48% of High Net Worth individuals with heirs believe that encouraging them to be responsible with their wealth is the most important message to give them.1
The challenge
When you pass on wealth to the next generation, you also pass on responsibility for making it prosper. Joanna felt it was time to hand over some of the family fortune to Alex. But she was concerned about the transition and wanted to make sure Alex understood how to manage his wealth and continue building on it.
The solution
As a long-time client, Joanna asked for our help. We sat down with Joanna and Alex and listened to their hopes and ambitions for the future. This gave us the opportunity to talk through our Next Generation approach, which highlighted 3 points.
Alex needed to raise his confidence with financial matters.
He also needed to learn about markets and financial solutions.
Joanna needed to sit down with him and openly discuss the plans for the family fortune.
We understand that preparing the next generation for wealth is an important part of Wealth Management. By supporting Joanna and Alex through these conversations, we were able to give the family confidence about the transition.
Working with our Wealth Planning and Investment Management teams, we were also able to explain the different options for passing on wealth so Joanna could decide when and how to do this. Then we were able to restructure her assets to suit the plan. By working with us, Joanna and Alex had clear steps to follow so they could move forward together.
Read the full story here, produced in collaboration with Paperjam.
Tell us your story
As your Wealth Management partner, we can help ensure your decisions are the right ones for you and your loved ones. Discover how our services and expertise can support your next steps. To start the conversation, fill in the form below and one of our local teams will get in touch.
2024 Quintet and BlackRock Report by Ipsos UK:
The rise of generational wealth: Unlocking new possibilities.
How do Europeans feel about their wealth? We asked 595 High Net Worth individuals to delve into the psychology of wealth in 2024. Do you share their outlook on key areas? Download the Ipsos UK1 report to discover fascinating insights, including:
- Perspectives on the Purpose of Wealth: How individuals perceive the purpose of their wealth.
- Top Three Values of Wealth: The three aspects people value most about their wealth.
- Attitudinal Differences in Wealth: The difference in attitudes between first-generation wealthy individuals and those from generational wealth.
Discover more clients stories
- Based on research conducted by Ipsos UK on behalf of Quintet Private Bank and BlackRock between 19th August and 27th September 2024.
- Source: Bloomberg, October 2024.
- As at the end of September 2024.
Investing puts your capital at risk. Lending is subject to status.
Research
Research was conducted by Ipsos UK on behalf of Quintet and BlackRock between 19th August and 27th September 2024. An online self-completion survey conducted in four countries, with a total of 595 adults aged 30 plus completing the survey: 165 in the UK, 147 in Germany, 169 in the Netherlands and 114 in Belgium. Quota sampling was applied, and respondents were required to have at least £1 million (UK) / €1 million (DE, NL, BE) in liquid/investable assets. Data has not been weighted and is not nationally representative of any market to the known adult population on any demographics.
More details can be found here
-
The subject of the survey is the behaviours, perceptions and intentions related to wealth management. Specifically, the research focused on uncovering: (i) Wealth background and attitudes towards wealth, including goals for the future (ii) Plans for passing on wealth, with a focus on passing wealth to the next generation and expectations of the next generation (iii) Retirement plans amongst those who are not already retired.
-
The survey was an online self-completion survey conducted in four countries, with a total of 595 adults aged 30 and over completing the survey: 165 in the UK, 147 in Germany, 169 in the Netherlands and 114 in Belgium. Quota sampling was applied, and respondents who chose to take part in the survey were required to have at least £1 million (UK) / €1 million (DE, NL, BE) in liquid/investable assets, and are defined as ‘High-Net-Worth’ (HNW) individuals throughout this report. Data has not been weighted and is not nationally representative of any market to the known adult population on any demographics.
-
Within this report we show figures at an aggregated level across all markets. These figures are a straight average across all countries surveyed with no weighting by country. Differences between countries and groups of interest are based on two-tailed significance tests with 95% level of confidence.
Definitions
-
Adults referred to as coming from ‘generational wealth’ are defined as those who selected ‘I come from a family, going back at least one generation, that has been successful in creating, preserving and/or growing wealth’ when asked which answer option best describes their wealth background. Adults who are referred to as ‘first-generation wealthy’ have been defined as those who selected: ‘I am the first-generation in my family to have created wealth’ in the same question.
-
Adults defined as ‘having plans to pass on their wealth to their children/heirs’ are those who selected any of the following codes at question ‘NG1. Thinking about your plans for the future, which of the following, if any, do you intend to do with your wealth?’: NET of ‘Gift it to children and/or relatives prior to my death’ + ‘Leave as an inheritance’ + ‘Ensure my children are financially comfortable without spoiling them’ + ‘Enhance the standing of our family name’.