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Private client lawyers worry over children of HNW clients
Over half of private client lawyers fear that the next generation of wealthy families are 'not well-prepared' to manage the funds they will inherit.
Fund management is a concern for next generation wealthy families, according to Wealth Report 2013 Denis Vrublevski
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The poll is part of the 'Wealth Report 2013', sponsored by Global Legal Post in association with Boodle Hatfield. Simon Rylatt, Boodle Hatfield partner, is quoted in the report as saying: 'Families who’ve had wealth for lots of generations are often better at dealing with it. But with the first generation, the understanding of how to prepare children to look after the wealth is more difficult.' This could suggest that families from emerging markets which are becoming enriched for the first time may have to spend more time teaching their heirs about inheritance. See the Wealth Report.
