According to a recent study from Deloitte and the Billie Jean King Leadership Initiative, "purpose" is the most important criterion for what millennials look for in a job. By including impact investing in the family office asset allocation, family offices can meet the next gen where they already are—from a values and philosophical perspective. This allows the next gen to find a higher purpose for the work the family is doing collectively. Just because grandma had a passion for botany does not mean that her kids or grandkids do. However, the next gens can find investments based on shared interests, and this can promote collaboration and engagement—both of which are essential in order for a family office to thrive moving forward.
Timothy Lappen specializes in representing family offices (and their principals, families and business) worldwide in any legal matter of importance to them. His law firm, Jeffer Mangels Butler & Mitchell LLP, is based in Los Angeles, Calif..
Josh Cohen specializes in helping family offices unlock the power of impact investing as a co-founder of The ImPact. His investment firm, City Light Capital, is based in New York City.