A recent article in Family Business Magazine echoes our sentiments on the important role advisors play in helping high-net-worth and ultra-high-net-worth families not only manage their fortunes but also to help them put their wealth to good use. Clients are no longer expecting conversations with advisors to just focus on wealth preservation and growth—they’re concerned with inequality, how to use their resources to create a better world and want to examine the societal impact their wealth can have.
What Stood Out To Us
In a survey of just over 900 experienced advisors from across the world who work with the wealthiest families, STEP (the Society of Trust and Estate Practitioners), found that the attitudes toward wealth stewardship are shifting in families. STEP is an association of trust and estate professionals including lawyers, accountants, trustees, wealth managers and other advisors to wealthy families.
In short? Their report found that most families are deeply concerned when it comes to ensuring their wealth has a positive impact on the next generations.
For instance, almost half of the respondents want to see their wealth invested well, while 35% note it is important to maintain family unity. And almost one quarter want to establish a positive legacy and avoid entitlement.
Check out the full report.
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