Lockton family adds third-generation education to biennial retreat

The Lockton family added a third-generation education program to its biennial retreat this year, FO Pro reported on Oct. 12, as the family works through a G2-to-G3 transition.

The retreats are funded by the family office and held every other year, primarily for socializing; this year's gathering added sessions on family history, company history and philosophies. All of the roughly 40 family members attending were invited, though the third generation was the target audience.

The family is also working through how to maintain a family business and a family office when not all members are involved in the enterprise.

Marshall Lockton, a principal at Meraki Investments who is active in the family office, said the intended audience was family members who may or may not ever work for the company. He described the aim as "to really grow that long-term stewardship and appreciation for the company and for the family values that hold us together."

Family education content can cover cash management, investing, estate planning, tax and insurance as well as personal development, family principles and philanthropy, said Sara Montgomery of Plante Moran Wealth Management. She leads the firm's family education and philanthropic advisory practices.

For technical topics, Montgomery said the material should be tied to the family's own record: "It's not just understanding how to do it – it's understanding how the family does it, and why they have made the decisions they have made."