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07 Dec 2022

Boodle Hatfield publishes Lessons in Legacy: a guide to navigate the world of private wealth in the 21st century

Drawing on the firm’s centuries long history supporting successful families and individuals plan for the future, Boodle Hatfield has today published ‘Lessons in Legacy’. A four-part thought leadership series exploring what legacy means to families and individuals in the 21st century.

The first instalment brings together new data and extensive insights laying out the current landscape of private wealth. Drawing on the latest thinking from the firm’s network of contacts, as well as insights from its own experts, this chapter uncovers shifting attitudes towards wealth management for HNW and UHNW individuals.

The report spans trends in ESG; the evolving demographic of UHNW individuals; and worldwide shifts in philanthropic and charitable giving. With wealth advisers finding that two thirds of their clients now consider ESG when it comes to future planning, what inter-generational differences have emerged in the 21st century? Furthermore, wealth advisers are finding an increasing number of their clients are considering not passing the majority of their wealth onto their children, and noting a marked rise in their clients gifting to charities and philanthropic ventures over the last 12-months.

With data-led insights, practical advice on how to handle inter-generational differences in attitudes to wealth management and current trends in the space – the guide sets out how individuals and families can make a success of succession, ensuring their legacy aligns with the life they lead.

Commenting on the series, Andrea Zavos, Partner and Head of Private Client and Tax, said: “Planning and managing the transfer that secures a legacy demands skill and sensitivity from all those involved, whether they are advisers, family members or trustees. Handled well, mapping out a legacy can invigorate and strengthen family bonds, but there are pitfalls, that if not carefully managed, can cause conflict in future.

With the Lessons in Legacy series we have brought together insights from across the firm, new data drawing on the experiences of our network of advisers and the perspectives of longstanding family business clients, as well as other experts, in ways which we hope will stimulate fresh thinking around what legacy means in the 21st century.”

Hayden Bailey, Private Client and Tax Partner, added: “The next generation are in many instances thinking and talking very differently about wealth. Lessons in Legacy explores this shift in attitudes and what it means for wealth planning today. As long standing advisers to successful families, we are privileged to play our part in the conversation as they seek to define their legacy, the responsibility they have to their wealth and members of society.”

Clare Stirzaker, Private Client & Tax Partner, concludes: “Individuals and families are now questioning the purpose of their wealth more than ever before. Multigenerational families need to start, and evolve, the conversation around what legacy now means in the twenty first century, and in doing so take into account the priorities of the next generation in ways that will support a legacy’s sustainability and reflect their families’ purpose, values and sense of cohesion. This may mean strategies are formed around increasing interest in philanthropy and sustainable investing or in turn, they may develop a greater assessment of what level of wealth they really want to transfer down to the next generation.”

Chapter One: The Legacy Landscape

In this first chapter of our four part series, we have sought to provide a spring board for thought and debate at what is undoubtedly a time of changing attitudes and approaches among families who are working hard to steward a legacy from this generation to the next.

Find out more and download a copy here