The next generation of the super rich is eager to take the reins. And when they do, expect a big focus on technology and a push to modernize family offices.
A new study from BNY Mellon Wealth Management and Campden Wealth polled ultrahigh net worth individuals who have recently or will in the future assume control of the family wealth. And overwhelmingly, they feel ready for succession in the family enterprise despite just 39% of family offices saying next-gens are adequately prepared for the transition.
Disconnect aside, tech will be a big part of the succession conversation. Within the next year, 60% of next-gens plan to increase their exposure to artificial intelligence and fintech, and 53% will do the same in the area of robotics.
They also have an appetite for growth and shaking up the family enterprise. Once in control, 27% of next-gens plan to shift toward alternative investments while another 24% want to integrate new technologies like blockchain and AI into the family office.
Check out the full story at Financial Planning.
Anything else on your mind? Drop me a line at justin.mack@arizent.com. Have a great rest of the week!
Regards,
Justin

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