Rewriting the rules of generational wealth: Hayden Bailey and Clare Stirzaker comment in the Financial Times
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As families around the world navigate longer lifespans, shifting values and increasingly complex dynamics, the traditional view of legacy is undergoing a profound transformation.
A recent article from the Financial Times and Pictet Wealth Management explores this evolution, highlighting how succession is no longer a simple handover but an ongoing, multi-generational dialogue. Hayden Bailey and Clare Stirzaker contributed to the conversation, offering insight into the changing landscape of wealth planning and governance.
One of the key themes explored is how longevity is extending the involvement of multiple generations in wealth decisions. Hayden Bailey comments: “If you’re born today, you have a 50 per cent chance of living to over 100, and that means the traditional approach to wealth management, built around education, work and retirement, is based on an outmoded model.” Families are no longer just planning for succession, they’re co-managing wealth across generations, demanding new structures for inclusion, clarity and communication.
The article also emphasises the importance of modern governance tools that adapt as families grow and change. Clare Stirzaker stresses: “We aim to get people to discuss their wealth more broadly as a family and to understand family dynamics and expectations, so we can then design the right solutions that support better communication, clarity and ultimately, trust.” Whether through family councils, charters or facilitated discussions, flexible governance frameworks are becoming essential in helping families navigate this new terrain.
Perhaps the most powerful takeaway is that successful legacy planning today is as much about relationships as it is about resources. Open communication, shared understanding and proactive education are central to preparing the next generation, not just for inheritance, but for leadership, laying the foundation for a legacy that lasts.
The full article published by Pictet Wealth Management and the Financial Times in July 2025 can be found here and sits behind a paywall.
