Bernstein Private Wealth Management Announces Launch of Wealth Beyond Measure Report

Wealth is isolating. About 75% of respondents can’t confide in family or friends.

NEW YORK, September 9, 2024—Bernstein Private Wealth Management (Bernstein), a unit of AllianceBernstein L.P. (NYSE: AB), today announced the publication of Wealth Beyond Measure, a research piece specifically developed for clients on its Ultrahigh-Net-Worth (UHNW) Platform.

The recently published findings build on Bernstein’s strong legacy of research and showcase Bernstein’s capabilities across engagement, planning, and investments to preserve and amplify the wealth of its clients. Drawing on the firm’s decades of experience helping families navigate the transfer of wealth-related values and knowledge, the paper encourages clients to take action whether it’s purposefully defining their values or evaluating a potential framework for family governance.

The research was conducted through deep, one-on-one interviews with 40 UHNW families ranging from $100 million to $4 billion in net worth including business owners, global families, and families organized around a family office. It covered topics from Family Governance, Philanthropy, Estate Planning, and Investments, to Family Offices, Global Families, and Business Owners. The paper is differentiated from what is available in the marketplace by offering client testimonials and stories along with tools and worksheets families can directly activate.

A few of the key takeaways addressed from the research include:

• Wealth is isolating. About 75% of respondents felt they couldn’t confide their wealth concerns in family or friends.
  
  
• Conflict can sneak up from unexpected places. As families grow, the potential for discord multiplies. Yet just one third of families interviewed for Wealth Beyond Measure integrate a formal conflict mitigation strategy into their governance structure.
  
  
• Many wealthy families own an operating business. The most successful families center their business and wealth around well-articulated and codified purpose and values statements.
  
  
• Successful UHNW families use family meetings, assemblies, and retreats to maintain family cohesion, trust, and open communication.

“One of the most common questions we hear from families is about what people are doing with their wealth, and clients are eager to learn and connect with one another,” said author Anne Bucciarelli, Head of Family Engagement Services at Bernstein. “The overwhelming majority of those families we heard from feel isolated with only five percent feeling as if they have adequate support and advice. Wealth Beyond Measure highlights the value that an integrated wealth manager can bring to UHNW families instilling a sense of community and partnership in preserving their legacy.”