Sharing her views on how to raise good stewards of wealth and values in the next generation of ultra-wealthy families, SMU Professor Emeritus of Finance (Practice) Annie Koh put forth two “P” words: purpose and parenting. On purpose, she said, “Families need to spend time and come together to align what matters most to them. Interestingly, many next-gen members are asking their families – sometimes with outside advisers – for help to define what the family would like to be known for… They’re asking the right questions on what the guiding lights for all the wealth they’ll inherit should be.” Parenting includes imparting the discipline of managing money. Prof Koh cited a matriarch of a single family office whose father taught her to manage a budget when she was studying overseas. At the beginning of the year, a sum was remitted into her account. At the end of the year, she retained any excess cash, including dividends from shares owned. “When she graduated, she had built a nice nest egg because of her prudence,” she said.