Heritage Investment Management Survey: Wealthy Parents Putting Off Talking To Children About Money

Only 1 in 4 Have Talked To Their Children About Wealth Hopes and Fears.
By: Press Office
 
April 23, 2012 - PRLog -- Heritage Investment Management (HIM) Hong Kong based firm specializing in finance, taxation and investment management to the global market has announced that While the majority of wealthy parents have strong ideas about how their children should use the wealth they will inherit, most are waiting until their children are well into adulthood to discuss those ideas, according to a recent HIM survey. In fact, just over a third (34 percent) of wealthy parents have discussed their wealth and its implications with their children before the age of 18. Only 14 percent of wealthy families have had that discussion with children before the age of 16. The survey results point to a growing wealth communication breakdown in high-net-worth families – one that many believe is inhibiting the ability of future generations to sustain long-term wealth.

HIM stated that the survey, of more than 100 individuals representing families with an average net worth of more than $12 million, was carried out by independent research firm Alteoi Research. It suggests that there is a significant communication barrier between current and future generations related to the challenges and expectations of wealth. The majority of those polled (51 percent) said they have strong expectations for how family members use the wealth they will inherit, yet only 19 percent said they have communicated their hopes and fears about wealth to their families. Only 11 percent of respondents believe their children have communicated their hopes and fears about the family’s wealth with them.

Heritage Investment Management CEO Ms. Vera Lim said “There is a communication breakdown in many wealthy families that must be fixed if future generations are going to sustain wealth for the long term,”, “Parents need to make talking about money a rite of passage with their children. The most successful families talk about finances early and often, making children feel involved, empowered, and better prepared for the future.”
About Heritage Investment Management (HIM): http://www.heritageinvestmentmanagement.com
Heritage Investment Management was founded in 1989 by a highly experienced team of specialists in finance, taxation and investment management. From our offices in Hong Kong, we combine expertise in investment banking, institutional trading, tax minimization, estate planning, and wealth management for clients in 26 countries around the globe.
Heritage Investment Management was founded with the aim of delivering exceptional results in every aspect of our work. Our team is continually striving to exceed expectations, outperform our competitors and excel at what we do. At Heritage Investment Management, we understand that originality is our primary strategic advantage, and we are engaged in the continual process of formulating and executing pioneering solutions to our clients’ diverse requirements.
At Heritage Investment Management, we consider integrity to be the foundation upon which our strong and durable relationships with clients are assembled. This belief extends into every communication we have our clients, the companies we invest in, industry partners, and other actors in the market.
Heritage Investment Management works as a single, cohesive team, working in partnership to determine and realize the optimum outcome for our institutional and private clients worldwide. Our team knows the meaning of collective responsibility and corporate accountability, which leads us to continually identify and pursue solutions which will maximize the benefit to our clients by generating the exceptional growth in a low risk and tax efficient manner.
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Source:Press Office
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