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Lessons in Legacy.

The next 25 years will see a huge transfer of private wealth to new generations. Philanthropy, entrepreneurship, pandemic disease, conflict and climate change all feed into conversations that a succeeding generation may view differently to the last. Successful individuals and families need to plan for wealth transfer in this complex context, which means keeping the structures and policies that govern their affairs under review, ensuring they are fit for any altered purpose.

‘Lessons in Legacy’ is a four-part series exploring what legacy now means in the twenty first century to help successful individuals, families and their associated business ventures navigate a new terrain.

Chapter One:

In the first chapter of this 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.

The Legacy Landscape.

We have touched on our most recent research, drawing on the insights of our network, and begun to break down some of the themes which are now front of mind with those heading HNW and UHNW families, those in the next generation – as well as the professionals who support them.

Download the chapter here

Next in the series...

In chapter’s two to four, we will delve into these topics in greater depth, with a view to inspiring constructive conversation and providing clear, informed commentary. Our focus will be:

In chapter two, we will pick up on how best to tackle the ‘wealth conversation’ and transfer of wealth, and how to plan for and structure succession and a lasting legacy, drawing from insight across the firm. We will also share the perspectives of a range of experts – from those at the head of families dealing with these issues right now, to the thoughts of leading academics in the field.

In chapter three, we will explore the role of governance in securing a sustainable legacy with thoughts from experts across the firm and in our family business networks. Here we will touch upon the difficult challenge of encapsulating the owner’s ‘magic’ in ways that are tangible and transferrable; how the broad principles of governance can be vital to family businesses in owning, managing and passing on assets; and how governance can also be a useful context in which to broach sometimes ‘taboo’ subjects linked to succession and wealth transfer.

In chapter four, we will examine the rise of charitable giving to ESG causes, the blurring lines between philanthropy and investment and the rise of impact investing. Here we will touch on our latest data around the number of families choosing to establish charitable foundations and the important role it plays in connection with families in defining their legacy.

Our aim is to help both start, and evolve, the conversation, 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.

At Boodle Hatfield we have been supporting and advising our clients for 300 years, helping them to secure what matters most to them – the future of their family, the security of their assets, the continuation of businesses, the wider contribution they want their wealth to make to the community and other good causes, and the pursuits and interests they are passionate about. This is their legacy, and securing it is our business.

Private Wealth expertise.

The focus for us has, and always will be, to provide clear and pragmatic advice that factors in the fast pace of change in the world of private wealth.

See the full team
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andrea zavos
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sara maccallum
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hayden bailey
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matthew bennett
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natasha hassall
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salpy kouyoumjian
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