current
Knowledge Transfer and Transparency
While families value aligned values, there's a need for greater transparency and knowledge transfer in wealth management discussions to mitigate conflict and empower the next generation.
Timeframe
near-term
Categories
Subcategories
Impact areas
Detailed Analysis
The report identifies a disconnect between the perceived alignment of family values and the actual level of transparency in wealth transfer discussions. Wealth givers are often hesitant to openly discuss wealth details, fearing conflict. This lack of transparency hinders knowledge transfer and can negatively impact the next generation's preparedness for managing wealth. "This year’s findings indicate that it’s the very prospect of jeopardising the family’s common understanding, of rocking the boat, that leads to such reserve among wealth givers."
Context Signals
46% of families cite fear of conflict as a barrier to wealth transfer discussions
Moderate level of transparency in wealth transfer processes
Emphasis on wealth education programs for the rising generation
Edge
Demand for family communication and conflict resolution services will increase.
Development of structured programs for knowledge transfer in wealth management.
Emergence of platforms facilitating open communication and transparency within families.
