraging their children to make their own mark on the world.
Imagine being at a concert where the stage transforms into a heartfelt family gathering. That鈥檚 exactly what happened during Beyonc茅鈥檚 last two tours. She turned her performances into a masterclass on bringing the next generation into the family business, blending her incredible talent with the values she holds dear.
Picture this: During her Cowboy Carter tour, Beyonc茅 sang 鈥淧rotector鈥 while locking eyes with her youngest daughter, Rumi, who was on stage for the first time. Her eldest daughter, Blue, stood by, guiding her sister with a gentle hand. As Beyonc茅 sang about protection and independence, it was clear she was doing more than just performing鈥攕he was teaching.
This moment was like a modern-day family meeting, complete with a living family mission statement, where values like protection, guidance, and independence were all on display. By bringing her children into her world of music and performance, Beyonc茅 is not just nurturing their talents; she鈥檚 showing them the power of family unity, hard work, and using their voices for good.
When Family Meetings Are More than Just a Gathering
While Beyonc茅 might hold her family meetings on stage, there鈥檚 a lot to be said for having regular family gatherings at home. These meetings can serve as a platform to discuss goals, tackle challenges, and reinforce what your family stands for. They help everyone feel connected and accountable, instilling in children the value of mutual respect and collaboration. By incorporating governance concepts like family meetings and mission statements into family dynamics, you can create a nurturing environment that empowers children to become responsible, compassionate, and productive members of society.
Teaching Financial Responsibility: The Serena and Alexis Way
One common concern for many families, especially those with wealth or fame: how do you raise children who aren鈥檛 spoiled? Whether you鈥檙e a celebrity or not, the principles remain the same.
Serena Williams and her husband, Alexis Ohanian, are already teaching their 8-year-old daughter, Olympia, the ropes of money management. Instead of just handing her an allowance, they鈥檝e set up a system where she earns $7 a week by doing chores like feeding her dog, tidying her clothes, and making her bed. Alexis even drew up a real contract to make it official. Why? They want Olympia to understand the connection between hard work and earning money, and the patience needed to save up for things she wants, like that coveted American Girl doll dress.
With Serena鈥檚 incredible work ethic both on and off the tennis court鈥攁nd Alexis鈥檚 success as a co-founder of Reddit鈥擮lympia has two entrepreneurial role models to guide her. Despite their success, neither Serena nor Alexis grew up with wealth, and they鈥檙e navigating how to raise a grounded child in a world of abundance. 鈥淲e鈥檙e trying to create that flywheel between doing the work and getting the money and then understanding that there are things you could want,鈥 Ohanian noted in for the podcast 鈥淪politics with Jemele Hill.鈥 鈥淣either Serena nor I grew up with wealth, so that鈥檚 the other weird thing. We鈥檙e both trying to navigate how to create the circumstances for her to be 鈥 a functional adult, while also having resources that we couldn鈥檛 have imagined.鈥
This story isn鈥檛 just about Olympia; it鈥檚 a reminder that it鈥檚 never too early鈥攐r too late鈥攖o start teaching kids about money and values. Many families struggle with , fearing it might affect relationships or demotivate their children. But preparing the next generation for success involves more than just talking about money; it鈥檚 about sharing family values and expectations. Some families find that starting with an educational program for the younger generation is a great way to begin.
How Family Offices Convey Shared Values
One often sees this level of intentionality when families organize their wealth via a family office. The key is to define the values that will serve as your family鈥檚 mission statement, acting as the glue that holds generations together. Icons like Beyonc茅 and Serena have already started down this path for their families鈥攁nd provide a glimpse for others.
Begin by identifying what truly matters to your family. A family office is more than just managing wealth; it鈥檚 about having a shared purpose across generations. Families focused on lasting wealth realize that understanding their 鈥渨hy鈥 and creating the right 鈥渧alue allocation鈥 is as important as managing their assets.
Preserving family wealth requires preparation, thoughtfulness, and open communication. Ask yourselves: What is our purpose? What do we stand for? Who are we as a family? These questions help pinpoint the values that unite you. When a family is clear about their values, it sets the tone for how they think, feel, and act, ensuring they stay connected through future changes.
Yet putting words to values is easier said than done. Families often benefit from a formal exercise to purposefully define their values in a hands-on way. By reflecting on their principles, they gain insight into what鈥檚 important to each family member. Conveying ideals can also help establish common ground and reveal disparities.
From Values to Action
Once you鈥檝e identified and communicated your family鈥檚 values, you can weave them into your governance, philanthropy, estate planning, and investment strategies. Based on surveys of families with wealth ranging from $100 million to $4 billion, their biggest concern was ensuring the next generation doesn鈥檛 become 鈥渢rust fund babies.鈥 Yet, there鈥檚 also excitement about what the rising generation can achieve. And while athletes and entertainers often grab headlines, significant wealth can put any family in the spotlight, posing challenges for the next generation without proper guidance. By embracing these family office lessons, you too can nurture the potential of future leaders in your family, just as Beyonc茅 and Serena are doing with their own rising stars.
The views expressed herein do not constitute research, investment advice or trade recommendations, do not necessarily represent the views of all AB portfolio-management teams and are subject to change over time.
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