From Features

NextGen & Family Wealth Planning

The emergence of a next generation that is set to inherit record levels of wealth and is highly focused on purpose-driven investment is presenting a new wave of challenges and opportunities for wealth managers. How equipped are IFCs to deal with this new cohort of HNWIs and respond to changing priorities in areas such as Philanthropy, ESG Investing and FinTech?


The Role of IFCs

Peter Cafferkey
Boncerto Ltd.

For many years we have heard of the coming of a tide, ‘the next generation’ (or NextGen) bringing the largest transfer of wealth in human history.

It is expected in this time of wealth transfer that there will be large scale changes in advisers, domiciles, and approaches.  Alongside the new drivers of increased social awareness, digital usage and relationship expectations, there exists the classical family element: children wanting to do something different from their parents. Most studies in the US point to 80 per cent or more of heirs looking for a new financial adviser after inheriting their family’s wealth.

There will be many similarities as we see generational change; and effective IFCs will be able to maintain relationships and business. That said, the braver IFC can gain significant advantage. There is a chance to refresh and reframe their business profiles long term, gaining competitive advantage that may be unassailable. To do so they must understand this NextGen, and specifically its increased focus on both individual reputation and positive sustainable finance (to use the broadest term).

The Bahamas

Prepared For NextGen Wealth

Dr. Tanya C McCartney
CEO and Executive Director, Bahamas Financial Services Board

Any country such as The Bahamas whose economy is heavily dependent on financial services bears the responsibility and a commitment to the international community of financial institutions operating within its borders and the clients which it serves, to ensure adherence to international standards whilst meeting unique client needs.

The Bahamas has always sought to provide superior financial products and services and a world class client experience. It has proven itself to be nimble and responsive to global changes – always mindful of the need to adhere to international standards with respect to compliance, cooperation, and transparency. This is complemented by the fact that the Bahamas is not only somewhere that offers bespoke private wealth management, but is also a beautiful place to live and work in.

Three vital features are at the heart of what distinguishes The Bahamas as an international financial centre of significance:  Expertise, Innovation and Location. Everything that comprises The Bahamas’ value proposition and continued success as a leading international financial services centre is guided by these distinguishing factors.