48% of high-net-worth individuals with heirs believe that encouraging them to manage their wealth responsibly is the most important message.1
The challenge
When you pass on your wealth to the next generation, you also transfer the responsibility for making it thrive. Joanna felt that it was time to hand over some of the family fortune to Alex. However, she was concerned about the transition and wanted to make sure Alex knew how to manage and grow his wealth.
The solution
As a long-time client, Joanna asked us for help. We sat down with Joanna and Alex and listened to their hopes and ambitions for the future. This gave us the opportunity to explain our Next Generation approach, which highlighted three points.
Alex needed to increase his confidence in financial matters.
He also had to learn about markets and financial solutions.
Joanna had to sit down with him and talk openly about the plans for the family fortune.
We know that preparing the next generation for wealth is an important part of wealth management. By supporting Joanna and Alex in these conversations, we were able to give the family confidence in the transition.
Working with our wealth planning and investment management teams, we were also able to explain to Joanna the different options for passing on assets, so she could decide when and how she wanted to do it. Then we were able to restructure their assets to fit their plan. By working with us, Joanna and Alex had clear steps in mind that they could take together.
Tell us your story
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Our parent company Quintet and BlackRock 2024 report by Ipsos:
The Rise in Generational Wealth: Unlocking New Opportunities
What do Europeans think about their wealth? We surveyed 595 high-net-worth individuals to explore the psychology of wealth in 2024. Do you share their views on the most important areas? Download the Ipsos UK1 report for fascinating insights, including:
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Perspectives on the purpose of wealth: How the individual perceives the purpose of their wealth.
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The three most important values of wealth: The three aspects that people value most about their wealth.
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Differences in attitudes towards wealth: The difference in attitudes between wealthy people of the first generation and those who come from the generation of 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 Brown Shipley’s parent company 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 asset 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 to the next generation and expectations for the next generation (iii) retirement plans of those who are not yet retired.
- The survey was an online self-completion survey conducted in four countries, with a total of 595 adults aged 30 and over participating in the survey: 165 in the United Kingdom, 147 in Germany, 169 in the Netherlands and 114 in Belgium. A quota sample was drawn and respondents who chose to participate in the survey had to have liquid/investable assets of at least £1 million (UK) or €1 million (DE, NL, BE) and are referred to in this report as 'high net worth persons' (HNW). The data has not been weighted and is not nationally representative of the known adult population in terms of all demographics.
- In this report, the figures are presented at an aggregated level for all markets. These figures are a direct average across all countries studied, with no weighting by country. Differences between countries and groups of interest are based on two-page significance tests with a confidence level of 95%.
Definition:
- 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 who wish to bequeath their assets to their children/heirs are defined as those who enter one of the following codes in response to the question "NG1. When you think about your future plans, what do you plan to do with your assets, if anything? NET of "Give to children and/or relatives before I die" + "Leave as an inheritance" + "Make sure my children are financially well off without spoiling them" + "Improve the reputation of our family name".