Sixty percent of family fortunes are squandered due to a lack of communication and trust. Only three percent disappear due to poor wealth planning.1
Advisors are in a prime position to play a central role in generational wealth management for HNW clients and families, but awareness of the potential pitfalls is key. This whitepaper discusses these pitfalls to help advisors better identify and prevent them.
1 “Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values.” gsb.stanford.edu. 2004.
BNY Mellon’s Pershing and its affiliates provide a comprehensive network of global financial business solutions to advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers. Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody; investment, wealth and retirement solutions; technology and enterprise data management; trading services; prime brokerage and business consulting.
Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of offices worldwide, Pershing provides business-to-business solutions to clients representing approximately 7 million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company.