Finlight

Helping everyone to invest today in a greater tomorrow regardless of their size

[Jean-Baptiste Lefevre @jblefevre60]

Classification of Deep Learning Methods!

#AI #MachineLearning #DeepLearning #DataScience #NLP #Python #Code #100DaysOfCode @DataScienceDojo

@SpirosMargaris @CurieuxExplorer @PawlowskiMario @mvollmer1 @gvalan @ipfconline1 @LaurentAlaus @Shi4Tech @Fisher85M @kalydeoo @Ym78200 @Nicochan33 @Fabriziobustama @3itcom @rwang0 @EvanKirstel @sallyeaves @AkwyZ @helene_wpli @ahier @tewoz @chidambara09 @Analytics_699 @Khulood_Almani @DigitalColmer @FrRonconi @mallys @jeancayeux @aure79lien @EricTIXADOR @thierry_pires @nincoroby @DanielleLargier @ahier

[BlogAutopilot @BlogAutopilot]

New EU marketing rules — implications for fund managers https://t.co/XbahRQ5tui

[Jean-Baptiste Lefevre @jblefevre60]

Long waves of #innovation!

#AI #MachineLearning #Robotics #IoT #Python #Digital #tech #Code #100DaysOfCode

@CurieuxExplorer @PawlowskiMario @mvollmer1 @gvalan @ipfconline1 @LaurentAlaus @Shi4Tech @gvalan @FrRonconi @kalydeoo
@Ym78200 @Nicochan33 @Fabriziobustama @3itcom @chidambara09 @Analytics_699 @Khulood_Almani @tewoz @ahier @EvanKirstel @rwang0 @sallyeaves @helene_wpli @FrRonconi @SpirosMargaris @DigitalColmer @TheAdityaPatro @rshevlin @drsharwood @IsabellePiel29 @aure79lien
@EricTIXADOR @thierry_pires @DanielleLargier @Nad_Alves
@jeancayeux
@RLDI_Lamy
https://t.co/JdA7qA6Atr

[Finlight @FinlightNews]

Newsletter out!

https://t.co/BQzxwRY4za

[Mr Family Office @MrFamilyOffice]

The wealthiest families in the world hold secrets that are passed down through the generations

Educational secrets that even the most exclusive schools don’t teach

In fact, virtually all schools are horrible at teaching finance, whatever their fees

This is why Family Offices do not rely on schools

They have exclusive financial education programs. Programs delivered through private agencies, Ivy League universities and specialist organizations

11 lessons on financial education from Family Offices

(and tips on how they can be applied by any family)

→ Lesson 1: be open

A simple one to start

Successful UHNW multi-generational families talk about money. They are not coy

It’s part of everyday life to talk about business, wealth and money. Business at the dinner table is never off limits

Wealth brings opportunities and difficulties. But if wealth is a taboo subject, opportunities will be missed and difficulties exacerbated

A lot of people think they are helping their kids by shielding them from financial matters. But like any topic, to master it, you need to be consistently exposed to it

→ Lesson 2: start young

That doesn’t mean telling wealthy toddlers their net worth

It means teaching kids about:

- the history of the family wealth
- the scope of the wealth
- the family values

As they get older, focus can shift to areas such as budgeting and saving. Then investing, tax, credit, finance, philanthropy

Kindergartens and schools don’t teach finance. It’s on you

→ Lesson 3: curate bespoke financial education

Family offices often engage specialist agents to customize education for families. The lessons can take different forms; workshops, one-on-one tutorials, distance learning, etc.

The bespoke educational programs are based on the specific needs, experience, and knowledge of the family members

The circumstances of the family will also help inform the educational program, for example:

- has the family recently experienced a liquidity event
- is there an ongoing operating company
- do some family members want to work in the family office and some in other fields
- are there specific succession issues to address

The education programs will be tailored to the dynamics of the specific family, taking into account the involvement of spouses, extended families, step-siblings, etc.

Regular families may not have complex family businesses to navigate, but you can still design your kids’ financial education based on their personalities, interests, and your family’s circumstances

→ Lesson 4: find mentors

Wealthy families have a rich source of mentors for their children. These can be people from the family office, the operating business, or the family network. It's an inherent privilege

Family offices help ensure that suitable mentors are available at the right time in the lives of the next generation

Many seasoned operators are used to being asked to be mentors on LinkedIn or Twitter. But in my experience, wealthy families don’t formally request mentorships. They ask wise colleagues or acquaintances to advise their kids on X or talk to them about Y. From there relationships can blossom. Exposing kids to experienced and intelligent counsel can lead to a blossoming mentor/mentee relationship

Whatever level of wealth you have, you can encourage your kids to seek advice from smart people and ask your friends to guide your kids. Any parent who coaches kids' sports will know that advice from another coach usually lands far better than parental advice

→ Lesson 5: get involved

Multi-generational wealthy families understand the importance of getting their children actively involved in the family business or family office

Involvement goes beyond mere observation. It means children having a voice and a sense of belonging within the family's financial life

Getting kids involved provides:

- first hand experience of finance, entrepreneurship, and management
- exposure to the inner workings of wealth creation, investment decisions, and strategic planning

Being hands-on empowers children to develop a deeper understanding of how money flows and how decisions are made within the family

The level of involvement should gradually increase over time

While it may initially feel awkward or challenging for both the kids and the employees, the speed at which children learn by actively participating is remarkable

All families, regardless of their wealth, can benefit from giving their children responsibilities and involving them in the family's work. It could involve engaging children in household finances, budgeting, or saving for family goals. It may also mean involving them in family projects or ventures, such as charitable initiatives

The key is to provide children with opportunities to actively participate and contribute, enabling them to develop a sense of financial empowerment and responsibility

→ Lesson 6: give responsibility

In tandem with getting involved, wealthy families teach their children the value of taking responsibility

When children are entrusted with meaningful tasks and responsibilities, they

- gain valuable experience
- develop a sense of accountability
- gain a sense of independence
- learn self-reliance

Family offices help wealthy families assign age-appropriate tasks that align with their abilities and interests. As children grow older, their responsibilities can expand, for example to managing a small portion of the family's investments or participating in financial decision-making discussions

The act of giving responsibility supports decision-making and problem-solving

It also helps kids learn about the consequences of their actions

It's important for parents to provide guidance and support while allowing children to make their own choices and learn from their mistakes. Mistakes and setbacks are valuable learning opportunities that shape children's financial acumen and resilience

For regular families, giving responsibility can start with simple tasks such as managing a small allowance or participating in family financial discussions. As children mature, parents can gradually increase their responsibilities, such as involving them in investment decisions or teaching them about credit and financial planning. The goal is to instill a sense of ownership and accountability while equipping children with the skills necessary to navigate their financial futures

→ Lesson 7: have a plan

Successful UHNW families recognize the importance of having a structured learning plan for their children spanning many years

This means avoiding a haphazard approach; but instead, purposefully helping kids acquire the necessary skills and knowledge as they grow up

A comprehensive financial education plan can encompass various aspects, including

- budgeting
- saving
- investing
- taxes
- credit
- finance
- philanthropy

Part of the plan should be to learn about the family office itself, the structure, the organization, and the importance of governance and decision-making

Regular families can also create tailored learning plans based on their children's personalities, interests, and family circumstances. Plans should remain flexible and implementation can include part-time jobs, family activities, volunteering, etc.

→ Lesson 8: model behavior - set an example

Actions speak louder than words when it comes to teaching financial values

Enduring families show their children how to behave and interact with others in financial matters, they lead by example. Children imitate the behavior they observe in their parents

Modeling behavior helps kids build healthy respectful relationships. It also helps kids to understand boundaries within the family and family office

A common theme in the education of the next generation is how to balance assertiveness and respect. Getting that balance right is vital for younger members joining a family business

Regular families should also model positive financial behavior, regardless of their level of wealth

By setting an example, you instill valuable lessons in your children, shaping their attitudes and behaviors toward money

→ Lesson 9: discover purpose

Discovering purpose in their life is particularly challenging for ultra-wealthy children

Wealth can provide an overwhelming array of choices, leaving children contemplating how to create meaning and purpose in their own lives

Family offices help the next generation to effectively balance career aspirations with engagement in family life

Finding a purpose in life is important for all families, no matter what the wealth. No matter what your aspirations are for your kids, they need to be able to choose their own path in life

→ Lesson 10: effective family communication

Family offices support effective communication within the family. For rising generations, balancing respect for the older generation while asserting their voice is vital

Mastering communication is key to becoming an impactful family leader

This involves

> active listening
> clear messaging
> developing emotional intelligence

Effective communication is vital for all families. Talk about finance, talk about financial goals, talk about financial decision-making

→ Lesson 11: give back

Wealthy families have a long-standing tradition of philanthropy. This practice not only strengthens their connection with the community but also gives purpose to their wealth

Charitable endeavors help family offices to connect with like-minded people

Engaging with community and philanthropic boards equips younger family members with valuable skills that carry over to their roles within the family business or family office. It also helps family members build:

- leadership skills
- collaboration skills

Regardless of wealth, all families have the ability to give back to their local community whether it's through donations or time. It helps build connections with their community but also provides opportunities for networking and personal growth

---

To summarize:

→ Lesson 1: be open
→ Lesson 2: start young
→ Lesson 3: curate bespoke financial education
→ Lesson 4: find mentors
→ Lesson 5: get involved
→ Lesson 6: give responsibility
→ Lesson 7: have a plan
→ Lesson 8: model behavior - set an example
→ Lesson 9: discover purpose
→ Lesson 10: effective family communication
→ Lesson 11: give back

If this was helpful, please let me know with a retweet, bookmark or comment below

And for more insights on family offices, follow along, join the fun:
@MrFamilyOffice

[Eric Woo @ericjwoo]

It’s 2022 people. LPs that still think the only way to make returns in VC is via large, brand name firms: get out of the Stone Age. Investing in Emerging VCs is a bonafide way to find alpha. The data is out there, or better yet, just ask the founders who’s on their cap tables.

[Finlight @FinlightNews]

Try this conversational website made with Landbot 🤖 💬 https://t.co/M5Oa0s45v3

[Finlight @FinlightNews]

Congratulations #ValuAble, India’s first purpose-led Venture Debt Fund of USD 100 Mn. It offers Bridges to banking and readiness for Responsible Capital. We invest in scalable & return-led new Age businesses that are aligned to UN’s Sustainable Development Goals.

[Dimitri Hommel @DimitriHommel]

#Infographie 👌: les pays où l’on fait le ➕ confiance à l’#IA

🔗👉 https://t.co/HWaW3ah2d0 via @statista_fr

📌 #AI #ArtificialIntelligence #MachineLearning #OpenAI #OpenAIChatGPT #Bard

[Gary Lineker @GaryLineker]

We really, really need to get our act together before it’s too late.

[Ian Hogarth @soundboy]

I wrote an essay for the FT - We must slow down the race to God-like AI: https://t.co/hPBW6LQUlh

[Finlight @FinlightNews]

@bmay And the only countries in the world where Brits can travel without any check are the Channel Islands and Ireland. Travelling to other places but these are not cheaper or simpler than hopping on a ferry on Dover (remember regular airport disasters)

[Finlight @FinlightNews]

#VentureCapital / #PrivateEquity views: love or hate or ? Please let us know! fully anonymous. Thanks very much https://t.co/WKj9kzU44B

[Nassim Nicholas Taleb @nntaleb]

Macron had the courage to stick to the measure.
It's simply an actuarial problem. If people live longer the ratio of retirement to employment lengthens so citizens need to either contribute more and more or maintain the ratio. No escape.

[Rishi Sunak @RishiSunak]

Close neighbours. Great friends. Historic allies. 🇬🇧🇫🇷

It's great to be in Paris @EmmanuelMacron.

[Finlight @FinlightNews]

Il faudrait préciser en quoi le #Brexit aggrave la situation du #UK: la création de frictions sur l’entièreté de sa chaine de valeur. Finalement, la souveraineté n’est qu’une fonction du “pricing power” d’un pays #cdanslair

[Joe Murphy @JoeMurphyLondon]

If a sexist French bank won’t support a great French sailing hero, is there a Brit-based decent financial institution that could step in?

Clarisse Crémer: sailor dropped by sponsor after having baby

https://t.co/adndnBE1Sl

[Finlight @FinlightNews]

https://t.co/MU4Yn0CQZt

[Finlight @FinlightNews]

@afneil Question is: as a European consortium, would have Airbus invested more had the UK remained? Honestly, 100 million is the price of one A350 therefore not that much #OpportunityCosts #windowdressing

[Finlight @FinlightNews]

I'm fundraising for Shelter. Check out my @JustGiving page and please donate if you can. Thank you! #JustGiving https://t.co/BhBg0rGSa7