Throughout the entirety of Succession, Logan Roy hinted that he would choose a successor - and now that the final episode has aired, we finally have some answers! The Succession finale beckons to the inter-generational transfer of wealth that will course through the next two decades. More than 80% of household wealth in the UK is currently held by the over-45s, estimated at over £5.5 trillion. It’s not just immense wealth that will pass onto millennials and Gen Z by 2045; but the weight of responsibility that comes with owning and managing a portfolio of investments.
‘It’s all about the storytelling’
Louis Coke works in the Charles Stanley Investment Management division, supporting several high-net-worth investors and business owners in his role. He says family heirs too often aren’t told the ‘story’ of their family wealth which can lead to mismanagement of the funds later down the line.
“For wealth to truly ‘stick’, the family must understand and believe in the story of that wealth. Where did it come from? What were the risks taken? How long did it take to build up? What sacrifices were made so that this wealth could cascade down the generational line?”
According to Louis, when beneficiaries inherit large sums of money, they risk becoming ‘lottery winners’; unsure whether to save, invest, or simply spend it all.
It’s a familiar scenario. The first instalment of Succession sees Kendall try (and fail) to negotiate his way out of $3 billion of company debt. In the absence of his father and without any financial counsel in the room, Kendall’s negotiation goes badly wrong. Things might have been different if he had been briefed and prepared on the story of the Logan family wealth, as you would during proper succession planning.
Managing a family fund is a significant responsibility that shouldn’t be taken lightly, especially with high inflation eating away at the value of cash in real time. Speaking to an expert about your financial situation can help you feel more confident in the future.
When wealth has meaning, it lasts. Otherwise, the danger is that it represents a sinking fund that will last a generation, or perhaps two
Louis Coke, Senior Investment Manager
How wealth management can help you
A good Wealth Management team won’t only help you with your investment strategy, estate planning, an agile understanding of the tax system, and access to industry-leading research. According to many clients, it’s actually the conversations with their dedicated Investment Manager and Financial Planner they value most. Indeed, 92% of respondents to Charles Stanley's 2022 Private Client Survey said they were happy with the level of personalised contact they receive.
According to Louis, effective wealth planning “starts with conversations: on the phone, via video call or around a table. Taking a high-level, honest view of your current financial situation. This is all to help clients and their families understand their wealth and what it can do. By having these conversations and building relationships, I can help clients invest and manage their money in a way that supports their long-term interests.”
Our Wealth Management service offers clients bespoke support from both these arms of the firm, with a dedicated Investment Manager, Financial Planner and a team of assistants and researchers to get the job done. You’ll get regular, high-quality communications with the experts responsible for managing your account - and in times of national economic uncertainty, your team will certainly be contacting you with tailored guidance.
Want to get in touch? Our experts can help you understand your situation, finding you the service to suit your needs.
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