Lessons in Legacy, Chapter One: The Legacy landscape - Flipbook - Page 5
The next 25 years will see a huge transfer of private wealth to new generations.
The highest available estimate is that some $68 trillion will transfer in this time.
The figure itself would be hugely significant in any age, but just as important is the
way that family priorities are changing and how the expertise of their advisers is
developing.
There is new thinking on the effectiveness and appropriateness of philanthropy
and grant-making. The importance of good governance and transparency has
risen up the agenda for both families and governments. And the climate crisis
has focused minds on the impact that businesses and wealth can have on the
environment.
So, in the year of our 300th anniversary, the firm is thinking about the future,
and how to help our clients navigate this new terrain. With this in mind, we are
launching a four-part series, ‘Lessons in Legacy’, which explores what legacy now
means in the twenty first century. This first piece brings together a range of data
and insights to help contextualise current trends within the space. Three further
chapters will follow in early 2023, which will look in turn at how an individual
or family can define its legacy, how to ensure good governance to sustain their
legacy and how philanthropic goals and sustainability considerations can be best
realised to achieve a more ambitious and strategic legacy.
Our aim is to help clients 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.
LESSONS IN LEGACY