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The publication “Creating a world with the next generation” is based on a recent survey and highlights the priorities and concerns of the next generation. It contains real case studies on cross-generational challenges and serves as a guide to promote open dialogue and support families in the crucial phase of the generation change. She also looks at the question of what this change means for asset management.
The publication takes a detailed look at the concerns, needs and goals of the next generation, including what they expect from their asset manager. As the next generation becomes more and more responsible for the legacy of their families, these aspects become more important. The report is the result of more than ten years of collaboration between Credit Suisse and the Young Investors Organization (YIO). The underlying survey, which was recently carried out among YIO members around the world, provides information about the understanding of the next generation regarding the topics of family, business, wealth and legacy.
In this context, the term “next generation” refers to the inheriting generation who will either take over the management of a company founded by their parents, grandparents or older family members, or who are likely to inherit part of the assets created by previous generations.
The key findings of “Creating a World with the Next Generation” include:
- Members of the next generation would like more intergenerational dialogue. Well over half of the respondents would like to speak more openly about wealth (59%) and more than two-thirds (68%) say that their families would benefit from increased communication.
- The majority of the next-generation members are interested in impact investing solutions, but do not use them. Impact investing is the asset class the next generation is least informed about. 56% said that their knowledge of impact investing was insufficient. Only 8% consider their knowledge to be excellent.
- Due to the needs of the next generation, the role of the asset manager will change from an advisor specializing purely in financial competence to a “network coordinator” for comprehensive support throughout all phases of life. 41% responded that they would like a personal advisor to help them identify or address their non-financial needs. For next-generation members, it is most important that an asset manager has a “close relationship” with their clients, with only 4% saying that digital literacy is essential.
Viola Steinhoff Werner, Head of Global Next Generation and Families at Credit Suisse and founder and general manager of YIO, comments: “This is a generation that wants to exert an influence and jointly create workable solutions for the benefit of future generations. The YIO was founded in 2007 to support the next generation in making forward-looking decisions so that members can better fulfill their roles as family members, investors, entrepreneurs or social decision-makers. Credit Suisse would like to be able to better understand and anticipate the needs and wishes of the next generation in order to act as the best possible partner today and in the future. ”
Through a compilation of articles, interviews and case studies by leading academics, wealth and investment experts and with the participation of members from leading family businesses, the publication “Creating a world with the Next Generation” gives the next generation a voice.
Justin Rockefeller, Co-founder and Chairman of The ImPact and Global Director of Family Office Addepar, said, “The fifth and sixth generation [of my family] are now committed to continuing the philanthropic traditions. Our focus now is on creating solutions with positive effects that go beyond pure philanthropy and extend into areas such as impact investing. "
The report initiates a much needed debate in the wealth management industry about how to deal with the changing needs of future generations.
Iqbal Khan, CEO International Wealth Management at Credit Suisse, added: “We will soon see that responsibility is passed from one generation to the next. This will also change customer expectations of banks, which will have an enormous impact on Credit Suisse's services. Understanding the next generation with their diverse views and needs, and especially their vision of the future, is essential. We are working with members of the next generation to shape the future of wealth management. "
"Creating a world with the next generation" can be found here:
About Credit Suisse and Next Generation
As a leading asset manager with strong skills in investment banking, Credit Suisse not only looks at the current generation, who manages, creates and preserves wealth, when building and developing relationships, but also takes the next generation into account. Since the launch of the Next Generation Initiative in 2003, Credit Suisse has been a partner for an important cause. It covers topics such as managing assets but also the responsibility that goes with it. Credit Suisse has therefore developed a range of programs that provide financial literacy for the next generation and opportunities for peer-to-peer networking. Credit Suisse has also been the main sponsor of the Young Investors Organization (YIO) since 2007.
About the Young Investors Organization (YIO):
The Young Investors Organization (YIO) is a global organization whose members come from influential entrepreneurial families. The YIO pursues the goal of jointly developing forward-looking ideas and new companies in order to create a more sustainable, prosperous and fairer world.
The YIO offers its members a framework in which to exchange ideas personally and via digital platforms about investments, business activities and social issues. Active support and commitment are very important in the organization in order to pursue common goals and make a positive contribution. Membership in the YIO is a very personal experience and enriches the lives of its members and their families. The YIO is based on the pillars: Individual development, access to expert knowledge, a network and an inspiring environment.
About the survey
For “Creating a world with the Next Generation”, we surveyed over 200 members of the Young Investors Organization and their families in 2018. The participants come from different generations with regard to the origin of their wealth (62% second generation; 30% third generation; 8% fourth generation or older). 80% of the respondents are between 24 and 42 years old (Gen Y: 1977–1995), the remaining 20% are under 23 years old (Gen Z: 1996 and younger). In terms of gender, the surveyed target group was almost evenly distributed: 45% women and 55% men. Respondents come from all over the world, so we can identify both regional and global trends. (Europe: 30.6%; Asia: 28.9%; Central and South America: 18.5%; USA: 15.3%; Africa: 4.8%; Australia: 1.6%).
The questionnaire used in the survey was created on the basis of research results and the longstanding expertise of Credit Suisse and YIO with the support of Sylvain Labs. In addition, during the development phase of the project in 2018, numerous expert discussions were held with representatives of the next generation from different regions of the world. These conversations and the contributions from comparable reports on the next generation were also included in this questionnaire.
The questionnaire focuses on the five key questions analyzed in this publication: 1. What do I want to leave behind? 2. How can we as a very successful family share information? 3. How do I want to do business? 4. What does wealth mean to me? and 5. How can I shape my inheritance? These questions are asked every year to give a picture of long-term development. This is particularly important in order to evaluate trends and to further optimize the cooperation between us as a bank and the next generation.
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