The survey suggested older generations are keeping greater control over investment decisions, but also reflected what the report described as a “degree of complacency” towards succession planning.
(May 28): Asia’s rich baby boomers are failing to discuss wealth transfer with family members or establish formal governance structures despite wanting to preserve fortunes across generations, according to a survey from a Geneva-based private bank.
Only 26.9% of high-net-worth individuals surveyed across Asia-Pacific said they had a full succession plan in place, while 39.4% said they had no succession planning at all, according to a study by Switzerland’s Banque Lombard Odier & Cie SA.
