NextGen & Family Wealth Planning

The investment market has always been a continually evolving landscape and the idea that all investment strategies will be adopted by incoming generations is not one to hold on to.  In the last decade alone, we have already seen a change from a relatively straightforward mix of equities, bonds and property to a landscape that encompasses new asset classes and products. Private assets, blockchain technologies and, in particular, digital assets have been particularly volatile in recent years with an ongoing pattern of booming and busting. There is no doubting the incoming tidal wave of investment and adviser demand with the latest generations set to inherit private wealth. To underestimate their investing experience and economic power would be an error of judgement. According to the CFA Institute, 31 per cent of millennials were under the age of 21 years when they started investing. This is compared with only 9 per cent of baby boomers and 14 per cent of Generation X when they were the same age. As accounting giant EY has noted, there is more than US$30 trillion of inheritable wealth set to move to the younger generation in the near future. This is not an insignificant sum heading into

Intuition And Family Business Kakkonen (2006) conducted a phenomenological study of intuition in managerial work of family business in Finland.[i] In family businesses where family relationships are “deeper and more personal” and family functions “informal”, the business culture might create and offer more opportunities for using intuition than non-family firms do. The findings of the study indicated that the essence of family entrepreneurs’ managerial intuition experiences consists of three aspects, namely, social intuition, opportunity intuition and action intuition. Bloemen-Bekx et al. (2021) used the focus group approach to explore how and when intuitive forms of planning can be used in a family firm’s succession process, defined to mean the transfer of leadership and/or ownership from one family business generation to another, in the Netherlands.[ii] The results of the study showed that both formal logics and intuitive logics are used situationally and flexibly. Intuition is used to deal with unique and unpredictable situations and moderate family dilemmas at difficult times where formal logics are applied to guide the systematic process. Internal Data For Family Governance Since intuition has been useful in family business, especially in situations where “personal and informal functions” play an important role, how it can be used by

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. These three core elements guide the jurisdiction’s financial services industry and has positioned The Bahamas to deal with NextGen HNWIs, respond to their changing needs, whilst having regard to their specific interests and passions for areas such as Philanthropy, ESG Investing and FinTech. Just as outside forces continue to present ever evolving challenges to IFCs, NextGen HNWIs are entering the scene with their own ideas and perspectives on how business should be conducted. Strategies used to