Rockefeller family-dynamics head says trusts alone don't prepare heirs

Mallory Findley, head of family dynamics and financial education at Rockefeller Capital Management, says families that refine trusts and tax strategies while leaving heirs unprepared are setting themselves up for failure. She discussed the issue in comments reported by InvestmentNews on Oct. 20.

Cerulli Associates research cited in the same article estimates $124 trillion will pass to heirs and philanthropy over the next 25 years.

Findley says families default to documents because they are visible. Families, she said, "are more likely to focus on the legal and financial aspects of wealth transfer because they are more tangible and measurable" — a trust, a tax return, an estate plan, portfolio return data. Family dynamics involve relationships, communication and expectations, which she described as intangible and often emotionally charged.

The cost of skipping that work surfaces later. Wealth tends to amplify communication patterns and tensions a family already has, Findley said, and the longer a family waits to treat dynamics as part of the transfer plan, the harder the process becomes — even when every legal document is in order.

Findley's prescription starts before heirs know what they stand to inherit: parents should frame early conversations around purpose, values and preparation rather than dollar amounts. Those conversations should begin with how the wealth was created, the values behind the financial decisions that built it, and the responsibilities that come with it.

One tool she recommends is a family mission statement: a document that reflects shared values across generations, states the family's aspirations and captures how members hope to contribute to society. "By grounding family discussions about wealth in values and purpose first, families can foster a sense of responsibility and purpose in their children to help them become strong stewards of wealth," she said.

Advisors report more of these conversations happening. InvestmentNews research on multigenerational planning trends found roughly two-thirds of advisors say clients now include children or parents in wealth transfer discussions. Findley separates the financial literacy needed to read a portfolio or a trust structure from the broader preparation she argues heirs need before they inherit.