Is my son willing to inherit part of the family fortune?
Joanna was in the process of handing over a large part of her inheritance to her son Alex. The family fortune had grown over three generations. Learn how we helped Alex prepare for this responsibility.
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.
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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.