Majority of Wealthy Families Unprepared for Wealth Transfer: SEI Survey

While wealthy families agree that their wealth is a “catalyst for family success,” many don’t have a plan or strategy in place to transfer their wealth to future generations, according to a recent SEI survey. Less than half of those surveyed (46%) said they have a wealth transfer strategy or plan in place, while more than a third (38%) said they have prepared a will and nothing else.

According to SEI, the findings point to a growing disconnect between wealth priorities and wealth planning in high-net-worth families–one that experts believe is becoming a barrier to future generations’ ability to sustain long-term wealth.

The survey suggests that there is a lack of focus on or desire to create wealth transfer plans among wealthy families, despite clear future intentions for their wealth. The company says the overwhelming majority of those polled (80%) said they expect to pass on their wealth to direct family members, and nearly all of those polled (97%) said they believe the future generation has the ability to continue creating wealth and improving the lives of their families. And yet, families with plans to transfer that wealth remain in the minority.”