AICPA Personal Financial Planning Podcast

Episode: Building Financial Capability Across Generations

Host: Kerry Sinnett (AICPA PFP Division)
Guest: Mindy Early (Founder, Family Wealth Factor; Chief Learning Officer, Family Office Exchange)
Date: September 19, 2025

Episode Overview

This episode centers on how financial planners can help families prepare the next generation not just to inherit wealth, but to lead with purpose and shared values. Host Kerry Sinnett and expert guest Mindy Early discuss actionable frameworks for educating heirs, shifting from financial literacy alone to fostering emotional intelligence, stewardship, and family cohesion across generations. The conversation explores bespoke education models, the role of both formal and informal teachers, and strategies for addressing values alignment and generational dynamics in ultra-high-net-worth families.

Key Discussion Points & Insights

The Real Work Beyond the Balance Sheet

• Financial planning for families extends far beyond tax and investments.
  • Planners must help answer: Will my kids be ready to inherit not just wealth, but the family’s legacy and values? (A, 00:04)
• Purpose of legacy planning:
  • Preparing heirs to inherit purpose and values leadership, not just assets.
• Moving from “tax efficient” to “human-centered” legacy plans.
  • "The most successful legacy plans aren't just tax efficient, they're human centered." – Kerry Sinnett (A, 01:53)

What Does Next-Generation Education Mean?

• Two parallel roads:

  • (1) Equipping rising-gen family members for “a purpose-driven, thriving life” — confidence, identifying talents, and authentic self-understanding.
  • (2) Preparing for unique family roles (e.g., family business, governance)—ensuring authentic fits, not just filling seats.
  • “Whatever you are, be a good one… understanding, utilizing your talents, putting those talents to work…” – Mindy Early (B, 03:51)

• Beyond technical skills:

  • Replace the term “soft skills" with “qualitative components” — trust, communication, decision-making, cohesion.
  • “We’ve changed the nomenclature from soft skills to the qualitative components of trust building and communication and decision making… family can get very complicated.” (B, 04:56)

Where to Begin: Don’t Start with Money

• Start with the person, not the portfolio.

  • Families request financial literacy programs first, but Mindy advises: “Starting with the money is really placing an unnecessary weight on the wealth and not the best place to start.” (B, 07:06)

• Personal development comes first:

  • Focus on self-assessments, understanding strengths and motivations.
  • “Are you preparing the kids for the wealth or the wealth for the kids?” – Quoting David York (B, 09:16)

• Frameworks & Resources:

  • 10x10 Learning Roadmap (Money, Meaning, and Choices Institute): comprehensive, customizable curriculum for families and advisors
  • Family Office Exchange (FOX): resources and elearning using the 10x10 framework

• Concentric Circles Analogy:

  • Individual → Family → Community/world
    • Start with individual well-being, expand to family and societal impacts (A&B, 12:18)

Building Modern Family Education Systems

• It's about experiences, not just curriculum:

  • Avoid rigid “curriculum”—opt for experiential, adaptable activities.
  • “Learning should be and is adaptable, agile, relevant, real-time, experiential…” (B, 14:18)

• Practical, engaging examples:

  • Field trips tied to family’s industry (e.g., sports teams, oil fields, museums)
  • Mock investment games, interactive financial literacy exercises
  • Family history explorations
  • “I think you can make anything fun, in my opinion.” (B, 15:57)
  • “I promise I’m going to move from curriculum to calling it conversations. And if I’m really good at this, I’ll move from education to experiences. Am I hearing you correctly?” – Kerry Sinnett (A, 16:27)

• Who teaches? Everyone, in and out of the classroom.

  • Advisors, parents, mentors, even nannies—anyone can create teachable moments.
  • “We all teach it, whether we’re teachers or not. There’s always a teachable moment.” (B, 14:07)

• Blend modalities:

  • In-person, group, one-on-one, peer learning, microlearning, and deep study (B, 18:50–19:45)

• Design for individual relevance:

  • Each family, each member’s interests and needs should guide the topics and methods.
  • Example “buckets” for learning: financial literacy, philanthropy, governance, family office/business, personal/family history, culture, values (B, 19:45–20:54)

Addressing Values Alignment and Modeling

• Values are "caught, not taught.”

  • Family members (especially younger generations) absorb values more from observed actions than formal statements.
  • “If I followed you around for two weeks, I’ll tell you what you value.” – Quoting Ellen Perry (B, 22:10)
  • Actions > Words: Choices in everyday life (travel, spending, philanthropy) convey priorities.

• Handling Conflict or Misalignment:

  • Surface and discuss inconsistencies openly in family meetings.
  • Use tools like Values Edge Cards for guided dialogue.
  • Acknowledge that modeling is imperfect; conversations around “why” choices are made help clarify values (B, 23:00)
  • “The values are caught, not taught… the kids are watching.” (B, 22:53)

• Cultural and generational differences:

  • G1 may have different priorities, lifestyles, and opportunities than G2/G3; transparency and open dialogue are key.
  • Codifying expectations helps (family charters, constitutions).

• Stories & Legacy:

  • Example from Charles Koch’s “Believe in People”: letter from his father clarifies wealth can be a curse or a source of accomplishment—heirs should experience “the glorious feeling of accomplishment.” (B, 25:41)
  • Advisors should foster environments where rising gen can find fulfillment and self-worth, not just receive assets.

Notable Quotes & Memorable Moments

“The most successful legacy plans aren’t just tax efficient, they’re human-centered.”
— Kerry Sinnett (A, 01:53)

“Starting with the money is really placing an unnecessary weight on the wealth and not the best place to start.”
— Mindy Early (B, 07:06)

“Are you preparing the kids for the wealth or the wealth for the kids?”
— Mindy Early, quoting David York (B, 09:16)

“Learning should be and is adaptable, agile, relevant, real-time, experiential...”
— Mindy Early (B, 14:18)

“Values are caught, not taught… the kids are watching.”
— Mindy Early (B, 22:53)

“If I followed you around for two weeks, I’ll tell you what you value.”
— Mindy Early, quoting Ellen Perry (B, 22:10)

“Heirs should find the glorious feeling of accomplishment—part of what we’re focusing on.”
— Mindy Early, referencing Charles Koch’s “Believe in People” (B, 25:41)

Timestamps for Important Segments

• 00:00–03:20: Introduction, theme, and guest background
• 03:24–05:43: What is “next generation” financial education?
• 06:55–08:01: Why not to begin with financial literacy (and what to do instead)
• 09:16–12:18: Frameworks and resources; developing the individual first
• 14:07–16:41: Making education experiential, not rigid curriculum; who teaches
• 19:45–20:54: Designing family-specific, relevant learning systems (example: learning “buckets”)
• 21:57–25:41: Navigating values conflicts; modeling; importance of authentic conversations
• 25:41–26:44: Accomplishment as legacy; closing thoughts and practical advice

Resource Highlights

• 10x10 Learning Roadmap (Money, Meaning, and Choices Institute)
• Values Edge Cards (Dr. Cynthia Scott & Dennis Jaffe)
• A Wealth of Possibilities by Ellen Perry (book recommendation)
• Believe in People by Charles Koch (book recommendation)
• Family Office Exchange & AICPA PFP Section Resources

Final Takeaways

• Preparing heirs for wealth is about cultivating identity, emotional intelligence, and shared values first, technical knowledge second.
• “Education” should be vibrant, relevant, and customized—more “experience” than “curriculum.”
• Every family member, advisor, and mentor plays a role in modeling and teaching—often even unwittingly.
• Discussing and codifying values can prevent and bridge generational gaps, but actions speak loudest.
• The ultimate aim: equip rising generations to live with purpose, confidence, and the tools to steward both wealth and legacy.

For additional resources, show notes, and links, visit aicpa.org/pfp.