Credit Suisse has published a report dedicated to the recipients of the largest transfer of wealth in human history which is set to unfold in the years ahead.

The report, entitled “Creating a world with the Next Generation” has been published alongside the Young Investors Organisation (YIO) and contains case studies and solutions to the challenges in inheriting large amounts of wealth from parents and grandparents.

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“As the next generation faces the growing responsibility for their families’ legacies, ‘Creating a world with the Next Generation’, takes a close and honest look at their concerns, needs and ambitions, including what they expect from their wealth manager,” a statement from Credit Suisse has said.

“The publication stems from more than a decade of collaboration between Credit Suisse and the YIO, a network of heirs to entrepreneurial families across the world.

“The survey, conducted recently among YIO members globally and included in the report, quantifies the Next Generation’s views in terms of family, business, wealth and legacy.”

Credit Suisse wealth transfer findings

One of the recurring narratives in the discussion about the transfer of wealth to younger generations is the perceived communication void between parents and children.

Included in the publication is a survey of YIO members which echoes this. Fifty-nine per cent of respondents want to discuss wealth more openly, and 68% believing their families would benefit from more communication tools.

The survey also suggests that, contrary to some fears, financial advisers and wealth managers will still be in high demand after the transfer of wealth to the next generation.

Sixty-three per cent of respondents see value in working with an adviser, but do want the power of making final decisions themselves.

The survey in fact suggests the role of the wealth manager will evolve, with 41% of respondents stating they want a personal adviser to also help with non-financial needs.