66% of high net worth individuals whose source of wealth comes from Entrepreneurialism agree with the statement ‘I have full trust in my bank/financial advisors, so I don't have any worries about preserving my wealth’1.
The challenge
When you’ve poured your heart into one business all your life, moving on from it raises a lot of questions. At 58, this is where Steven found himself. With the sale complete, he wasn’t sure what his next move should be or what to do with the proceeds of the sale.
The solution
Steven’s uncle, already a long-term client of ours, suggested that he contact us. We’ve worked with many entrepreneurs through the journey of growing and selling a business, so we were able to reassure Steven about the next steps.
We recommended 3 courses of action:
Firstly, to safely invest the proceeds of the sale.
Next, we advised him to get a better sense of the total family wealth.
Finally, we helped him make a plan for the future whilst maintaining his lifestyle.
Wealth Planning is most effective when you have the full picture of the family’s wealth. We helped Steven establish this and take stock of what assets he had. From this, we were able to guide Steven about how to invest in a way that would support his lifestyle while considering his wishes to transfer wealth to the next generation.
Now Steven is confident about what comes next and has a clear plan for him and his family.
Read the full story here, produced in collaboration with The Economist.
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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.
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- 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
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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.
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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.
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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
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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.
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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’.