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Laxman Pai, Opalesque Asia: 85% of the next generation of ultra-high-net-worth individuals (UHNWI) who took part in a study believe that they are ready for succession, while only 39% of family offices are of the view that the next generation is sufficiently prepared for their future roles.
The new study from BNY Mellon Wealth Management and Campden Wealth has found that there is a disagreement on the issue of succession between the next generation of UHNWI and family offices.
The study, "The Next Generation of Wealth Holders in the United States 2022," surveyed 100+ next-generation UHNWIs (Next Gens) with a total estimated family net worth of US$77 billion (average US$752 million per family), all of whom have recently or will in the future assume control of the family wealth.
Next Gens' involvement in the family enterprise gives them firsthand knowledge of its goals. They have an appetite to get more involved, with a preference toward strategic and finance-related positions, ranking investment strategy/management on top (42%), followed by financial planning (38%), and succession planning (38%).
The study found Next Gens has an interest in easing conflict within the family enterprise. Two-thirds (66%) believe in the power of regular communication and another 63% seek external support for their succession planning/wealth transfers.
Despite respondents' eagerness to engage, their family members' roles and responsibilities (41%) and concerns ov...................... To view our full article Click here
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