Navigating wealth succession planning with a trusted partner

Robert Venticinque profile image
Robert Venticinque
Client Services Director, Family Office
Published: 6th Feb 2024

In our latest thought leadership, we explore the intricacies of wealth succession, and the challenges families often encounter by Altum Group’s Robert Venticinque.

The role of Trusts in wealth planning

Trusts continue to be an important wealth planning tool used across the globe, however, the design and operation of such structures can create mistrust within a family and can create an environment where the legacy is not able to evolve and adapt with the times creating disengagement and frustration. PTC structures and foundations help overcome this issue; however, they can be complicated and expensive to administer. Regardless of which structure is chosen, it is essential that good lines of communication between the family members and the service providers is maintained and that relationships are built.

Structures for succession planning and Next-Gen

Where a proportion of wealth is still allocated for the next generation, then the focus on next gen education and development remains critical. This has become a growing offering of many within the wealth management industry. An increasing number of professional services firms now use the talent and knowledge within their firms to support next generation clients. In addition, next generations have formed their own networks to provide education and support to each other to develop the skills to survive and thrive within a wealthy family and be prepared for the future. Providing children with the chance to experience what it’s like to work for your wealth is still often felt to be the best way of preparing them for the eventual inheritance and ensuring they appreciate what it means to be a responsible owner of the wealth.

Preserving and passing on wealth is no longer the sole focus of many clients’ estate planning strategy. There is a growing expectation that where wealth will be inherited, the recipients will have to put in the effort to develop the skills and experience to respect and manage the wealth.

For those family members that have already developed those skills and experience, setting up structures for succession planning can alleviate the pressures and concerns that come with leaving a legacy thus enabling them to focus on their businesses and continue to grow their wealth.

How can we help.

At Altum Group, we understand the intricacies and challenges of wealth succession. Our team of experts are dedicated to guiding you through every step of the process, ensuring a smooth transition and a thriving legacy. Click here for the speaker notes.