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Ten Steps to Make Succession a Success

Recommendations to navigate the great wealth transfer.

We keep talking about what’s been dubbed the “Great Wealth Transfer” of our time, but are trustees and fiduciary service providers ready to meet the needs and demands of the next generation? Can existing trust structures, created more than 30 years ago, withstand the inevitable evolution?

A recent report by Jersey Finance titled Flourishing Futures: Making Succession a Success, highlights 10 recommended steps trustees can take in navigating the significant intergenerational transfer of wealth.

One Size Does Not Fit All

The next generation is more global, with more complex family arrangements, is used to information being at their fingertips and less likely to retain long-term loyalty towards trustees. These differences from the founding generation suggest that the “one-size-fits-all” trust is no longer a viable approach. 

According to Amy Bryant, the Deputy CEO at Jersey Finance, how trustees engage with millennials can make or break a professional relationship—a lag in response time, or lack of digital communication channels can turn off or even completely drive younger clients away. It may require stepping out of their comfort zones, but adapting to technology is imperative to keep up with the times, particularly for jurisdictions such as Jersey, that service a global demographic. 

To prepare to support this new generation of wealth holders, here are 10 recommendations:

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