SunTrust Private Wealth and Forbes Insights conducted surveys of high-net-worth individuals and those who stand to benefit from a significant inheritance to learn their views on managing and transferring wealth. We were specifically interested in knowing what steps wealthy individuals and their heirs are taking to ensure the efficient transfer of wealth and how that wealth will be managed in the future.
We found that, for the most part, both generations have a lot of work to do. Too many begin planning too late, and too few seek out professional advice, often leading to costly mistakes. Communication between generations about wealth management issues could also be improved, and the wealthy generally need to start talking to their heirs much earlier in life to begin instilling a culture of wealth management and responsible stewardship.