How can I ever be sure that my investment decisions regarding my passion will be made with both the head and the heart?

Julie, a long-time art collector, wanted to pass on her large art collection to her children. Learn how we've helped her balance wealth and passion.

45% of high-net-worth individuals who own collectibles as assets agree with the statement, "My wealth makes me feel more exposed than protected1."

The challenge icon

The challenge

If art is your passion, it's a constant battle between making decisions with your head and your heart as you build your collection. Julie had been collecting art all her life, but she had begun to think about passing on her collection to her children, in addition to the fortune she had inherited. Since this decision was associated with so many emotions, she didn't know where to start. 

The solution icon

The solution

Julie reached out to her Client Advisor to discuss her dilemma and hear our insights into her situation. In our conversation, we were able to highlight three points that should help her think rationally about the next steps.  

 

We developed an estate plan to facilitate the transfer to their children. 

 

We encouraged Julie to look at her wealth as a whole – art, investments, and other assets.

 

Finally, we discussed with Julie options around setting up a charitable foundation. 

Wealth planning is most effective when you look at the bigger picture. In Julie's situation, passing on assets and managing investments went hand in hand. We helped her understand her estate planning options and make decisions that were right for the family. Then we were able to prepare their assets so that they were ready for transfer. 

With this plan, Julie could be sure that her beloved art collection would be safe until it was handed over to her children. 

Read the full story here, which was created in collaboration with Vogue.

People

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As your wealth management partner, we can help you make the right decisions for you and your loved ones. Discover how our services and expertise can help you take your next steps. To start a conversation, fill out the form below and one of our local teams will contact you. 

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:

  • Perspectives on the purpose of wealth: How the individual perceives the purpose of their wealth. 

  • The three most important values of wealth: The three aspects that people value most about their wealth. 

  • 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. 

The rise of generational wealth

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  1. Based on research conducted by Ipsos UK on behalf of Quintet Private Bank and BlackRock between 19th August and 27th September 2024.
  2. Source: Bloomberg, October 2024.
  3. As at the end of September 2024.

 

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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". 
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