Starting Your Family's Sustainable Investing Journey Part 3: What Obstacles Will You Encounter?

Three sources of obstacles to sustainable investing

Like most others before you, you will encounter obstacles to starting your sustainable investing journey. While some are systemic and structural, the personal and interpersonal obstacles will likely be more challenging.

From within you, obstacles can come from your mindset about, for example, your role and responsibility for family wealth and investing. As well, obstacles can come from others, for example, social norms about investing from family or your wealth advisor, as well as wider family dynamics.

Identifying these existing or potential obstacles is essential to make progress on your journey. Once you spot or plan for them, you can navigate them. Drawing insights from our joint work with families, this article sets out a framework of common obstacles around internal mindset, social influence, and family dynamics.

In this third article, we outline:

How can obstacles come from 1) within yourself, 2) social norms around wealth and investing, or 3) general family dynamics?
For each, what kinds of obstacles could you expect and how would you recognise them?
How could you avoid or overcome these obstacles?

As each family’s situation is different and unique, these obstacles are not exhaustive. We hope sharing them here will help you to identify them and take the first step to address them.

1. Internal mindset: When our thinking holds us back

The first source of obstacles may come from a surprising place: within yourself. Even as you want to start investing sustainably, you may have underlying tensions holding you back. These aren’t simply gaps in knowledge or experience. These are obstacles that arise from your internal views about your relationship with your wealth and family investing.

Often inner struggles and mindsets around purpose, identity, and legacy, more than market realities or conditions hold families back in embarking on investing for impact. This is true regardless of your specific ambitions or themes from Article 2.

Internal obstacles may arise, for example, if you're unclear about the purpose of your family’s wealth, feel burdened by wealth expectations, feel obligated to defer to older family members, or worry that imperfect first investments will damage your credibility.

Through our work, we’ve identified common obstacles across four life domains which may constrain our mindsets. Below we explain each along with examples and illustrative quotes. As you read the table, ask yourself “Do I experience some of these thoughts or feelings?”

Domain	Example challenges	What would you hear?
Wealth: How you view your family’s wealth – its purpose, source, and what responsibilities it carries	• Not feeling entitled to make decisions about family wealth • Struggling with the privilege of wealth • Fear of losing wealth, prevents one from trying something new • Difficulty in knowing how much is “enough” for personal and family needs, leads to hoarding or risk aversion.	“I didn’t earn this money, so I don’t feel I have the right to decide or change where it goes.” "I worry that trying to change our family’s [source of wealth] will disrespect what past generations built." "We’ve always done things this way. Why rock the boat now?" “Talking about money makes me uncomfortable or guilty.” “I don’t dare to lose any money; we might need it.” “I don’t see why we should have to fix the world’s problems with our family wealth.” “I feel uncomfortable about where our money has come from.” “I don’t want to be seen as the ‘spoiled rich kid’ trying to save the world.” “It feels taboo or self-indulgent to talk about purpose or meaning.”
Investing: What you believe is the role of investing, your investment philosophy, and how you define investment “success” in terms of returns and impact	• Seeing investing purely for making money, without or with little concern for the investments’ social or environmental impact; and solely to preserve and growth financial wealth • Assuming sustainable investing requires sacrificing returns • Impact investing is perceived as idealistic or unserious • “Two-bucket” thinking where investing is for making money, and philanthropy is for giving it away for impact	“Investing is about making money, not saving the world.” “If we invest sustainably, we will have to give up financial returns.” “We can make money now, and give it away if we want to do good” "I want to make a difference – but we need to preserve our wealth first." "If I bring this up, I’ll look naïve or unserious, like I don’t understand investing.”
Family role: How you perceive your role, voice and influence around family finances, wealth, and investing – given age, gender, generation, or life stage	• Fear of disrupting family relationship or creating tension around family wealth • Filial piety and deference to patriarchs and older generations • Worry about dishonouring family legacy • Feeling illegitimate or inexperienced around family finances; potentially having been “sheltered” from being exposed to the family wealth • Fear of being criticised for being naive, idealistic, or greenwashing • Lack of clarity on what role to play around family finances, wealth or investing	“It’s not really my place to speak up.” “I don’t want to talk about money and create (more) conflict or tension in our family.” "I don’t want to create problems by suggesting a different view in how we invest.” “We never really talked about money growing up. Now I don’t know where to start.” "This is my family’s legacy. I need to respect that." “I don’t want to upset my parents or go against tradition. Should I be here to preserve, evolve, or challenge my family’s legacy and wealth?”
Self and identity: How your personality, values, and internal narratives about yourself influence your behaviour - and specifically how these influence your role in the family's investing and wealth	• Lack of clarity about personal values, ambitions, or direction • Internal conflict between personal and perceived family expectations • Lack of confidence or self-belief to initiate conversations	“I’m still figuring out what I believe.” “I want to do this right, otherwise I won’t do it at all.” "I’m still figuring out my place in the family, I’m not ready to lead." "I care about sustainability, but I'm not sure if that's enough to speak up." "I feel stuck between two worlds - who I want to be and who my family expects me to be." "I care about climate change, but I don't know how that relates to our portfolio."

Domain

Example challenges

What would you hear?

Wealth:

How you view your family’s wealth – its purpose, source, and what responsibilities it carries

• Not feeling entitled to make decisions about family wealth

• Struggling with the privilege of wealth

• Fear of losing wealth, prevents one from trying something new

• Difficulty in knowing how much is “enough” for personal and family needs, leads to hoarding or risk aversion.

“I didn’t earn this money, so I don’t feel I have the right to decide or change where it goes.”

"I worry that trying to change our family’s [source of wealth] will disrespect what past generations built."

"We’ve always done things this way. Why rock the boat now?"

“Talking about money makes me uncomfortable or guilty.”

“I don’t dare to lose any money; we might need it.”

“I don’t see why we should have to fix the world’s problems with our family wealth.”

“I feel uncomfortable about where our money has come from.”

“I don’t want to be seen as the ‘spoiled rich kid’ trying to save the world.”

“It feels taboo or self-indulgent to talk about purpose or meaning.”

Investing:

What you believe is the role of investing, your investment philosophy, and how you define investment “success” in terms of returns and impact

• Seeing investing purely for making money, without or with little concern for the investments’ social or environmental impact; and solely to preserve and growth financial wealth

• Assuming sustainable investing requires sacrificing returns

• Impact investing is perceived as idealistic or unserious

• “Two-bucket” thinking where investing is for making money, and philanthropy is for giving it away for impact

“Investing is about making money, not saving the world.”

“If we invest sustainably, we will have to give up financial returns.”

“We can make money now, and give it away if we want to do good”

"I want to make a difference – but we need to preserve our wealth first."

"If I bring this up, I’ll look naïve or unserious, like I don’t understand investing.”

Family role:

How you perceive your role, voice and influence around family finances, wealth, and investing – given age, gender, generation, or life stage

• Fear of disrupting family relationship or creating tension around family wealth

• Filial piety and deference to patriarchs and older generations

• Worry about dishonouring family legacy

• Feeling illegitimate or inexperienced around family finances; potentially having been “sheltered” from being exposed to the family wealth

• Fear of being criticised for being naive, idealistic, or greenwashing

• Lack of clarity on what role to play around family finances, wealth or investing

“It’s not really my place to speak up.”

“I don’t want to talk about money and create (more) conflict or tension in our family.”

"I don’t want to create problems by suggesting a different view in how we invest.”

“We never really talked about money growing up. Now I don’t know where to start.”

"This is my family’s legacy. I need to respect that."

“I don’t want to upset my parents or go against tradition. Should I be here to preserve, evolve, or challenge my family’s legacy and wealth?”

Self and identity:

How your personality, values, and internal narratives about yourself influence your behaviour - and specifically how these influence your role in the family's investing and wealth

• Lack of clarity about personal values, ambitions, or direction

• Internal conflict between personal and perceived family expectations

• Lack of confidence or self-belief to initiate conversations

“I’m still figuring out what I believe.”

“I want to do this right, otherwise I won’t do it at all.”

"I’m still figuring out my place in the family, I’m not ready to lead."

"I care about sustainability, but I'm not sure if that's enough to speak up."

"I feel stuck between two worlds - who I want to be and who my family expects me to be."

"I care about climate change, but I don't know how that relates to our portfolio."

Making the invisible visible

Internal mindset obstacles are rarely obvious to you. Yet we observe they often delay moving from interest into action.

Even very wealthy individuals with strong sustainable investing interests have shared a feeling of not having enough or excessive fear of losing wealth. These concerns, mixed with recognition of their privilege, lead to feelings of guilt, insecurity, and overwhelm. As one participant told us, they feel "wealth shamed" and struggle to start.

However, a growing number of individuals have moved beyond these obstacles through guided reflection, peer conversations, structured learning programmes, or different conversations with knowledgeable advisors.

Critically, facing obstacles is natural when growing into family leadership. Once surfaced and reframed, these beliefs become starting points, not stopping points, for action.

2. Social influence: When others’ thinking and beliefs creates challenges

Your journey will also be shaped by what others’ think. Even when you are clear about starting to invest sustainably, others’ views carry weight. Getting family or advisors’ commitment to the journey is essential. For most, it is also difficult.

How you invest your family wealth will be shaped by social norms about what they deem as acceptable, possible or legitimate. Sustainable investing disrupts historical assumptions by recognising that “every investment has an impact” . While the wider financial system has begun shifting towards this reality, older narratives still remain in managing family wealth.

These external views can create obstacles to your progress. For example, if your family believes that “wealth must be preserved” along with “sustainable investing is risky or gives up returns”, then it will be challenging to suggest investments. Or, investment advisors are unlikely to discuss sustainable investing if they believe that “If you want to ‘do good’ with your wealth, give it away. My job is to make you as much money as possible.”

You may feel discouraged when faced with these views; but take heart. Don’t interpret initial resistance as hostility to you or your aims. By advocating for sustainable investing, you’re shifting the current, dominant norms. Family members and advisors often agree with the aim to have a positive impact but feel pressure to maintain what feels “safe” or “has worked”. We’ve seen, once their worldview shifts, they become partners in the family’s journey.

We’ve identified five domains where social norms frequently create obstacles. Below we outline each domain, with examples and illustrative quotes of obstacles. As you read the table, ask yourself “Can I recognise some of these views from family or advisors?”

Domain	Example challenges	What would you hear?
Purpose and meaning of wealth How the family or advisors interpret the role of wealth, and whether for preservation, legacy, or social status, can create norms about what is acceptable or expected	• Expectation to maintain the same approach to generating or investing family wealth as it has historically worked; to honour the past • Emphasis on “preserving” existing the wealth and that capital shouldn’t be risked on innovations or new approaches • Wealth is distinct from family values or purpose; and tension with trying to link new ideas about family purpose to wealth • Not talking openly about money, family wealth or its purpose; or avoiding discussing wealth’s societal impact • Family wealth reflects the family legacy, success, or identity, and isn’t a tool for societal change • Purpose of wealth is to provide opportunity, comfort, security, luxury, or happiness for the family; and through philanthropy or business families can ‘do good’ • Reliance on advisors for financial guidance and unquestioningly accepting their views	“This money is here to protect the family, not to experiment.” “Your [grandfather] worked hard for this – we shouldn’t put it at risk or be irresponsible with it.” “We have to preserve family wealth and that’s about continuity, not change.” "This isn’t the time to get idealistic." "We’ve always focused on legacy – impact feels a bit speculative." “Wealth is personal and our family values are private, this makes them public.” “We don’t discuss family wealth” “I just listen to my advisors. They’re professionals so know better. And most of the time they advocate growing our wealth above all things.”
Investing and financial performance Views that “good” investing or fiduciary duty means solely maximising financial returns; dismissing the potential that incorporating sustainability can both benefit that aim and that an investment’s impact is also important	• Doubts about the financial merit of sustainable investing and the view that it will mean sacrificing returns or undermine fiduciary duty • Perspective that investing is a purely technical domain, and that sustainability introduces values, emotions, and irrational decision-making • Pressure to conform to a historical approach to investing and not change as it’s “worked in the past” • Dismissing the approach as too vague, virtue-signalling, politicised, likely greenwashed • You need scale to do impact investing – small experiments aren’t meaningful • You can’t measure social and environmental impact objectively	“We’ve always focused on performance first." “We can’t afford to let values get in the way of returns.” “The family portfolio is not the place for personal causes.” “Impact is for philanthropy, not investing.” “We shouldn’t sacrifice returns for a cause." “Our job is to get you the best returns, what you do afterwards with the money is up to you” “I don’t want to have to worry about deciding what’s ‘right’ or ‘wrong’ when making an investment.” “We’ve always looked for well-run companies that have good governance and aren’t in trouble with the legislation, this isn’t new.” “The business of business is business; and the only social responsibility of business or investors is to maximise profits.” "What would our CIO say if we brought this up?" "I don't want to get caught up in the politics of sustainability.''
Reputation and legitimacy Concerns about how investing differently than has been done traditionally will be perceived, by wider family, peers, or professionals, can make individuals hesitant to step outside current norms to risk standing or judgment	• Concern about being seen as naïve, ideological, self-righteous or different from peers • Anxiety about risk to family reputation if investments don’t go well, or if considering impact undermines financial seriousness • Beliefs that reputation has to be maintained through stability and discretion, rather than trying to innovate (even if that is what allowed family to be successful) • Sustainable investing is a fad or fashion, not a serious approach that will be sustained • Fear of greenwashing or “doing it wrong” deters even modest experimentation	“We don’t want to be seen as virtue- signalling.” “If the investment doesn’t work out, it could really damage our name.” “I don’t want get our family to get caught up in the politics of sustainability.” “We’d be embarrassed if we were accused of greenwashing." “Unless it’s perfect, it’s performative.”
Capability and readiness Expectations that the family, given their wealth or business success, or a family advisor as a professional, should already know everything about investing, making it hard to introduce the topic or admit gaps in knowledge	• Avoidance of conversations that make the individual feel out of depth, uninformed, or inexperienced • Not providing space or time to discuss or ask questions and risk acknowledging gaps in knowledge • Reluctance to discuss sustainable investing as the field is still at an early stage and evolving • Belief that only charities, development finance institutions, or sustainability experts have the knowledge to invest sustainably • Belief that impact should be narrowly defined in economic growth or employment rather than softer or systemic outcomes like biodiversity, or justice	“We don’t want to ask that as it may make us look uninformed.” “I’m not an expert, so I’d rather not bring it up.” “You need to be fully educated before doing anything.” “We’ll wait until there’s more certainty, data, evidence, etc… before starting.” “We trust our advisors, so if they thought we should do it, they would have pitched it to us.” “There’s no agreed definition of ‘impact’ so it’s not worth getting started.” “You should have picked this up by now.”
Family roles and generational dynamics Unspoken hierarchies often dictate who in the family (or by family advisors) is viewed as credible, capable, or entitled to be involved with the family’s wealth and investing	• Dismissal or of non-traditional voices (e.g. younger generations, female, married into family) • If the generation who initially created family wealth is still in charge or alive, others should agree and not question their views • Expected deference to views and experience of older or traditional decision-makers, and suggesting new approaches is “confrontational” or “disrespectful” • Belief/burden that leadership and change can only come from the top or head of the family • Belief that family is unified, or unity is preserved, by avoiding values-driven conversations	“Let’s wait until your [father] has weighed in about the investment decisions.” “This is something for the board, not the next-gen. When you’re in charge, you can do what you want.” “When you’re responsible for the family’s portfolio, you can make the decisions.” “This is how investing has been done for decades, why do you want to propose something new? “Let’s not speak about the family wealth as it might upset your [grandparents]”

Domain

Example challenges

What would you hear?

Purpose and meaning of wealth

How the family or advisors interpret the role of wealth, and whether for preservation, legacy, or social status, can create norms about what is acceptable or expected

• Expectation to maintain the same approach to generating or investing family wealth as it has historically worked; to honour the past

• Emphasis on “preserving” existing the wealth and that capital shouldn’t be risked on innovations or new approaches

• Wealth is distinct from family values or purpose; and tension with trying to link new ideas about family purpose to wealth

• Not talking openly about money, family wealth or its purpose; or avoiding discussing wealth’s societal impact

• Family wealth reflects the family legacy, success, or identity, and isn’t a tool for societal change

• Purpose of wealth is to provide opportunity, comfort, security, luxury, or happiness for the family; and through philanthropy or business families can ‘do good’

• Reliance on advisors for financial guidance and unquestioningly accepting their views

“This money is here to protect the family, not to experiment.”

“Your [grandfather] worked hard for this – we shouldn’t put it at risk or be irresponsible with it.”

“We have to preserve family wealth and that’s about continuity, not change.”

"This isn’t the time to get idealistic."

"We’ve always focused on legacy – impact feels a bit speculative."

“Wealth is personal and our family values are private, this makes them public.”

“We don’t discuss family wealth”

“I just listen to my advisors. They’re professionals so know better. And most of the time they advocate growing our wealth above all things.”

Investing and financial performance

Views that “good” investing or fiduciary duty means solely maximising financial returns; dismissing the potential that incorporating sustainability can both benefit that aim and that an investment’s impact is also important

• Doubts about the financial merit of sustainable investing and the view that it will mean sacrificing returns or undermine fiduciary duty

• Perspective that investing is a purely technical domain, and that sustainability introduces values, emotions, and irrational decision-making

• Pressure to conform to a historical approach to investing and not change as it’s “worked in the past”

• Dismissing the approach as too vague, virtue-signalling, politicised, likely greenwashed

• You need scale to do impact investing – small experiments aren’t meaningful

• You can’t measure social and environmental impact objectively

“We’ve always focused on performance first."

“We can’t afford to let values get in the way of returns.”

“The family portfolio is not the place for personal causes.”

“Impact is for philanthropy, not investing.”

“We shouldn’t sacrifice returns for a cause."

“Our job is to get you the best returns, what you do afterwards with the money is up to you”

“I don’t want to have to worry about deciding what’s ‘right’ or ‘wrong’ when making an investment.”

“We’ve always looked for well-run companies that have good governance and aren’t in trouble with the legislation, this isn’t new.”

“The business of business is business; and the only social responsibility of business or investors is to maximise profits.”

"What would our CIO say if we brought this up?"

"I don't want to get caught up in the politics of sustainability.''

Reputation and legitimacy

Concerns about how investing differently than has been done traditionally will be perceived, by wider family, peers, or professionals, can make individuals hesitant to step outside current norms to risk standing or judgment

• Concern about being seen as naïve, ideological, self-righteous or different from peers

• Anxiety about risk to family reputation if investments don’t go well, or if considering impact undermines financial seriousness

• Beliefs that reputation has to be maintained through stability and discretion, rather than trying to innovate (even if that is what allowed family to be successful)

• Sustainable investing is a fad or fashion, not a serious approach that will be sustained

• Fear of greenwashing or “doing it wrong” deters even modest experimentation

“We don’t want to be seen as virtue- signalling.”

“If the investment doesn’t work out, it could really damage our name.”

“I don’t want get our family to get caught up in the politics of sustainability.”

“We’d be embarrassed if we were accused of greenwashing."

“Unless it’s perfect, it’s performative.”

Capability and readiness

Expectations that the family, given their wealth or business success, or a family advisor as a professional, should already know everything about investing, making it hard to introduce the topic or admit gaps in knowledge

• Avoidance of conversations that make the individual feel out of depth, uninformed, or inexperienced

• Not providing space or time to discuss or ask questions and risk acknowledging gaps in knowledge

• Reluctance to discuss sustainable investing as the field is still at an early stage and evolving

• Belief that only charities, development finance institutions, or sustainability experts have the knowledge to invest sustainably

• Belief that impact should be narrowly defined in economic growth or employment rather than softer or systemic outcomes like biodiversity, or justice

“We don’t want to ask that as it may make us look uninformed.”

“I’m not an expert, so I’d rather not bring it up.”

“You need to be fully educated before doing anything.”

“We’ll wait until there’s more certainty, data, evidence, etc… before starting.”

“We trust our advisors, so if they thought we should do it, they would have pitched it to us.”

“There’s no agreed definition of ‘impact’ so it’s not worth getting started.”

“You should have picked this up by now.”

Family roles and generational dynamics

Unspoken hierarchies often dictate who in the family (or by family advisors) is viewed as credible, capable, or entitled to be involved with the family’s wealth and investing

• Dismissal or of non-traditional voices (e.g. younger generations, female, married into family)

• If the generation who initially created family wealth is still in charge or alive, others should agree and not question their views

• Expected deference to views and experience of older or traditional decision-makers, and suggesting new approaches is “confrontational” or “disrespectful”

• Belief/burden that leadership and change can only come from the top or head of the family

• Belief that family is unified, or unity is preserved, by avoiding values-driven conversations

“Let’s wait until your [father] has weighed in about the investment decisions.”

“This is something for the board, not the next-gen. When you’re in charge, you can do what you want.”

“When you’re responsible for the family’s portfolio, you can make the decisions.”

“This is how investing has been done for decades, why do you want to propose something new?

“Let’s not speak about the family wealth as it might upset your [grandparents]”

Naming to shifts norms

Altering social norms may seem daunting. But they are constructed through social interactions. Because they’re often unwritten, they go unchallenged. By introducing new ideas, at the right time and in the right way, you can shift them significantly.

For example, we hear families often hold implicit views about “How much is enough?” or “What’s our wealth really for?”. Attitudes typically will differ across generations, causing investment decision conflicts. Yet, families rarely discuss these questions explicitly. Creating space for these conversations can overcome sustainable investing obstacles while improving family harmony.

Identifying social norms and unspoken expectations is the first step to influencing them. Breaking them directly may be challenging, but you can dismantle these barriers. We’ve seen individuals grow internal coalitions, ask thoughtful questions, and demonstrate the value of sustainable investing that created space for others to think differently and shift norms.

Linking sustainable investing to your family’s underlying principles and values can also be key to overcoming associated obstacles.

3. Family dynamics: Emotional and relational patterns

Obstacles to bring others onto your sustainable investing journey extend beyond wealth and investing norms. They’re often intertwined with fundamental patterns of family interaction, such as how your family communicates, makes decisions, expresses emotions, and handles disagreements.

These broader patterns create sustainable investing obstacles in predicable ways. Decision-making power concentrated with one or two family members limits others’ ability to influence investment strategy. Different experiences of wealth, creating it versus growing up with it, shape views around risk, stewardship, or generosity. Doubts about younger generations’ maturity or readiness result in exclusion from participation. Families that struggle with honest, emotionally open conversations similarly tend to struggle to discuss wealth, inheritance, or impact openly.

Many challenges overlap. For example, if you’re part of a younger generation, you may have benefited from efforts to give you better opportunities through international schooling or protection from financial hardships. Simultaneously, you may face expectations to defer to elders and earn your place before having a voice. This can create communication difficulties and a lack of emotional safety to question your expected path, role, or family investing approach.

We’ve seen four key domains where general family dynamics commonly create specific obstacles to sustainable investing. Below we outline each along with examples and illustrations. As you read the table, ask yourself “Can I recognise some of these views from family or advisors?”

Domain	Example challenges	What would you hear?
Power and control dynamics: How authority and influence are distributed and exercised across family members, including what and how decisions are made, by whom, who gets a say, and whose preferences are considered or prioritised	• Control concentrated in older generations or wealth creators, often 1-2 individuals, limiting others’ ability to play a role or influence decisions • New ideas can be shut down quickly if they come from less powerful voices due to, for example, age, gender, nature of family connection (e.g. marriage vs “blood”) • Existing generation in charge, particularly if they created wealth, retaining control or reluctant to cede it, often resisting handover even though capacities are diminishing • Even when “handover” has happened to the younger generation or wider family, the prior generation retains veto power • Use of legal tools (e.g. trusts) or financial mechanisms to exercise control • Vague or shifting power structures due to succession or leadership transition may lead to unclear decision-making roles, paralysis and second-guessing decisions, or infighting for authority	“They made the money, so they make the rules.” “It’s not your responsibility or role to worry about these things, when you’re in charge you can.” “Let’s wait until your [uncle] weighs in.” “Your [grandfather] may not run the business anymore, but he’s still the one making the decisions.” “Why bother proposing anything new, if it hasn't been done or [xx] doesn’t agree, it's futile."
Lack of emotional safety: Family culture where speaking honestly, disagreeing openly, or expressing vulnerability feels risky or threatening; therefore important or potentially emotional conversations are avoided, glossed over, or off-limits	• Avoidance of potential conflict delays discussions or decisions and misses opportunity to get buy-in from being able to express views • Avoidance of emotional or “uncomfortable” topics leads to no decisions or superficial agreements between family members • Masked politeness or appeal to family harmony makes it difficult to raise concerns or share different views • Key perspectives and values remain unspoken, missing opportunities to find connection and leading to fragmentation • Family members do not share their own, or know each other’s, viewpoints for fear of being judged, dismissed, or excluded if one's ideas differ • Family meetings are superficial and transactional, and deeper conversations aren’t given time or are blocked from the agenda • Desire to “keep the peace” leads to watered-down decisions or inertia	“Let’s not bring this up, we have to keep things civil.” “We don’t talk about that in this family.” “These things aren’t worth fighting over. Family is more important.” “Don’t bring emotions into financial decisions.” “Speaking about values or ‘soft topics’ will be criticised or shut down.” “It doesn’t feel safe to say what I really think.” “If I raise concerns, I’ll be shut down.” “It’s easier not to go there.”
Cultural/identity divergence Differences in life experiences, education, piety, or background that affect the perception of, and trust between, family members, for example across generations or between family branches.	• Conflicting priorities or misalignment due to: • Different life experiences of wealth lead to different attitudes toward risk, stewardship, and generosity. For example, older generations may have known greater financial scarcity, hardship, or struggle and view younger ones growing up with financial comfort and privilege • Formal education differences can create subtle, or overt, differences in dialogue. For example, younger generations who were educated privately or overseas, or earned MBAs, may be perceived as patronising • Different interpretations of religious or cultural obligations, either across generations or through cross-cultural or interfaith marriages, can deepen family richness, but also diminish intuitive understanding or generate conflicts • "Global" vs "local" mindsets due to study abroad, travel, or experiences can create different mental frameworks for decisions or priorities • Different views about who is part of "our family" can mean "outsiders" can be excluded from decisions or input creating tensions	"You don't understand what it took to build this." "I stayed and did the work to look after the family business and family while you left 'to have a good time' overseas." "That thinking is very [Western], but we don't live like that here." "I gave them access to experiences and education, I never had, but now they talk down to me." "They think too locally; and we have to start operating globally." "You've spent too much time abroad. This isn't how we do things here." "Our values come from different places, and that's hard to talk about." "Maybe where you're from that's acceptable, but in our family, we don't talk about these things." "They just don't see why this matters to me, and it's hard to explain." "We're part of the family, but not part of the conversation."
Gaps in trust and readiness Lack of confidence about the maturity, capabilities, and alignment of others to be given authority, or take overall responsibility for the family which can be between generations, siblings, or extended family members	• Responsibility not given, decisions slowed or stalled as elders fear loss of control, letting go, being outshone • Withholding access to information or dismissing ideas as younger generations are seen as too idealistic, immature, unserious, or emotional • Not being involved in, or observing, key conversations or decisions, creating a feeling of being excluded or unable to understand elders’ views and values • Creating impossibly high hurdles to prove competence or that new ideas are of value • Disengagement or full exit of younger members from the family or its activities	“You’re/They’re not ready to handle the responsibly.” “Let’s revisit this when you’ve had more experience.” “Maybe after you’ve been [in the company/on the board] for a few years.” “Who gets to decide if I’m ready?” “We’re kept ‘out of the loop’ about decisions so don’t understand them.”

Domain

Example challenges

What would you hear?

Power and control dynamics:

How authority and influence are distributed and exercised across family members, including what and how decisions are made, by whom, who gets a say, and whose preferences are considered or prioritised

• Control concentrated in older generations or wealth creators, often 1-2 individuals, limiting others’ ability to play a role or influence decisions

• New ideas can be shut down quickly if they come from less powerful voices due to, for example, age, gender, nature of family connection (e.g. marriage vs “blood”)

• Existing generation in charge, particularly if they created wealth, retaining control or reluctant to cede it, often resisting handover even though capacities are diminishing

• Even when “handover” has happened to the younger generation or wider family, the prior generation retains veto power

• Use of legal tools (e.g. trusts) or financial mechanisms to exercise control

• Vague or shifting power structures due to succession or leadership transition may lead to unclear decision-making roles, paralysis and second-guessing decisions, or infighting for authority

“They made the money, so they make the rules.”

“It’s not your responsibility or role to worry about these things, when you’re in charge you can.”

“Let’s wait until your [uncle] weighs in.”

“Your [grandfather] may not run the business anymore, but he’s still the one making the decisions.”

“Why bother proposing anything new, if it hasn't been done or [xx] doesn’t agree, it's futile."

Lack of emotional safety:

Family culture where speaking honestly, disagreeing openly, or expressing vulnerability feels risky or threatening; therefore important or potentially emotional conversations are avoided, glossed over, or off-limits

• Avoidance of potential conflict delays discussions or decisions and misses opportunity to get buy-in from being able to express views

• Avoidance of emotional or “uncomfortable” topics leads to no decisions or superficial agreements between family members

• Masked politeness or appeal to family harmony makes it difficult to raise concerns or share different views

• Key perspectives and values remain unspoken, missing opportunities to find connection and leading to fragmentation

• Family members do not share their own, or know each other’s, viewpoints for fear of being judged, dismissed, or excluded if one's ideas differ

• Family meetings are superficial and transactional, and deeper conversations aren’t given time or are blocked from the agenda

• Desire to “keep the peace” leads to watered-down decisions or inertia

“Let’s not bring this up, we have to keep things civil.”

“We don’t talk about that in this family.”

“These things aren’t worth fighting over. Family is more important.”

“Don’t bring emotions into financial decisions.”

“Speaking about values or ‘soft topics’ will be criticised or shut down.”

“It doesn’t feel safe to say what I really think.”

“If I raise concerns, I’ll be shut down.”

“It’s easier not to go there.”

Cultural/identity divergence

Differences in life experiences, education, piety, or background that affect the perception of, and trust between, family members, for example across generations or between family branches.

• Conflicting priorities or misalignment due to:

• Different life experiences of wealth lead to different attitudes toward risk, stewardship, and generosity. For example, older generations may have known greater financial scarcity, hardship, or struggle and view younger ones growing up with financial comfort and privilege

• Formal education differences can create subtle, or overt, differences in dialogue. For example, younger generations who were educated privately or overseas, or earned MBAs, may be perceived as patronising

• Different interpretations of religious or cultural obligations, either across generations or through cross-cultural or interfaith marriages, can deepen family richness, but also diminish intuitive understanding or generate conflicts

• "Global" vs "local" mindsets due to study abroad, travel, or experiences can create different mental frameworks for decisions or priorities

• Different views about who is part of "our family" can mean "outsiders" can be excluded from decisions or input creating tensions

"You don't understand what it took to build this."

"I stayed and did the work to look after the family business and family while you left 'to have a good time' overseas."

"That thinking is very [Western], but we don't live like that here."

"I gave them access to experiences and education, I never had, but now they talk down to me."

"They think too locally; and we have to start operating globally."

"You've spent too much time abroad. This isn't how we do things here."

"Our values come from different places, and that's hard to talk about."

"Maybe where you're from that's acceptable, but in our family, we don't talk about these things."

"They just don't see why this matters to me, and it's hard to explain."

"We're part of the family, but not part of the conversation."

Gaps in trust and readiness

Lack of confidence about the maturity, capabilities, and alignment of others to be given authority, or take overall responsibility for the family which can be between generations, siblings, or extended family members

• Responsibility not given, decisions slowed or stalled as elders fear loss of control, letting go, being outshone

• Withholding access to information or dismissing ideas as younger generations are seen as too idealistic, immature, unserious, or emotional

• Not being involved in, or observing, key conversations or decisions, creating a feeling of being excluded or unable to understand elders’ views and values

• Creating impossibly high hurdles to prove competence or that new ideas are of value

• Disengagement or full exit of younger members from the family or its activities

“You’re/They’re not ready to handle the responsibly.”

“Let’s revisit this when you’ve had more experience.”

“Maybe after you’ve been [in the company/on the board] for a few years.”

“Who gets to decide if I’m ready?”

“We’re kept ‘out of the loop’ about decisions so don’t understand them.”

Reshaping family dynamics

When underlying dynamics are unhealthy, speaking honestly or finding common direction for your family and wealth becomes difficult.

However, discussions about wealth, its purpose, and legacy can unblock deeper family dynamics issues. Focusing on a creating a tangible future portfolio reflecting your collective views provides a setting to surface and change existing patterns. We’ve seen families benefit from separating family time from wealth or business discussion, using facilitators for wealth conversations, or creating structured family governance documents.

We’ve seen families benefit from clarifying their wealth’s purpose and building shared language around investing. As well, recognising culture and identity differences reduce misunderstandings and foster empathy. And trust growing through transparency and gradual inclusion of younger generations, or extended family members, in decision-making.

Relational challenges won’t disappear overnight. However, families’ desire for harmony and unity can create a powerful motivation to embark on a sustainable investing journey together.

Revisit and realign

Obstacles don’t have to be barriers on your family’s sustainable investing journey. Nor are they a sign you’re on the wrong path. It’s the opposite. They’re proof you’re moving forward. They’re strengthening exercises. They refine your ambition and help you bring others along on your journey.

Reframing obstacles as normal changes your relationship with them. Instead of feeling frustrated or giving up without knowing why, you can plan responses. Identifying them provides the opportunity to clear your path and continue forward.

Some obstacles arise because the sustainable investing field is relatively young and still evolving. Obstacles such as fragmented data or metrics, limited advisor experience, regulatory complexity, or access to investments all exist. But these are outside your direct control. While you must acknowledge them, don’t let them be used as reasons to delay starting. Many families embarked on this journey when the field was less developed, as you’ll see in the case studies below. You can also make progress.

Sometimes, simply articulating challenges creates space for new conversations. You may discover others in your family share similar views. You might spot where fear or inertia hides. You could gain courage to speak up, ask questions, or invite others in.

In the fourth article, we’ll explore a practical CSP framework based on research with families who have gone on a sustainable investing journey together and able to overcome many of these obstacles.

Voices of experience

Over ten years, CSP has trained over 240 participants in the Impact Investing for Next Generation program.

We have seen how when investors to express their ambitions and aims while linking them to the SDGs proves especially valuable, especially for cross-generational understanding. (This also can also enable families to communicate, connect, and commit as we’ll explore in Article 4.)

To bring these to life, we interviewed CSP alumni Sumitra Aswani about her experiences.

Sumitra’s perspective:

Sumitra is a fourth-generation member of Tolaram, a Singapore enterprise that began as a small retail shop in Indonesia in 1948 and now spans 16 countries, employs almost 20,000 people, and reaches over one billion consumers. Her roles in the organisation include Founding Director at Ishk Tolaram Foundation, a philanthropic organisation that provides access to quality education, employment, and healthcare to underserved individuals in Singapore, Indonesia, and Nigeria, and Head of Purpose and Sustainability Lead for the global operating business.

Through these and multiple membership and voluntary engagements, Sumitra champions progressive philanthropy, sustainability, and responsible stewardship of all assets. She continues to hone her influence and skills toward mobilising capital effectively to create a more equitable world and is particularly interested in the role of next-generation leadership in realising this.

“Family businesses are inherently set out to think long-term because of their multi-generational intent and their concern for legacy. Our family is no different. We inherited a strong set of values from our founders, and while these have been adapted to stay relevant over time, their essence has been retained. It has never been more important to examine our values and ask ourselves if we practice them in our businesses.

In 2015, we structurally secured Tolaram’s future by converting our holding company into a trust and institutionalising our philanthropy as a significant beneficiary of that trust. Ishk Tolaram Foundation allows us to go deeper with our grant-making and helm operating programs in Indonesia, Nigeria, and Singapore. Through Ishk, we have also been able to explore innovative financing mechanisms for impact, including impact investing.

Tolaram turned 75 in 2023, and in the lead up to this, we paused to review our purpose as an entity. Our businesses operate in emerging markets and have always been important generators of employment, responsive to community needs, and prudent about resources to stay competitive. But it has become clear that more is demanded of business, and around the COVID-19 pandemic we began to think differently about resilience and sustainability.

Today, there are ongoing discussions about how purpose, values, and profitability can be complementary rather than competitive forces in our businesses. It requires a lot of honest conversation at both the family and management level. It’s not easy, and there are many trade-offs to consider along the way, but these conversations are essential if we want to leave Tolaram and the world better than we inherited it."

Reflection questions: Planning for potential obstacles

Understanding the obstacles ahead will prepare you for your sustainable investing journey. Consider these reflection questions:

Identify your obstacles

Looking at the three categories, internal mindset barriers, social influence, and family dynamics, how do each of these feel relevant to your situation?
What specific phrases or thoughts from the examples resonated with you or have you heard from family members or wealth advisors?
What obstacles might delay your progress most if you don’t prepare for them?
How have you observed family dynamics expressed day-to-day or bigger decisions? How might these create obstacles for and on the journey?

Plan your approach

Who in your family or advisor network might become allies in address these challenges?
What small step could you take to begin shifting the most pressing obstacle(s)?
What would be the motivations from Article 1 that would resonate with your stakeholders and help you to influence them?

Consider your support network

Who could educate or advise you based on experience with similar family dynamics?
Where might external facilitators, coaches, or peer networks be valuable?
What existing activities, such as your family business, foundation, or philanthropy, could provide natural opportunities to introduce sustainable investing discussions?

Connect to broader family goals and activities

How might addressing these obstacles benefit your family beyond just investing?
What family values or aspirations around family legacy could help motivate stakeholders to work with you?
Are there existing family structures or routines (governance meetings, family hobbies, annual holidays) through which to introduce sustainable investing?

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Insights Starting Your Family's Sustainable Investing Journey Part 4: How Do You Bring Others On The Journey?

The 3Cs framework: communication, connection, and commitment aims to help families find common ground and move forward together.