Family and generational wealth
We have seen, this year more than ever, changes in attitudes from the new and emerging types of wealth owner. From entrepreneurial wealth to family office structures, our work across the board has revealed a new type of social consciousness amongst the ‘next generation’.
Our research delves into how attitudes to legacy, succession planning, and where to invest wealth, change between the generations. In speaking to a wide range of advisers to wealthy individuals, we found that environmental, social and governance (ESG) issues have never been as prominent as they are today. With wealth inequality now a routine part of public discourse amid economic, health and social crises, the question of whether there is an onus on the wealthy to ‘do good’ in the world is a common one. Philanthropy has been the primary vehicle for achieving this, but there is increasingly a view that social impact should be tied more directly to wealth creation and preservation itself.
Incumbent wealth owners must understand the motivations of the next generation, and acknowledge that passing on wealth may need to be done completely and alongside the relinquishment of strategy oversight, even if this means successors risk undoing the work of the generation(s) before them. As one family office adviser observed, “even if next gen hits the buffers, they will have learnt something along the way”.
Read Chapter 3 of our research – Family & intergenerational wealth
Back to the full report
Enterprising families come in all shapes and sizes but at the heart, there is always a family with busy and fast-paced lives. This can include a growing family business, a property portfolio and financial investments. Increasingly we are also seeing private equity interests alongside projects of passion such as an art collection or classic cars.
As complexity increases from all angles, wealth owners recognise the benefits of a bit more planning and expert advice. Whether you have your own family office or are just interested in organising your family’s investments a bit more, our globally connected team can make it easy for you to get the expert advice and support you need.