Four Strategies To Help Ensure A Smooth Wealth Transfer

Nick Cawley, Regional Head of UK/Ireland and Global Private Clients Service Line Leader, highlights four ways in which wealth providers and their clients can minimise the challenges involved in inter-generational wealth transfer.

The saying 'from rags to rags in three generations' is often rolled out when discussing troubles that can be encountered when passing family wealth from one generation to the next. And there is clearly some truth in it when you consider the number of families who have seen their wealth or business diminished when a new generation takes the helm.

The inter-generational transfer of wealth is often complex and can be problematic - with the potential for conflict arising both while the older patriarch or matriarch is still alive or after their death. Having appropriate and effective wealth and succession planning in place is critical if such conflict is to be avoided (or minimised) and wealth is to be preserved down the generations.