The new look of legacy: Infusing social purpose with family values

Well, it is important, but it is only a piece in the picture.

Make sure that whatever you do, if you are successful, you give back. That's really important, giving back to society.

My family never really talked about money too much. It was much more about what they're passionate about doing.

And it's funny because there's a different perspective between men and women.

Women are out there championing their own purpose and their own things that they're passionate about. And I'm just so proud of the way that it's evolved for Canadian women.

I think as being women, we are key to messaging how to contribute, how to give back, and how privileged we are to have what we have, growing up in Canada, living the standard of living that we have here.

You're not just talking about leaving wealth behind so your kids can be comfortable. This is a compass for them, that we got you to this point. Where are you going to go from here with all the resources, with all the safety nets that you have?

There's no question that the Family Foundation is a core part of my legacy. That was our way of giving back in investing. It's become a way of the family really identifying itself as different than other families because we have a family mission. My involvement in various boards, ranging from UNICEF to United Way, that is my legacy.

I've thought about legacy a lot since having kids. I'm a third generation of working moms. And it's important for me to show them the value of working and taking pride in what you've been trained to do, and at the same time, being able to give back.

For me, there's kind of two parts to the way that I see my legacy. I've got our family foundation and my wealth with my husband. And that's sort of one part. For me, personally, it's the fact that I want to leave the world a little bit of a better place. And I want to have instilled those values in my family so that they continue that type of work. It's more hands-on. It's more direct. It's more-- you're not just writing a check. You're actually more and more involved.

For me, particularly, it's through the arts and having a strong voice to mentor kids, the next generation.

My message to my adult children-- work hard, but go with your passion. Experience life fully. Preserve your wealth, but you're stewards. You're stewards of a very important legacy. And grow it. Go and grow it.

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Preparing youth for a changing workplace

Young people in today’s economy face unprecedented obstacles in their search for meaningful work, as well as the risk of ending up poorer than their parents. At RBC, we believe that unless we all take action, our country’s youth are set up to fail.

That’s why we’re proud to be a part of RBC Future Launch, our $500-million commitment to helping young people overcome the three core barriers to finding meaningful employment:

Lack of relevant experience: 83% of educators feel youth are prepared for work, yet only 34% of employers and 44% of youth agree (McKinsey)
Lack of relevant skills: 33% of core skill-sets for most jobs will be different in 2020 (World Economic Forum) and 42% of the labour force will have skills that are at risk of automation in 10-20 years (Brookfield Institute)
Lack of professional networks and mentoring: 85% of all jobs are filled via networking (The Adler Group) yet many young people feel they lack or are unable to develop professional relationships

Helping the next generation succeed

If any youth in your life are starting their careers, they could probably use more than just your moral support. We’ve put together some resources to help:

Skill and knowledge development

RBC Future Launch Youth Hub – At this interactive website, youth can find internships, articles and information on Ten Thousand Coffees, our partner in creating networking opportunities.
RBC Upskill – No one wants to get replaced by a robot. This tool is focused on providing youth with insights on what specific skills, experience and education correlate to the current and future job market.
Launching Careers Playbook – This toolkit is designed to help foster great early career experiences. It offers young people, managers of youth and HR teams specific workplace information and advice related to helping youth thrive.
Resume guide and templates – This resource will help young people build a resume that resonates with today’s employers.

Getting work experience

Consider transitioning from school to work through our internship program. RBC employs over 1,000 students every year, offering real-life project and work experience, and the opportunity to make connections at one of Canada’s largest enterprises. Apply today or talk to our team about an opportunity you are interested in.

The support of our team

We take an intergenerational approach to wealth management, and we’re happy to sit down with your children or grandchildren, or your family as a whole, to discuss the obstacles they’re facing or help them expand their network. Contact us today to arrange a meeting or learn more about upcoming youth-empowering events and initiatives.

For more information about RBC Future Launch, including our Employment Programs, visit the RBC Future Launch webpage.

¹McKinsey, July 2016