Wealth Beyond Measure
Insights from UHNW families
We took a deep dive into the complex world of family, wealth, and purpose. What we heard will challenge your assumptions—and reveal the extraordinary ways successful families use their wealth for lasting effect.
In their own words
One of the most common questions we hear is, “What are others like me doing with their wealth?” Knowing that many of our clients are eager to learn and connect with one another, we had the privilege of conducting deep, one-on-one interviews with 40 UHNW Bernstein families from every major US region and all corners of the globe.
A big part of why our family has stayed together is because of the values we’ve got…They were really important to the previous generations, and they really lived them. It’s one thing to memorialize them, but it’s much more important to live them.
The heart of the matter
Money may bring comfort and security, but it cannot replace the warmth and connection that comes from sharing our wealth-related concerns and joys with others. To help overcome the often-isolating nature of wealth, we’re letting readers hear from their peers in their own words—and giving them the tools to act on what they’ve learned. Some of the most compelling revelations from our interviews appear below.
Wealth can be isolating
Many UHNW individuals feel like they have no one to turn to when it comes to navigating the complexities of wealth. Nearly 75% of our interviewees expressed an inability to share their wealth concerns with family and friends.
That may help explain the pervasive hunger to know what others are doing and how they’re handling similar wealth decisions. Among the top wealth concerns? The rising generation, who are overwhelmingly cited as both a source of anxiety and promise.
Size alone doesn't confer complexity
While the top quartile in terms of complexity was dominated by billionaires, a near-equal number could be found among other quartiles. Instead, factors like running businesses, blending families, or overseeing charitable foundations drove more formal governance structures. Global families also faced significant complexity, given the challenges associated with multiple jurisdictions, tax and regulatory reporting requirements, currency and communication across geographies and cultures.
Conflict can sneak up on you
Most families tend to avoid conflict, with nearly two-thirds handling disagreement informally. Yet as families grow, the potential for discord multiplies—and it doesn’t always stem from clashes between generations. Instead, conflicts can arise between siblings or even the introduction of new members via marriage.
Without a proper governance structure, disharmony can rapidly spread. Successful families integrate a conflict mitigation strategy, whether informal or formal, into their governance structure to help maintain peace and preserve the family’s assets during good times and bad.
This isn't your parents' family office
About 70% of the families in our study have a formal family office structure, organize their family around an operating business, or are in the process of forming a family office. But the definition of family office is much broader than many think.
Successful families use a variety of structures to organize complex estate planning strategies and intergenerational dynamics. This includes a hybrid approach with families determining which services and expertise should be kept in-house—giving them more control—while outsourcing the rest.
It’s making them aware of how hard this money was to make, and how important it is not to squander it. With money comes responsibility, right? And our values are to help others.
Some have cracked the code when it comes to running a family business
Nearly two-thirds (60%) of the families we spoke to own an operating business, which involves navigating both business decisions and family needs—and the complex ways they intersect. Take succession planning, which for some means selling the business is the best course of action.
But before making any big moves, successful families articulate the purpose of the family’s wealth. For many business owners, this is the first time they are consciously exploring their motivations, priorities, and closely held values. Yet this is often the most crucial step in paving the way for a satisfying outcome.
Wealth as a catalyst
Many clients view their Bernstein advisor as so much more than someone to turn to for their investments. The expansion of our UHNW Platform allows us to partner in even more innovative ways to help them navigate the growing complexities that come with wealth.
With the help of dedicated wealth advisors and subject matter experts—as well as the tools and resources in Wealth Beyond Measure—families are positioned to turn financial stumbling blocks into meaningful steppingstones. And in doing so, they can ensure their wealth becomes a catalyst for stewardship and unity across generations.
Meet the Author
Anne Bucciarelli leads Bernstein’s Family Engagement Strategies, helping families explore the transfer of wealth-related values and knowledge. One of the things she finds most satisfying about her role is the incredible amount of trust families place in Bernstein as they open up about what's most important to them—and what makes them nervous. Watch the video to learn more about how Wealth Beyond Measure came about.