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Alternative Market Briefing

Modern American family dynamics complicate wealth management

Wednesday, July 02, 2014

Komfie Manalo, Opalesque Asia:

A survey of 680 high net-worth individuals in the U.S. with $3m or more in investable assets found that the changing family structures, multi-generational and extended family circumstances, evolving gender roles, and generational views on investing and use of wealth are challenging traditional approaches to wealth planning.

The 2014 U.S. Trust Insights on Wealth and Worth survey found that family dynamics, including change in family structures and roles among men, women and multiple generations affect both immediate and extended family members.

"The perspective of mine, yours and ours is the new reality of wealth management," the survey commissioned by the Bank of America Merrill Lynch said, It added, "Nearly half (46 percent) of wealthy families in the study have experienced a change or disruption in the family dynamic, following a divorce, loss of a spouse or partner and subsequent remarriage and blending of families."

It said that in modern families, women are playing an active role in wealth planning and decision-making as they make significant contributions to family wealth. More than half (52 percent) of women came into their marriage or relationship with financial assets equal to or greater than their spouse or partner, and one-third (33 percent) of women are now th......................

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