IPI Press release: Peter Buffett Addresses Institute For Private Investors Next Generation Members

Peter Buffett Addresses Institute For Private Investors Next Generation Members

Silver spoons don’t come free forge your own path in life, Buffett says. Being born into a wealthy family shouldn’t entitle you to anything special, said Emmy award-winning musician, author and philanthropist Peter Buffett, son of billionaire investor Warren Buffett, in remarks to the next generation members of the Institute for Private Investors. IPI’s recent concert and conversation with Peter Buffett, author of  Life is What You Make It: Find Your Own Path to Fulfillment, was hosted for the organization’s NextGen members by law firm Withers Bergman LLP. IPI is a membership organization devoted to investment education for its members comprising 1,100 ultra-high net worth private investors, about 345 private families, with minimum investible assets of $30 million. Four in ten IPI families have assets of $200 million or more. IPI next generation members are the adult children of families with substantial assets, usually principals ranging in age from 20 to 40-plus, with varying levels of involvement in family investment decisions. IPI NextGen members seek to increase their knowledge of investing and prepare themselves to assume the responsibilities of wealth. Buffett, who received just $90,000 in Berkshire Hathaway stock when he was 19, said that he was happy he wasn’t given an easy way out and was obliged to make his own way. Although he received little financial support from his parents, he said he received plenty of emotional support.

His philosophy: forge your own path in life.

“The support, the privilege, really comes from having two parents who said and believed I could do anything,” Buffett said. “That support didn’t come in the form of a check. It came in the form of love and nurturing and respect for us finding our way, falling down, figuring out how to get up ourselves. “Silver spoons don’t come free. I learned more in difficult times about myself and my resiliency than I ever would have if I’d had a pile of money and I could have glided through life,” he said. “I believe it is an act of love for parents to say, ‘I believe in you as my child, and you don’t need my help.’ Buffett posed this question – which will you choose: the path of least resistance or the path of potentially greatest satisfaction?

“The journey to a vocation will seldom be a straight path. Don’t be deterred if there are doubts, false starts, crises and blunders,” he said. “And the gentle art and process of giving back, by teaching and mentoring, and directing your work outward toward a common good, is also very important. Ultimately, it’s our values – what we are able to give back to society – that shape and define us as individuals.”

According to Charlotte Beyer, IPI founder and CEO, many of IPI’s next generation members are looking to build something of their own. She said both IPI and its parent Campden Media, which works with private families around the world, are seeing a trend among the younger ultra affluent toward becoming entrepreneurs, starting companies of their own, as well as investing in emerging ventures.“Entrepreneurship, founding new ventures, is definitely growing among the younger family members. Younger members also are tending to invest directly in companies, sometimes preferring this approach over more traditional investments in financial instruments,” Beyer said.

“We are seeing this trend not only among the NextGen domestically, but also among the younger members of private families internationally.” Mindy Rosenthal, IPI Executive Director and Campden Wealth Managing Director, said a top concern of ultra-affluent parents is finding a path so that their wealth is a positive tool of empowerment for their children. Next generation members who are taught about their wealth and the responsibilities that come with great affluence tend to feel more comfortable as stewards and new wealth creators, she said.

“It is not so much about how much of the wealth will be passed to the next generation, but rather that the next generation is given the opportunity to succeed on their own and are provided with the necessary education and experiences to understand their wealth picture,” Rosenthal said. As one of the leading law firms for the world's wealthiest families, we are aware of how important it is for families to challenge the next generation to continue to develop the family legacy -- often in new directions. Wealth planning is frequently as much about helping families navigate non-legal challenges as it is about trust and tax planning, and that's one reason we are so pleased to be hosting this event," said Ivan Sacks, US Senior Regional Partner for Withers Bergman LLP. Self-respect comes from earning your own reward, according to Peter Buffett. His advice to parents: teach your children values – and do not give them everything they want.

About IPI

The Institute for Private Investors (IPI) (www.memberlink.net) is a trusted provider of educational and networking resources for ultra high-net-worth investors and operates as an independent U.S. subsidiary of Campden Media. Founded in 1991, IPI provides a safe haven for investors to communicate with each other, and their advisors, about their wealth management approach. IPI offers education and an online network to 1,100 investors and has offices in New York and San Francisco. In 1999, IPI created the nation’s first private wealth management curriculum for principals and continues to collaborate on weeklong programs with The Wharton School at the University of Pennsylvania. An affiliated company, the Investor Education Collaborative, LLC, was formed in 2004 to offer experiential educational formats and online classes.

About Campden Media

Campden Media (www.campden.com), founded in 1987, provides education, news, research, conferences and other networking opportunities to principals of ultra high-net-worth financial and business-owning families, and the family office executives and trusted advisors who serve them. Campden produces global conferences and proprietary research serving the ultra high-networth, multigenerational family community, as well as Campden FO (Family Office) and Campden FB (Family Business), two market-leading magazines and websites that inform this highly targeted audience. Campden Media is a global business with offices in London, New York and Singapore.



Michelle Manoff

Rubenstein Public Relations



Charlotte Beyer  

Institute for Private Investors