Men & Wealth - GenSpring€¦ · 6 Survey Overview The 2007 Men & Wealth study, which largely...

Men & WealthREPORT OF FINDINGS

IntroductionStudy BackgroundMethodologySummary of Key FindingsReport of Findings

Demographics

Awareness, Involvement & Decision Making

Attitudes & Influences

Philanthropy

Wealth Preservation & Legacy Intentions

Wealth Advisor Characteristics

Conclusion

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Contents

1 Capgemini 2006 World Wealth Report 10th Anniversary. 1997-2006. (Available from Capgemini, visit www.capgemini.com/resources /thought _leadership/2006 _world_wealth_report/ to download a copy of the report.)

2 Global Trends in the Ultra-High-Net-Worth Segment. November 2006. VIP Forum; Corporate Executive Board.

Background

Despite increased market volatility, potential instability

in the global markets, threats of inflation and recession,

the age of affluence in the United States is upon us. The

number of affluent families around the world continues to

grow—there are approximately 8.7 million families globally

with a net worth of $1 million or greater. Combined, these

families have assets totaling $33.2 trillion, or one-third of

the world’s wealth. In the United States, an estimated 2.7

million families have a net worth of $10 million or more.1

Of these, 34,800 families have a net worth of $25 million

or greater.2 Further, over the next few decades, an unprec-

edented transfer of wealth—estimated at between $41–136

trillion—will transition from one generation to the next in

the United States.3

Men play a central role in the decision making for most afflu-

ent families, and understanding their views, attitudes, and

practices may help us better understand their intentions for

their family’s wealth. How families handle their decisions

around wealth will significantly impact how this wealth is

viewed, used, reserved, and passed on to future generations.

GenSpring Family Offices (GenSpring) is committed to

exploring and understanding the views, needs, and inten-

tions of enterprising families as they manage their wealth.

In 2006, GenSpring conducted a study on Women & Wealth,

engaging over 100 affluent women to establish a better

understanding of their views, attitudes, perceptions, wealth

transfer intentions, and practices around managing their

wealth. Deeper insights to women’s concerns, areas of

interest for further knowledge, perceptions of involvement

and decision making, and hopes and dreams for the next

generation of heirs were revealed.

In 2007, GenSpring followed this seminal study with the

Men & Wealth study, which largely replicated the methodol-

ogy of the women’s study. The following presents the Full

Report of Findings, which reveals the insights shared from

over 100 affluent men.

This report of findings is intended to enlighten individuals, families, and advisors to the insights gleaned from the affluent men who volunteered their time to participate in this study. A sincere thank you is extended to all the men who contributed to the findings presented herein.

Please contact GenSpring Innovation & Learning Center at 1-800-338-3559 to learn more about the study and its findings.

3 Havens, J. & Schervish, P. 1999, “Millionaires and the Millennium: New Esti-mates of the Forthcoming Wealth Transfer and the Prospects for a Golden Age of Philanthropy.” Social Welfare Research Institute, Boston College.

3

Introduction

Introduction

4

Study Background

The Men & Wealth Study is a comprehensive research study

conducted to explore men’s views, attitudes, perceptions,

practices, and wealth transfer intentions. GenSpring Family

Offices was the sole sponsor of this study.

The goal of this research is to create a better foundation

of knowledge that will provide an increased understanding

of what truly influences how men manage and handle

their wealth.

The information gleaned from this study will be used to

help advisors and families enhance their knowledge and

understanding of affluent gentlemen. Initially, GenSpring

conducted a study with affluent women in 2006. The Men &

Wealth study largely replicates the methodology employed

with the 2006 Women & Wealth study.

An Alignment Study that provides comparative results of

the Men & Wealth and Women & Wealth studies will be pre-

sented in the fall of 2008. This Alignment Study will offer

insight as to what views are unique to men and women and

what views coincide.

Both quantitative and qualitative research methods are

incorporated in the Men & Wealth study. These two methods

offer insight on how people behave or feel, as well as why

they behave or feel a certain way. Further discussion of the

methodology is provided on page 5.

Significant findings are highlighted in blue or are called

out in text boxes throughout the Report.

Various quotes from the respondents are highlighted in green throughout the Report.

Study Background

5

Methodology

Quantitative Research

The first stage of this study was an online survey. A total of

681 men from across the United States were invited to par-

ticipate, with a total of 103 men completing the survey, a 15%

response rate, on par with academic standards of 10–15%.

The 103 respondents represent almost equal proportions of

GenSpring clients (53%, or 55 men) and non-GenSpring cli-

ents (47%, or 48 men).

The survey examined men’s behavior, attitudes, percep-

tions, and opinions regarding wealth management and

their wealth management advisors. Specifically, the areas

explored included: demographics; awareness, involvement

and decision making in managing family wealth; attitudes

toward and influence of others in how they currently man-

age their wealth; understanding their wealth preservation

efforts and legacy intentions; and opinions on the desired or

necessary characteristics in a wealth advisor.

The sampling strategy was to include a cross-section

of adult men (18 years old or over) with a minimum of

$1 million in net worth or who are potential inheritors of

significant wealth.

Ninety-seven percent of the participants had a net worth

of at least $1 million, and 60% had a net worth between

$10 and $100 million. The 3% (or three participants) hav-

ing less than $1 million in net worth were retained in the

data as the respondents were raised in upper-middle class

households and it is presumed that they stand to inherit

and/or earn substantial wealth.

Qualitative Research

The second stage of the research included in-depth inter-

views and a focus group, both conducted by the principal

researcher, Kirby Rosplock, PhD, Director of Research

& Development at GenSpring Family Offices.

As the final part of the online survey, men were asked if they

would be willing to be a part of the qualitative phase. In total,

18% volunteered to participate in the qualitative portion of

the study.

A total of eight in-depth interviews were conducted that

more deeply explored select topics from the online survey,

including: family and personal influences on wealth man-

agement, legacy intentions, current and desired knowledge

level of and involvement in wealth management, perceived

threats to their future wealth, and top characteristics of

wealth advisors.

The focus group concentrated on one primary topic—

attitudes and views on wealth and why they felt that way. A

total of eleven men participated in the focus group.

Safeguards were in place to ensure anonymity of all respon-

dents. At no time was any personally identifying informa-

tion collected in any phase of this research. The researcher

employed confidential and randomized user names and

passwords for the survey, and all data from the survey is

reported in aggregate. The study was conducted in accor-

dance with GenSpring’s Privacy Policy.

Methodology

6

Survey Overview The 2007 Men & Wealth study, which largely replicates the

2006 Women & Wealth study, was conducted to create a

foundation of knowledge to better understand what truly

influences how men manage their wealth.

To accomplish this initiative, GenSpring initially conducted

an online survey, in which 103 men participated. As a supple-

ment to the online survey, 18% of respondents volunteered

to participate in either an in-depth telephone interview or a

focus group, both of which further explored select topics or

areas from the online interview.

Demographic Profile

The men who participated in this study represent a

good cross-section of affluent men, varying in terms of

age, education, and net worth.

Men ranged in age from 18 to over 75 years of age, with most

between 36 and 65 (80%).

Most men had a college education (95%), however, the level

of education varied between a BS/BA (36%), MBA (35%), or

PhD or other advanced degree (20%).

In terms of their net worth, the men fell into one of three

main groups—under $10 million (37%), $10 million to

under $25 million (30%), or over $25 million (33%).

More often than not, men’s wealth was earned (60%) rather

than inherited (28%), although their net worth was derived

from numerous sources.

Men were similar in regard to marital status, presence

of children, employment, and makeup of their Family of

Origin (household in which they were raised).

These men were usually married (93%) with children (92%).

Men indicated having between two to three children

on average.

Most men (64%) were working, usually full-time (54%).

Those who were not employed were usually over 55 years

of age.

Most men were raised in a middle or upper-middle class

household (73%) with married parents (86%).

Their fathers usually worked (99%) and worked full-time

(73%). Over half of the men (57%) indicated that their moth-

ers did not work.

Full details on the men’s Demographics can be found on page 12.

Knowledge of Wealth Management Areas

Men generally feel they are “knowledgeable” on

all aspects of managing their wealth, as less than

10% indicate little or no knowledge of wealth manage-

ment areas.

Men feel more knowledgeable about Financial Planning

(88%), Estate Planning (84%), Investment Management

(77%), and Taxes (72%) than they do of Succession Planning

(65%), Charitable Giving (63%), Family Governance (59%),

and Insurance Planning (59%).

Summary of Key FindingsThis summary presents the key insights for the Men & Wealth study. The comprehensive results are presented in the Report of Findings, which includes the online survey results as well as integrates insights learned from the in-depth telephone interviews and focus group discussion.

Summary of Key Findings

7

Knowledge of Estate Planning is greater among men

with adult children.

Men with all children over 18 perceive a higher level of knowl-

edge on estate planning than those with all or some depen-

dent children (Mean of 5.41 versus 5.84, respectively).

Further, men who primarily earned rather than inherited

their wealth indicated feeling less knowledgeable in estate

planning (Mean of 5.45 versus 6.09, respectively).

Investment Management is the most important wealth

management area (79%), and may be an area where

men would like to learn more.

Estate Planning (54%) and Financial Planning (46%) round

out the top three most important wealth management areas.

Investment Management is very important to these men,

however, it is not the area in which they feel most knowl-

edgeable. This may indicate an area where they need

increased knowledge.

Full details on the men’s Knowledge can be found on page 16.


Men have a high level of involvement in managing

their wealth.

Most men feel in control (90%), they understand their fam-

ily investment strategy (87%), and they are actively involved

with the management of their wealth (80%).

Fewer men, although still a large majority, agree their

wealth affairs are in order (75%) and they have clearly

articulated goals for their wealth (70%).

Most men (81%) consider themselves to be more

involved in managing wealth than their spouse.

Further, most men (68%) feel they are more interested in

wealth management than their spouse.

Men perceive that this lesser involvement could be due not

only to a lack of spousal interest, but also a lack of knowl-

edge (or comfort level) or a feeling of security that the

family wealth is already well handled.

Men track their wealth like a game.

Focus group respondents offered that men track their

wealth in different ways, with approximately half of

participants agreeing they “keep score.”

Seventy-six percent of men feel they make the majority

of the wealth decisions.

Spouses do have a role in the wealth decisions, as 66% of men

work with their spouses when making wealth decisions.

Less than half of respondents (44%) feel they make

the majority of the daily household decisions.

Full details on the men’s Awareness, Involvement, and Decision Making can be found on page 16.

Attitudes & Influences Toward Wealth

Men are generally proud of the wealth they and their

families have acquired.

This sense of pride is more often found among men who

have primarily earned their wealth compared to those who

primarily inherited wealth (88% versus 65%, respectively).

While men are proud, many (62%) prefer that others

remain unaware of their wealth.

Few men feel they are at risk of being taken advantage

of due to their wealth (19%). Instead, men in the focus

group indicated the less affluent are more at risk, as they

likely have limited resources and less education to “fight

the battle.”


8

Men are not impressed by those with a lot of

money, although they differ on whether wealth is a

symbol of success.

While 50% of men agree that wealth is a symbol of success,

31% disagree. Men are more impressed with how wealth was

earned and how it is used.

Wealth does not equate to power, nor does their wealth

define them.

A minority feel wealth is associated with power (28%) or is

connected to a person’s image (38%) or self worth (30%).

Focus group insight suggests that a person is instead

defined by their behavior or their treatment of others.

Men indicated that they do not use wealth to influence

others in a negative sense.

Focus group research found that influence could be consid-

ered as a positive, such as advancing philanthropic causes or

promoting a positive change in society.

Nearly all men (94%) agree it is important to take care

of their family’s financial needs.

This opinion is common among all men regardless of age,

total assets, source of wealth, or age of children.

Men generally feel financially secure, with most

(79%) feeling that they have enough wealth to sustain

their needs.

Financial security is correlated to their level of assets, as men

with higher assets ($10 million or more) are more likely to

agree they “have enough” compared to those with lower as-

sets (97% versus 47%, respectively).

Although some men are concerned about losing their

wealth (44%), their concern is not attributed to over-

spending or macroeconomic issues.

Few agree that they (20%), their wife (19%), or their fam-

ily (23%) spend too much. Focus group results instead find

these men may feel they spend too little.

When asked “what keeps them awake at night,” men in the

telephone interviews rarely mentioned concerns for global

or geopolitical instability or other macroeconomic issues

or risks.

Instead, men’s concerns more often surround their

children’s ability and/or preparedness to manage

their wealth.

Over half (56%) express concern for their children’s ability

to manage their wealth and 56% of fathers do not agree that

their children are prepared to do so.

However, few men (33%) show concern for their children’s

behavior related to wealth or their materialistic values. This

could be attributable to insufficient communication about

wealth and wealth transfer intentions.

One-third of men (34%) show less concern in the ability of

their spouse to manage the family wealth should men pre-

decease them, although concern is higher among men over

55 (44%) compared to those 55 and under (20%).

Full details on the men’s Attitudes and Influences can be found on page 21.

Family Values

Men’s values and attitudes toward wealth are most

often influenced by their parents or their father alone.

Few mention their mother as a primary influence.

Over one-third (36%) of men said their values and

attitudes toward wealth are more like their parents, with

only slightly fewer (31%) who say their father was the

primary influence.

About two-thirds of men agree that both parents were

considered good role models for managing money.


9

The type of influence or lessons imparted from

parents together, or fathers and mothers separately,

are different.

Parents imparted wisdom such as how to live, having work

ethic, getting an education, achieving financial indepen-

dence, and self-sufficiency.

Men indicated that their fathers more often taught them

how to earn or manage wealth, whereas mothers influ-

enced them in how to use their wealth, such as saving

and spending.

Men moderately agree their values are similar to their

parents…and their own children have values similar

to theirs.

Men may differ from their parents when it comes to open

communication and involvement with philanthropy, both of

which were more important to participants than how they

perceived it was when they were growing up.

Communication about money matters and inheri-

tance intentions has improved among men and their

children, although there is an opportunity for

increased dialogue.

About half of men in this study are talking to their children

about their inheritance, estate plans, and other money

matters, while only about one-third of men say their parents

did this.

Conversely, discussions on wealth and wealth transfer

intentions are not as common as only about one-third of

men have discussed these issues with their children. Men

are typically holding these discussions with their spouse or

wealth advisor (approximately 85%).

Full details on the men’s Family Values can be found on page 27.

Philanthropy

Most men feel it is important to give money (83%) or

their time (70%) to philanthropic causes/community.

Far fewer (40%) find socially responsible investing important.

Men consider philanthropy more important (63%) than

they perceived it was to their parents (30%).

Men also more often consider their Current Family more

philanthropic (75%) than their Family of Origin (47%).

Men typically give as an individual (81%) and as a

family (60%). Men also give their time by serving on

community boards (60%). This is similar to the past

generation as well.

Over half indicated that they give through a family founda-

tion in this generation (53%) compared to only 15% in their

Family of Origin.

Full details on the men’s Philanthropy can be found on page 33.

Wealth Preservation

Men consider sustaining their wealth and their present

lifestyle needs as being very important.

The main approach to ensure their wealth is sustained for

and in the next generation is educating all family mem-

bers on financial matters (93%), mentoring heirs (89%),

and instilling drive in their children to achieve financial

independence (89%).

Men in the telephone interviews shared that they are

relying upon their children to continue the family wealth

by using the family values, morals, and beliefs they have

worked to instill.


10

Leaving a legacy is also important to men (87%);

this includes not only leaving an inheritance but also

instilling their values and beliefs.

Men want to be remembered for how they lived and worked

as guided by the “moral compass” of their values and beliefs.

They want others to know how they used their inherent tal-

ents and resources to enhance the greater good by making a

difference in the lives of others or in society.

Almost all men (96%) feel that it is important to plan

for their future needs as a key component to wealth

preservation.

Most men indicated that saving (85%) and budgeting (73%),

are critical components to planning for future needs.

Men also find financial independence as an important

factor for themselves and their children when it comes

to successful wealth preservation.

Although some might consider that study participants are at

a level of affluence such that they do not have to work, men

consider earning an income to be important. Further, they

indicated that it is important for their children to earn their

own wealth.

Legacy Intentions

Legacy planning, or having a say in where their wealth

goes when they are no longer alive, is important to

most men (87%).

Financial education, which can support or guide them in this

plan, is important to many men as well (77%).

Nearly all men (97%) indicated that they would like

their children to inherit their wealth equally.

In terms of allocation to people or entities other than their

children (56%), most of the remaining wealth will go to

other family members—either siblings (20%) or grandchil-

dren (10%).

Of the remaining 14% of wealth, men projected half to go

to taxes. Only 4%, respectively, is expected to go to chari-

ties or other extended family members, friends, or the

family trust.

Based on their current intentions and the average net worth

of these men, each child stands to inherit $3.7 million with

another $1.4 million expected to go to charitable causes.

Full details on the men’s Wealth Preservation can be found on page 36.


Selecting a wealth advisor was more often an

individual decision (44%) or decision made with their

spouse (25%).

Referrals from another advisor (21%) or a friend (18%) were

often part of the decision.

The top characteristics sought in a wealth advisor are

by far investment expertise (82%), trust (78%), and

financial expertise (72%).

Men also indicated that estate planning (47%) and tax

expertise (45%) are important as well, although just as

important as other “soft skills” such as communica-

tion (43%), attention to detail (40%), and interpersonal

skills (30%).

Men interviewed shared that they seek wealth

advisors who proactively serve the whole family.

Further, interviews with participants revealed that men

value an advisor who is also aware of the current and

future/potential needs of the family.

Full details on the men’s preferred Wealth Advisor Char-acteristics can be found on page 41.


11

Who participated?The men who participated in this study tended to be educated, in their late 50s, and married with two or three children.

They are more often employed full-time, usu-ally in the finance or other professional service industry. Their average household net worth is $16.5 million, usually derived from personal employment or business, with just one-fourth inherited from family.

More often than not, the men were raised in an upper-middle or middle class home, having married parents and two siblings.

Survey OverviewThe Men & Wealth Study is a comprehensive research study

conducted to explore men’s views, attitudes, perceptions,

practices, and wealth transfer intentions. The goal of this

research is to create a better foundation of knowledge

that will provide an increased understanding of what truly

influences how men manage and handle their wealth. The

information will be used to help advisors and financial insti-

tutions develop programs that meet men’s current needs.

This research covers the following topic areas:

Demographics

Baseline information on who these affluent men are in terms

of age, net worth, source of wealth, employment, and house-

hold makeup is described.


Men’s perceived knowledge of eight wealth management

topic areas and how important these wealth management

areas are to them is discussed in this section. Additionally,

this section discusses their involvement in managing their

wealth and the role of their spouse.

Attitudes & Influences

This section shares insight on their perceptions toward

wealth and affluence. In this section, a comparison of the

views and practices of their current family and family of

origin is presented to identify how their upbringing may

(or may not) have influenced how they manage their

wealth today.

Philanthropy

Men’s attitudes and influences toward charitable giving, as

well as their philanthropic practices are presented.

Wealth Preservation & Legacy Intentions

In this section, findings regarding men’s approach toward

wealth preservation as well as plans to leave a legacy

are revealed.


This section highlights the desired characteristics in a

wealth advisor and provides insight on the men’s opinions of

and experiences with their current wealth advisors.

Report of FindingsThe Report of Findings provides a comprehensive look at the 103 men who participated in the online survey. Insights learned from qualitative research (telephone interviews and focus group discussion) are integrated into these results.

Report of Findings

12

100%

75%

50%

25%

0%HS / GED

EDUCATION BY AGE N = 103 55 or Under N = 47 56 or Over N = 56

5%

BS / BA Master’s PhD / Advanced

Figure 2: Please indicate the highest level of education you have achieved:

100%

75%

50%

25%

0%18-25 26-35 36-45 46-55 56-65 66-75 75+

AGE IN YEARS N = 103

1%

19%24%

37%

10% 8%

Figure 1: What age range do you fall in?

1%

2%7%

TOTAL

AGE 55 OR UNDER

AGE 56 OR OVER

36%

26%

45%

35%

47%

25%

20%23%

18%

100%

75%

50%

25%

0%Full Time

EMPLOYMENT TYPE BY AGE N = 95 (excludes those in the family business or “other”) 55 or Under N = 42 / 56 or Over N = 53

54%

Part Time Not Employed

Figure 3: I am currently employed:

88%

26%

11%

2%

17%

36%

10%

57%

Age, Education, and Employment

The majority of respondents (80%) range in age from 36

to 65, with about half over 55 years of age. The median age

is 57 years (Figure 1).

These men are educated, with almost all (95%) having at

least a four-year degree. Over half have a Master’s, PhD, or

other advanced degree. Higher education (Master/PhD) is

more common among those 55 years or younger (Figure 2).

Two-thirds of these men are employed, typically work-

ing full-time, even though they have substantial wealth

(Figure 3).

Demographics The findings presented in this report represent the opinion of men with the demographic makeup presented here. In-depth insights on who these men are and what they represent set the stage for understanding why they feel a certain way or behave in a certain manner.

Report of Findings | Demographics

13

100%

75%

50%

25%

0%< $1M $1M < $5M $5M < $10M $10M < $25M $25M < $100M $100M < $250M > $250M

HOUSEHOLD NET WORTHN = 103

3%

21%

13%

30% 30%

2% 1%

Figure 4: What would you estimate your household net worth to be?

PERSONAL EMPLOYMENT

WIFE’S EMPLOYMENT

INVESTMENTS

FAMILY INHERITANCE

WIFE’S INHERITANCE

FAMILY BUSINESS

OWN BUSINESS

OTHER*

3%

Figure 5: What percentage of your wealth would you estimate comes from the following?

N = 103 *Other includes: defined contribution plans, stock options, lawsuit, windfall from lottery, and wife’s real estate holdings.

34%

8%

13%

1%

12%

7%

23%

The estimated combined net worth of these men’s households is $1.6 billion.

Those unemployed are primarily over 55 years of age.

There are still a substantial number of those over age 55 who

are still in the workforce (43%) (Figure 3).

About half of employed men are either in the Financial

(39%), Professional Services (25%), or Construction/Real

Estate (12%) industries.

Household net worth highly varied, although

mainly fell into three main groups—under $10

million (37%), $10 million to under $25 million

(30%), or over $25 million (33%). The median

household net worth is $16.5 million (Figure 4).

Overall, wealth was more often earned than

inherited. Almost 60% of men’s wealth was

acquired from their own business or employment

compensation. About one-fourth (28%) was

inherited or from the family business (Figure 5).

Estimated Household Net Worth

Men were asked to estimate their total household assets, including financial, real estate, res-idences, collectibles, art, and any other assets in trust for which they were the beneficiary.


14

6%

38%

LOWER

LOWER-MIDDLE

MIDDLE

UPPER-MIDDLE

UPPER

N = 103

15%

35%

Figure 9: When you were growing up, to which socioeconomic class would you identify your Family of Origin as belonging?

MARRIED

DIVORCED

SINGLE

N = 103

3%

Figure 6: Please indicate the nature of your personal relationship:

4%

93%

YES: SOME/ALL UNDER 18

YES: ALL CHILDREN 18+

NO CHILDREN

Figure 7: Do you have children?

56%36%

8%

7%

Figure 8: Which best describes the relationship between your mother and father while you were growing up?

MARRIED

DIVORCED

WIDOWED / DECEASED

N = 103

86%

10% 4%

Current Family Household

Nearly all men are currently married (93%), or were

married before (4%) (Figure 6).

Almost all men have children—two to three on average,

but only around one third (36%) of men have dependent

children under age 18 (Figure 7).

Family of Origin Household

Most men grew up in a married household (86%), although

10% indicated the relationship of their mother and father as

divorced (Figure 8).

The majority of men (90%) were raised in a household with other siblings, having on average one sister and one

brother. The average family size growing up was three

children (including the respondent).

Generally, men felt they grew up in middle-class house-holds (88%), and this includes lower-middle and upper-

middle class families (Figure 9).


15

100%

75%

50%

25%

0%Employed Full-Time

PARENTAL EMPLOYMENT STATUS N = 103

73%

Family Business

Own Business

Figure 10: Which best describes the employment status most frequently held by your mother / father while you were growing up?

17%

FATHER

MOTHER

0%

19%22%

5% 2% 0% 1%

57%

Employed Part-Time

Did Not Work

100%

75%

50%

25%

0%

PERCENT OF FATHERS EMPLOYED IN THE FAMILY BUSINESS * Base includes only those with fathers who were employed.

16%

Figure 11: Which best describes the employment status most frequently held by your father while you were growing up?

MEN AGED 55 OR UNDER

MEN OVER 55

N = 7 of 45

29%

N = 16 of 55

Among older men, or those over age 55, twice as many mention their fathers worked in the family business compared to that mentioned by men aged 55 or younger (Figure 11).

Parental Employment Status

Most men indicate their fathers worked (99%), usually either full-time (73%) or in the family busi-

ness (22%) (Figure 10).

Mothers usually did not work. Those who did,

worked part-time (19%) as often as they worked

full-time (16%) (Figure 10).

There has been a generational shift in working in the family business, as men over age 55 indicate that

their fathers worked in the family business twice as

much as those men under the age of 55 (Figure 11).


16

Financial Planning MEAN = 5.75

Estate Planning MEAN = 5.66

Investment Management MEAN = 5.40

Tax Implications of Wealth MEAN = 5.18

Succession Planning MEAN = 4.95

Charitable Giving & Philanthropy MEAN = 4.97

Family Governance MEAN = 4.78

Insurance Planning MEAN = 4.72

1% 1% 9% 25% 34% 29%

1 2 3 4 5 6 7

VERY KNOWLEDGEABLENO KNOWLEDGE

PERCENTAGE WHO GAVE EACH RATING N = 103

1%3% 12% 19% 30% 19% 16%

1%4% 11% 27% 27% 30%

1%3% 5% 14% 26% 27% 24%

3% 7% 18% 30% 24% 18%

NEUTRAL

1%4% 12% 20% 23% 23% 17%

1% 7% 7% 27% 29% 16% 14%

10% 17% 15% 25% 19% 15%

Figure 12: Please indicate your level of knowledge with the following wealth management areas:

1%

1) Investment Management: asset allocation, investment strategy, and planning

2) Estate Planning: having a will, estate plan, powers of attorney, executors, and/or guardians identified

3) Financial Planning: understanding liquidity and cash flow needs, saving, spending, budgeting, and retire-ment needs

4) Tax Implications of Wealth: state/federal tax ramifica-tions of different assets and financial vehicles

5) Charitable Giving and Philanthropy: methods for giving, involving family members, grant making, recipient selection, and charitable giving structures

Awareness, Involvement & Decision MakingKnowledge

Men were asked to rate their level of knowledge in eight areas of wealth management using a seven-point scale where 1 meant “No Knowledge” and 7 meant “Very Knowledge-able” (Figure 12). These included…

6) Succession Planning: rearing and preparing leaders to assume responsibility in the family

7) Family Governance: family decision making, family poli-cies, procedures, mission statements, and constitutions

8) Insurance Planning: insurance strategy to protect and mitigate down-side risk of existing assets

Men feel they are “knowledgeable” on all aspects of man-aging wealth, with very few (less than 10%) indicating little

or no knowledge in these areas. To get a more complete

picture of the overall knowledge of wealth management, we

averaged the mean scores for the eight areas. The results

show men have an overall knowledge level of 5.18, one point

above a neutral rating (Figure 12).

Report of Findings | Awareness, Involvement & Decision Making

17

* Mean Knowledge Level from Figure 12

Investment Management

Estate Planning

Financial Planning

Tax Implications of Wealth

Charitable Giving & Philanthropy

Succession Planning

Family Governance

Insurance Planning

FIRST SECOND THIRD

44%

12%

18%

6%

2%

7%

11%

1%

23%

21%

19%

14%

6%

8%

5%

4%

12%

21%

8%

18%

18%

11%

8%

4%

79%

54%

46%

38%

26%

25%

23%

9%

Figure 13: Please rank the three areas you feel are the most important:

PERCENT TOP THREEWealth Management Areas:

IMPORTANCE RANKING

N = 103

MEAN KNOWLEDGE LEVEL*

5.40

5.66

5.75

5.18

4.97

4.95

4.78

4.72

Men indicate they are more knowledgeable about Finan-cial Planning, Estate Planning, Investment Management, and Taxes. Men feel their knowledge levels are not quite

as strong when it comes to Charitable Giving, Family Gover-

nance, Insurance, and Succession Planning.

Importance of Wealth Management Areas

After indicating their perception of their knowledge of the eight wealth management areas, men were asked to indicate which three they consider most important to them (Figure 13).

The amount of knowledge in Estate Planning coincides with the age of men’s children and the source of their wealth. Lower perceived knowledge of Estate Planning was

found among men with all or some children under 18 (mean

knowledge level of 5.41 versus 5.84 with all children 18 and

over) and among those who primarily earned rather than in-

herited their wealth (5.45 versus 6.09, respectively).

Investment Management was, by far, the most important area of wealth management for most of the men (79%). Nearly half ranked Investment Management as the most

important area.

Just over half of the men felt Estate Planning (54%) and Financial Planning (46%) were in the top three most important areas of wealth management. Very few men

considered Insurance Planning most important.

The areas considered most important to men are also those areas where they feel most knowledgeable. This

may mean that men make more of an effort to educate

themselves on the areas they consider most important to

managing their wealth.

Men may be looking for more knowledge on Investment Management, considering it is the area of wealth manage-

ment that is most important to them, but not where they

feel the most knowledgeable. When directly asked which

topics they would like to know more about, Investment

Management was most often mentioned (14%), although

interest around specific aspects of investing varied.


18

I have control over my wealth

I understand the investment strategy for my family

I am actively involved with the management of my wealth

My wealth management affairs are in order

I have clearly articulated goals for my wealth

I am more involved with wealth management issues than my wife / significant other

I am more interested with wealth management issues than my wife / significant other

PERCENTAGE WHO GAVE EACH RATING

Figure 14: Please rate the following statements using a seven-point scale, where “1” means “Strongly Disagree” and “7” means “Strongly Agree.”

1 2 3 4 5 6 7 MEAN

0%

0%

0%

0%

0%

2%

8%

1%

2%

3%

2%

4%

4%

5%

5%

4%

3%

7%

9%

5%

2%

4%

7%

15%

17%

18%

7%

17%

24%

18%

13%

24%

22%

12%

16%

23%

32%

28%

28%

22%

16%

17%

43%

37%

39%

22%

24%

54%

36%

5.92

5.85

5.77

5.37

5.23

5.85

5.20

N = 115

STRONGLY DISAGREE

STRONGLY AGREE

Men have a high level of involvement in managing their wealth, as a majority of men agree with every statement, when combining the top three ratings—known as the Top

Three Box Score.

Most men feel that they are in control (90%), that they understand their family investment strategy (87%), and that they are actively involved managing their wealth (80%). Fewer men, although still a large majority, agree their

wealth affairs are in order (75%) and that they have clearly

articulated wealth goals (70%).

Most men felt much more involved in managing their wealth than their spouse (81%). Fewer men, but still a

majority, felt they were also more interested in wealth

management than their spouse (68%).

Involvement in Wealth Management

To establish an understanding of their involvement and that of their spouse in managing their wealth, men were asked to indicate their level of agreement with seven statements regarding their perceived control, preparedness, involvement, understanding of invest-ment strategy, and goals for their wealth (Figure 14).

From the telephone interviews, it was learned that lack of

spousal involvement may be due to women’s perceived lack

of interest, knowledge, or need as their wealth affairs were

already well handled.

“My spouse is not really interested. Her attitude is ‘I don’t have to learn that because I’m well cared for.’”

“She’s not interested. It’s not that she’s not interested in money. She’s not an accountant. She doesn’t come from a business background. It is not her thing.”


19

11%

32%

WEEKLY

MONTHLY

QUARTERLY

ANNUALLY

NEVER

7%

10%

41%

N = 103

Figure 15: I contact my wealth advisor:

Almost all the men agreed they tracked their wealth as if it were a game, with four of the eleven responding that they had a “Keep Score” approach.

Men contact their wealth advisor monthly; however

the frequency of contact is quite disparate (Figure 15).

Generally, men with all or some dependent children contact

their wealth advisor less frequently (seven times per year)

than men with all children age 18 and above (fifteen times

per year).

Men review their investment statements less often than they contact their advisor, and review their statements an

average of about ten times a year. Here again, men with all or

some dependent children review investment statements less

frequently (nine times per year) than men with all children

age 18 and above (ten times per year).

Tracking Wealth

Focus group respondents engaged in a discussion regarding tracking their wealth and the different approaches for how this is typically done. This discussion revealed an interesting insight that men track their wealth as if it were a game.

“I feel it is my responsibility to do whatever it takes to maximize my wealth going forward. If you can do that you feel like you have won the game.”

The men in the focus group characterized three different approaches for how they track their wealth.

1) Keep Score: Study financial statements, look at benchmarks, and determine how the overall markets are doing relative to their performance.

2) Keep Track: Track their overall wealth accumulation against goals or intentions so that different milestones may trigger a giving opportunity or a different type of investing opportunity.

3) Defensively Track: Look at wealth from an inflation-adjusted mindset and make sure that, net of taxes,

inflation, and other finite influences, they will be ahead.


20

I make the majority of the wealth manage-ment decisions for my household

My wife/significant other would prefer to rely on me to make the decisions around the family wealth

I work with my wife/significant other to make decisions regarding our wealth

I make the majority of daily financial decisions for my household

I rely on expert advisors to make decisions regarding my wealth

I prefer that my wife/significant other not be involved with the decision making for the family wealth

My wife/significant other makes more decisions regarding our wealth than I do



1 2 3 4 5 6 7 N for N/A MEAN

3%

7%

6%

6%

6%

52%

53%

7%

8%

10%

12%

16%

25%

25%

4%

10%

4%

15%

6%

6%

10%

10%

15%

14%

22%

23%

7%

3%

11%

16%

22%

7%

19%

4%

2%

25%

14%

27%

13%

16%

1%

4%

40%

31%

17%

24%

15%

5%

3%

5.52

4.94

4.81

4.46

4.40

2.10

2.01

N = 103

5

10

6

5

2

5

5

STRONGLY DISAGREE

STRONGLY AGREE

Men more often agree they make the majority of the house-hold wealth decisions (76% combined 5, 6, and 7 ratings). They also agree (61%) that their spouse prefers it this way.

Spouses do, however, have some involvement in fam-ily wealth decisions, since many men also agreed that they work with their spouse when making wealth management decisions (66%).

Men would prefer their spouse to have more involvement in family wealth decisions, as very few agree (10%) that their preference was that their spouse not be involved.

Spouses play a more instrumental role in the daily finan-cial decisions, as men were generally neutral (44%) on their role alone in these daily decisions.

Men are generally neutral that they rely on expert advisors to make wealth decisions (50% agree), although

Decision Making

To further explore the dynamics of the roles of men and their spouses play in wealth management decisions, a second set of statements were asked (Figure 16).

men over age 55 more often agree they rely on expert

advisors (61% versus 36% among men age 55 and under).

The use of expert advisors may be dependent upon the

knowledge or comfort level on a particular topic. Within the

telephone interviews, some men mentioned that they relied

on professionals to support them in the areas where they felt

they were less knowledgeable.

“I should be more savvy in analyzing financial statements and budgets and all of that. For that I have my wealth advisor and other people who do that so much better than I.”

“I don’t pretend to be good at investments. There are people who get educated in that and are good at that. They have proven they are good at it. They are available for hire. Go get them.”


21

I am proud of what I did to acquire wealth MEAN = 5.85

I have enough wealth to sustain my lifestyle needs MEAN = 5.60

I am proud of the wealth that my family has acquired MEAN = 5.55

3%3% 14% 12% 24% 45%

1 2 3 4 5 6 7

STRONGLY AGREESTRONGLY DISAGREE


1% 7% 12% 16% 31% 32%

3% 7% 14% 19% 23% 34%

NEUTRAL


2%

N = 103

Satisfaction with Wealth

Satisfaction with Wealth

Most men (81%) are proud of how they personally acquired their wealth, with this sense of pride more pre-

dominant among those men who primarily earned their

wealth themselves (88%) versus those who equally or

primarily inherited their wealth from family (65%).

The wealth the family has acquired also gives many men a sense of pride (77%). This is especially the case among

men with assets of $25 million and upward (85% versus 66%

among those with assets below $10 million).

Attitudes & InfluencesOne key goal of this research was to understand men’s attitudes toward some common beliefs, stereotypes, or perceptions of wealth and the driving forces behind these attitudes. To do this, men’s attitudes were first assessed in the online survey and then explored more fully in the focus group to understand the forces driving these attitudes. In the online survey, men rated their level of agreement to various statements regarding wealth and wealthy people using a seven-point scale, where 1 meant “Strongly Disagree” and 7 meant “Strongly Agree” (Figures 17–23).

Men’s wealth is enough to sustain their needs, and this

sense of financial security is directly correlated with their

level of total assets. Less than half (47%) of men with total

assets of under $10 million agree they “have enough,” while

97% of men with assets of $10 million or more highly agree

that their wealth sustains their needs (Figure 17).

Report of Findings | Attitudes & Influences

22

I would prefer that people not know that I am wealthy MEAN = 4.98

People try to take advantage of me because of my wealth MEAN = 2.91

I am embarrassed by having wealth MEAN = 2.22

1%3% 14% 20% 19% 27% 16%

1 2 3 4 5 6 7



21% 30% 13% 18% 12% 4%3%

NEUTRAL


N = 103

Wealth and Interaction with Others

44% 27% 9% 8% 10% 2%1%

Wealth and Interaction with Others

Men tend to prefer that other people remain unaware that they are wealthy (62%). However, this is not a result of fear they will be taken advantage of (Figure 18).

Few men agree that people take advantage of them because

of their wealth (18%). When discussed in the focus group,

men said the exact opposite was true: those with less (or no)

money are more often taken advantage of as they have fewer

resources and education.

“The less affluent are more likely to be taken advantage of than the wealthy. They are more preyed upon because they are less capable of fighting the battle and [may] not [be] as educated and savvy.”

Men in the focus group felt that wealthy people are only

taken advantage of if they allow it.

Men’s preference for others to remain unaware that they are wealthy is not because they are embarrassed by their wealth, as only 13% men are embarrassed by their wealth.

Interestingly, men who were currently employed were

almost three times more likely to be embarrassed by their

wealth than those not currently working (16% versus

6%, respectively).

Wealth and its Connection to Power and Identity

Not all men feel wealth is a symbol of success. Men are

split on this belief, with half (50%) who agree and most of

those remaining (31%) generally disagreeing (Figure 19).

Wealth does not equate to power, with only 28% who agree

that it does. As learned in the focus group, men believe that

wealth provides choices. Should power be a choice, it can

be achieved.

“If they seek power and have wealth, they are more likely to achieve power. Look at someone like Michael Bloomberg.”


23

Wealth is a symbol of success MEAN = 4.35

Wealth is connected to one’s image MEAN = 3.62

Wealth is connected to one’s self-worth MEAN = 3.26

I equate having wealth with having power MEAN = 3.10

I use wealth to influence others MEAN = 2.20

People with a lot of money impress me MEAN = 2.19

9% 10% 12% 19% 19% 20% 11%

1 2 3 4 5 6 7



18% 18% 9% 18% 22% 11% 5%

NEUTRAL


N = 103

Wealth and its Connection to Power and Identity

1%

21% 19% 17% 13% 20% 4% 6%

21% 24% 17% 11% 18% 8% 2%

35% 34% 14% 12% 5%

43% 26% 9% 17% 3%3%

“That is an interesting paradox. Who do you think more of...Mother Theresa or Bill Gates? One has wealth and the other doesn’t.”

Men’s wealth is not used to influence others per se, although the men in the focus groups added that “influ-

ence” is not always a negative concept. Influence can be posi-

tive, such as promoting philanthropic causes or initiating

positive changes.

“I think it is important to promote causes that you care about.”

“When the plate gets passed around in church, I feel guilty that others might think, ‘Wow. That lazy bum never con-tributes to the offering’ when in fact I give a generous lump sum annually. That is influence.”

Clearly, men feel their wealth does not define them. Fewer

agree that wealth is connected to their image (38%) or self-

worth (30%). Insight from the focus group suggests that

people more are defined by how they behave or treat others

than their wealth.

In response to whether wealth is connected to one’s image,

one focus group participant gave an example of how wealth

does not define the worth of a person.

Men are not impressed by those with a lot of money. In the focus group, what more impressed men were how

others earned their wealth, what they do with it, and how

they behave.

“People who have made it and who are gracious and have humility are those who impress me.”

“It’s a function of how it was made...I am more interested in what they do with it.”


24

I am concerned about losing my wealth MEAN = 4.21

My family spends too much MEAN = 3.33

I am concerned that I spend too much MEAN = 3.06

My wife/significant other spends too much MEAN = 2.69

7% 9% 18% 22% 18% 18% 8%

1 2 3 4 5 6 7



13% 25% 18% 22% 10% 9% 4%

NEUTRAL


N = 103

Retaining and Spending Wealth

14% 31% 21% 15% 10% 7% 3%

32% 28% 10% 10% 9% 7% 3%

20%

GIVER: “I would rather give wealth away to others before spending it on myself.”

SPENDER: “Wealth is meant to be spent. I enjoy spending on myself and others.”

HOARDER: “I hate to give up any of my wealth and will hold onto it as long as possible.”

SAVER: “A penny saved is a penny earned. It is important to save for a rainy day.”

BUDGETER: “I plan for each and every penny as it is important to plan accordingly.”

21%

28%

Figure 21: I consider myself to be a:

5%

25%

Retaining and Spending Wealth

Men are neutral about whether or not they are concerned about losing their wealth, but do not attribute this con-cern to overspending (Figure 20). There was little agree-

ment that they (20%), their wife (19%), or their family (23%)

spend too much. On the contrary, stories from the focus

group indicate men, their families, or wealthy people in

general spend too little.

“My grandmother was sick and we were all meeting for a family reunion. She knew that she could not handle flying commercial and taking three flights to get there. She would not buy a first-class ticket or charter a flight despite the fact she had plenty of money to do so.”

“When I was an investment professional, I was working with a woman who lived up in the north and called to ask if she could take five thousand out to buy a mink coat because it was so bitterly cold. I responded, ‘Better yet, why don’t you take out twenty-five thousand to buy a sable?’ as she never really spent her wealth.”

Although men feel they may spend too little, very few consider themselves to be “hoarders” (Figure 21).

Men generally fall into two groups:

1) Givers or Spenders—49%

2) Savers or Budgeters—45%


25

It is important to take care of my family financial needs

I am concerned about my children’s ability to manage their wealth

My children are prepared to manage their wealth

If I predecease my wife/significant other, I am concerned about their ability to manage the family wealth

I am concerned about my wife’s/significant other’s ability to manage their wealth

I am concerned by the material values that are expressed by my children

When it comes to money, I am concerned by the behavior of one or more of my children

Current Family Mean Current Family N

6.42

4.44

4.17

3.66

3.59

3.43

3.33

94%

56%

44%

34%

40%

33%

33%

Figure 22: Please rate the following individual statements pertaining to your family of origin or current family using a seven-point scale, where “1” means “Strongly Disagree” and “7” means “Strongly Agree.”

102

90

87

98

97

90

87

Current Family Top 3 Box

Men aren’t concerned about macroeconomic market or global instability issues; rather, their concerns focused on family issues. Men mentioned their concerns relating to

the ability of others (more often children) to manage the

estate or inheritance. Men do mention having or trying to

have a plan to protect their wealth. As mentioned in the tele-

phone interviews…

“We are trying to separate the family. Our concern or fear has been if any of us were to meet an untimely demise, we don’t want that to pull down another leg of the family.”

“I wonder about how well we’re going to be able to keep this going once the G3s [third generation family members] move on. I don’t have any reason to believe that it can’t be done [as] it’s been kind of a hierarchical setup for many years.”

What Keeps Men Awake at Night?

As part of the telephone interviews, men were asked if they worry most about their family’s economic future in the context of: a) global or geopolitical instability; b) family stress after my death; c) differences in the next generation’s work or spending ethic; d) continuation of family business; or e) nothing! The online survey also explored men’s concerns regarding their family’s economic future and ability to manage the family wealth.

Nearly all men (94%) think it is important to take care of their family’s financial needs, and have confidence in their spouse to step in when required. Few men (34%) show

concern for their wife’s ability to manage the family wealth

should they predecease their spouse (Figure 22). However,

concern is higher among men over age 55 (44%) than among

those men aged 55 and under (20%).

In contrast, over half (56%) of men show concern for their children’s ability to manage their wealth, with fewer (44%) who agree their children are prepared to do so. As few men

worry about the material values or behavior of their children

(33%), this concern could likely be the result of other family

dynamics, namely communication, which will be discussed

in more detail later in this report.


26

People with wealth have an obligation to give back to society MEAN = 5.61

I look for a bargain regardless of my wealth MEAN = 5.41

Showering others with wealth is a symbol of love and affection MEAN = 2.30

6% 5% 3% 7% 9% 30% 41%

1 2 3 4 5 6 7



NEUTRAL


N = 103

Other Attitudes Toward Wealth

35% 33% 13% 9% 9% 1%1%

3% 6% 8% 10% 14% 25% 35%

“If you are buying a lousy airplane, no price is too cheap. But if you are buying a state-of-the-art airplane, then there is no price too high.”

“When I was growing up, you didn’t see, really, the dis-parities in wealth that you see today. My concern as a par-ent is how you raise a child responsibly when this is what he sees. He thinks that this is normal and this is how the rest of America lives. How do I get him in touch with the real world?”

Other Attitudes toward Wealth

Many men (80%) agree they do have an obligation to give back, while some men from the focus group did not agree

that giving was an obligation, being instead an individual

decision. More on this topic is presented in the Philanthropy

section of this report (Figure 23).

Men generally do not regard showering others with wealth as a symbol of love and affection. The few who feel

differently (11%), may view the gesture more positively,

offering help to loved ones.

Men look for a bargain, but this does not always equate to looking for the most inexpensive item. Focus group

participants revealed “a bargain” can be better value and/or

better quality rather than just the lowest price.

“There are three things that come to mind when looking to make a purchase. They are price, quality, and availability.”


27

A COMBINATION OF MY PARENTS

MY FATHER

MY GRANDFATHER

MY MOTHER

MY GRANDMOTHER

LEARNED MYSELF

OTHER

7%6%

7%

36%

Figure 24: When it comes to my values and attitude toward wealth, I am more like:

31%

10%

4%

Managing Money

My father handled more of the financial decisions for the household than my mother

When it came to managing money, my mother was a good role model

When it came to managing money, my father was a good role model

Being There for the Children

My mother was there for me growing up during significant life events

My father was there for me growing up during significant life events

Family of Origin Mean

5.25

5.04

4.99

5.49

4.86

100

101

100

102

100

Figure 25: Please rate the following individual statements pertaining to your family of origin or current family using a seven-point scale, where “1” means “Strongly Disagree” and “7” means “Strongly Agree.”

Family of Origin N

N = 103

Over one-third (36%) indicated attitudes toward wealth were influenced by their parents.

Influences Regarding Wealth

Men were asked a series of questions to identify their influences toward managing wealth regard-ing three main areas: Family and Family Values, Philanthropy, and Communication. Generally, this included comparing practices in their Current Family and their Family of Origin (the family in which they were raised). Men were asked to rate their level of agreement to numerous statements for their Current Family and for their Family of Origin. For each, a seven-point scale was used where 1 meant “Strongly Disagree” and 7 meant “Strongly Agree.”

Family Values: Influences Toward Wealth and Managing Money

Almost as many (31%) mentioned their fathers as the primary influence. Fathers were three times more likely to be mentioned than mothers. Only 10% say they are more like their mother and share her attitudes and values toward wealth (Figure 24).

Regardless of the stronger paternal influence on wealth management, both parents are considered good role models for managing money. This alignment of values and attitudes does not seem related to “being there” as mothers were more often considered than fathers as “being there” during significant life events (Figure 25). Further discussion of parental, maternal, and paternal influences is shared on pages 28 and 29.


28

We support family members financially with their education

Family members are expected to work for a living

I have taught my children to be responsible with their money

The values of my [parents/children] are similar to my values


6.39

6.37

5.37

5.19

5.80

6.35

5.48

5.27

Figure 26: Please rate the following statements regarding your current family (your present household) and your family of origin (the family in which you were raised) using a seven-point scale, where “1” means “Strongly Disagree” and “7” means “Strongly Agree.”

93

99

89

88

Family of Origin Mean Family of Origin N

102

103

101

101

Men feel strongly about supporting family members with their education (Figure 26).

Family Values: Influences of Parents

Parents instilled the importance of education and a strong work ethic in both this generation and the past generation

(Figure 26). Men felt education and work ethic were inherent

in their upbringing. In fact, overall agreement for financially

supporting education has increased in this generation, from

an average of 5.80 in the past generation (Family of Origin)

to 6.39 in this generation (Current Family). In the words of

two interview participants...

“One of the things I remember is my parents always emphasizing the need to save to go to college. I think I was influenced by my parents to always have a job and save. That was a theme growing up. I started working when I was 10 years old delivering newspapers, shoveling snow, and delivering groceries.”

“What I can remember from my childhood is that every-body was working pretty hard. In fact, since I was a kid I was kind of geared towards some kind of work in anything I could so that I could make my money and spend it on whatever I wished.“

Raising financially responsible children was central in both generations. Many men taught their children to be

responsible with their money (average agreement of 5.37),

and similarly agree their parents did the same with them

(average agreement of 5.48). Part of teaching responsibility

with their money was promoting self-sufficiency and finan-

cial independence. As stated in one telephone interview…

“I think it is incredibly important that children know they can take care of themselves and not depend on the family wealth.”


29

Fathers were cited most often (31%) as the one family member who shaped men’s values on business and managing wealth.

Fathers (or another paternal figure) were cited as shaping men’s values on business and managing wealth. Specifically, these role models imparted the values of working hard, conducting business ethically, and managing their wealth prudently.

When asked in the online survey to identify “one value,

belief, or practice learned about money from your father,”

men most often mentioned they learned to “work for the

money.” This was mentioned by 21% of the men, with no

other response given nearly as often (See Figure 27).

When discussing paternal influences in the telephone inter-

views, men revealed that their fathers (or another paternal

figure) taught them how to conduct business or manage

their wealth affairs. These lessons were taught by directly

“tutoring” or “mentoring.” In other cases, men learned by

example through observation of how their fathers handled

themselves and managed their wealth. As shared in the

telephone interviews…

“My father was very sober, and kept very, very accurate ac-counts. He would spend days and afternoons just pouring over his bank statements. I didn’t think that that was the most wonderful thing to do. However, we are all very grate-ful for what he did because when he died, it was so easy for me to slip right into taking care of my family because everything was in absolute perfect order. He left that won-derful legacy. I understand how valuable it is to have things in good order.”

Family Values: Influences of Fathers and Mothers

In the online survey, men were asked to provide in their own words, at least one value, belief, or practice they learned from each of their parents. This was discussed in the tele-phone interviews as well, where men were asked to describe the money messages they received from the men as compared to the women in their family. From these efforts, it was discovered that there is a difference in paternal and maternal influences.

“I learned a healthy respect of privacy. From very early on, my father was very cautious of banks. We never once showed the world that we had any exposure abroad. We never had any mail being sent at home to us. There were always code words that we would use so there was never any visible means that could trace our monies abroad. He was a very cautious individual and it served him very well. He taught me a lot of very interesting lessons.”

“My father died when I was 14, so a close family friend filled this role and imparted a great deal to me growing up. Bringing me into business discussions and meetings and explaining what was going on and training me on reasons why he bought/sold companies and what the dimensions were.”


30

Figure 27: Identify at least one value, belief, or practice that you learned about money from your [father/mother].

FATHER

MOTHER

21%Work for your money

Save

Be aggressive / Not too conservative

Be generous with money

Spend wisely / Be responsible

Budget

Honesty

Invest

4%

10%

15%

8%

1%

7%

14%

7%

7%

1%

5%

6%

4%

6%

4%

Includes only those responses with 5% or more mentions or those mentioned by 4% or more for both their mother and father.

Mothers were influential in instilling values around saving and spending wealth, although were less knowl-edgeable and less involved in managing finances.

As indicated in the online survey, the two most often men-

tioned maternal value, belief, or practice learned were “save”

and “be generous with your money,” each mentioned by

about 15% of men, with no other response mentioned as

often (Figure 27).

When discussing maternal influences in the telephone

interviews, men provided additional insight, with the

description of the mother figure revealing more of a tra-

ditional or stereotypical role of women. Three men inter-

viewed provided perceptions of their mother’s role are very

similar to their current perceptions of their spouse’s role or

involvement—less interest and lower involvement.

“Although my mother didn’t have much knowledge of money, she did have an opinion or two that stuck. She drove into me early on not to gamble and that prevented me from investing in the wrong things.”

“My mother was not tutored in finance so she shied away from any financial involvement.”

“I learned from my mother who had a greater joy of spending. I don’t want to say loose. She always was very respectful of wealth.”


31

My family talks about money matters openly

I have talked to my children about my estate plan

I have talked to my children about their inheritance

We host regular family meetings


6.39

6.37

5.37

5.19

5.80

6.35

5.48

5.27

Figure 28: Please rate the following statements regarding your current family (your present household) and your family of origin (the family in which you were raised) using a seven-point scale, where “1” means “Strongly Disagree” and “7” means “Strongly Agree.”

93

99

89

88

Family of Origin Mean Family of Origin N

102

103

101

101

“There is an issue of whether I want them to know.

Issue 1: Do I want them to know? The answer is yes.

Issue 2: Are they going to want to know? That is a more difficult issue.

You can bring a horse to water but you can’t make them drink.”

Family Values: Communication

Communicating with family about their wealth has im-proved over that experienced in the past generation, yet it is still a practice that families are less likely to do. Families more often talk openly about money matters and

are having regular family meetings unlike that experienced

by these men while they were growing up. Children are

being made aware of their inheritances more in this genera-

tion compared to the previous generation. Discussing estate

planning, however, has remained relatively stable, with only

a portion having openly discussed it (Figure 28).

One man interviewed shared his personal experience on how

he wasn’t made aware of the family wealth until he was 21

and his parents were legally required to do so. Even then, he

felt he did not achieve full control over his inheritance, as he

was forced to immediately place his inheritance into a trust.

Ultimately, this lack of parental communication influenced

him to do just the opposite with his children.

“That’s just the way my father was raised. Because of that, the way I’ve approached it with my children has been sub-stantially different. For one thing, the age of consent has been changed to 18, so they now know all about this before they go to college. Secondly, when certain things are going to happen I just don’t do it if it’s going to affect them. I sit them down and say, ‘This is what I want to do and this is why I want to do it. Are you okay with this?’ I think there has been a real open-mindedness of this. I wouldn’t say they are non-plussed by it, but they’re not intimidated by it. They tend to treat this as really, ‘this is just a business matter,’ and you discuss it as a business matter.”

Although men say communication with children is more common in their Current Family, only about one-third of men have discussed their wealth and wealth transfer intentions with their children. Men primarily discuss

their wealth and wealth transfer intentions with only their

advisor and their spouse (See Figure 29).

Men’s agreement highly varies in regard to discussing their

values and legacy intentions with their children, clearly

showing their uncertainty on this issue.

This uncertainty can be graphically seen by how the propor-

tions of the men are almost equally divided on whether they

agree, are neutral, or disagree with this concept (Figure 29).

One reason for this uncertainty or unwillingness to discuss

legacy intentions may be due to the feeling that their chil-

dren are not ready or not interested in their legacy.


32

Figure 29: I discuss my [wealth/wealth transfer] intentions with: (select all that apply) WEALTH

WEALTH TRANSFER INTENTIONS

100%

75%

50%

25%

0%My advisor My significant

otherMy spouse My daughter(s) My son(s) My parent(s) My sibling(s)My friend(s) Other*

89%

80%

6% 6%

85% 85%

39%36%

30%28%

18% 19% 18%10%

17% 15%8% 6%

N = 103 *Those who specified “other” noted they discussed their wealth/wealth transfer intentions with their accountant, attorney, other family members, or no one.

Men are split: 46% agree and 43% disagree that they have discussed their family’s values and legacy intentions together.

Gender bias may exist (or did exist in the past) in com-municating with children.

Within the personal interviews, one man mentioned being

raised in a household where daughters received less

communication than the sons, as well as less input and

control over their inheritance. This was often detrimental to

the family dynamic.

“The boys got told more than the girls at an earlier age. That certainly is, in part, a reflection of my father’s up-bringing. The boys were in the loop and the girls weren’t. My father tried a similar approach with my sisters and the whole thing totally bombed. One sister, because she was the oldest, was held on the shortest leash for the longest period of time. I think the overall attitude toward her was ‘shut up and sign’ and I think she resented it. There was what’s sometimes referred to as blowback. That ‘all these years you’ve told me to do one thing and now you’ve dropped the restriction, now you want me to do another. No, I’m not go-ing to do it just because you say so.’”


33

Giving money to charitable causes MEAN = 5.58

Giving my time to the community MEAN = 5.01

Investing socially responsibly MEAN = 3.87

1 2 3 4 5 6 7

VERY IMPORTANTNOT IMPORTANT


NEUTRAL

Figure 30: Please rate the following statements using a seven-point scale, where “1” means “Not Important” and “7” means “Very Important.”

N = 103

Giving Back

1% 7% 6% 3% 20% 30% 33%

2% 9% 9% 13% 25% 21% 23%

17% 18% 9% 17% 9% 19% 12%

Charitable Giving plays a role in a majority of men’s lives, both in donating their time and money. A majority of men

(83%) felt it was important to give money to charitable

causes and almost 70% of men said it was important to give

time to the community (Figure 30).

Investing socially responsible is less critical among men. Only 40% felt this was important to them.

PhilanthropyOne of the key goals of this research was to understand men’s attitudes toward charitable giving and the philanthropic practices in place in their Current Family as well as in their Family of Origin. This was mainly measured in the online survey, although the telephone interviews gathered insight on how and why men give.

Philanthropy is far more important in their Current Family (63%) than they perceived it was in their Family of Origin (30%) (Figure 31). This may be driven by the past

generation’s historical giving being lower than the current

generation and this generation feeling the need to compen-

sate. This could also be driven by these men not being aware

of the philanthropic practices of their Family of Origin, as

parental communication about money matters or legacy

intentions was generally low.

Report of Findings | Philanthropy

34

75%

25%

YES

NO

N = 103

Figure 32: Is your Current Family philanthropic?

47%53%YES

NO

N = 103

Figure 33: Was your Family of Origin philanthropic growing up?

Philanthropy is an important practice in my Current Family MEAN = 5.02

Philanthropy is an important practice in my Family of Origin MEAN = 3.57

1 2 3 4 5 6 7



NEUTRAL

Figure 31: Please rate “Philanthropy is an important practice in my [Current Family/Family of Origin]” using a seven-point scale, where “1” means “Strongly Disagree” and “7” means “Strongly Agree.”

N = 101

Importance of Philanthropy

3% 9% 11% 15% 15% 18% 30%

20% 19% 9% 23% 10% 6% 14%

Philanthropy is also more predominant in the current generation (75%) than the previous generation (47%)

(Figures 32 and 33).

Although philanthropy is more important in this generation, the philanthropic practices are similar in this generation as in the past. Men give both individually and

as a family, similar to that found for the past generation.

However, giving through a family foundation is more

common among current families (53%) than those in which

these men grew up (15%) (Figure 34).


35

Give as a family

60%

48%

Give individually

81%

71%

Figure 34: How [does/did] your [Current Family/Family of Origin] practice charitable giving? (Select all that apply)

100%

75%

50%

25%

0%Give through a

family foundation or fund

I / Family serve on

community board(s)

I / Family are employed in service work

Other *

53%

15%

60%

52%

16%10%

4% 2%

CURRENT FAMILY

FAMILY OF ORIGIN

CURRENT FAMILY N = 77 FAMILY OF ORIGIN N = 48

*Those that specified “other” for their current family noted giving their time to charities and giving through their church. Those that specified “other” for their family of origin noted giving through their church.

Over half of men (60%) indicate that someone in their family serves on a community board(s).

Giving time by serving on community boards is another similarity between generations. Sixty percent of men

indicate they or someone in their family serves on a

community board. Nearly as many (52%) say this about their

Family of Origin.

Although the data is not shown, men are usually the ones

who serve on boards alone (22%) or with other family

members (30%), while only 8% report another family

member alone serves on a board.

Very few are employed in service work, and this is consis-

tent in both the Current Family and Family of Origin. Here

again, men are usually doing this alone (8%) or with another

family member (4%), with few who report only another fam-

ily member does this alone (4%).

Taking a hands-on approach to giving is also important to some men. It was learned in the telephone interviews

that some men take more of a direct approach to their phi-

lanthropy by giving to persons or organizations in need of

assistance with whom they share personal involvement

rather than giving to an undefined cause or money pool.

“I think when someone is having a problem, helping them and taking direct action. If I see someone, like an employee that has a problem, just give him or her $5,000. Or they have a child and need something. Just sort of taking direct action rather than giving it into a black hole.”

“My view on philanthropy tends to be what I call ‘bricks and mortar.’ This tends to interest me more than things which I perceive more as causes where contributions to the particular organization are somewhat undefined.”


36

Having all members of my family educated about financial matters MEAN = 6.02

Having my children achieve financial independence MEAN = 6.00

Taking care of my present lifestyle needs MEAN = 5.97

Mentoring my heirs MEAN = 5.96

Leaving a legacy for the next generation MEAN = 5.49

1 2 3 4 5 6 7



NEUTRAL


N = 103

Sustaining Wealth Now and in the Future

1%5% 23% 30% 40%

1%3% 5% 13% 34% 42%

1%3% 9% 15% 30% 42%

2%4% 6% 10% 20% 23% 34%

1%

1%2% 6% 18% 30% 41%1%

Sustaining Wealth: Now and in the Future

A critical component of wealth preservation is educating the family on financial matters and financial indepen-dence of their children (Figure 35). As discussed earlier in

this report, men highly agreed that education and a strong

work ethic were key messages they received from their

parents and in turn, are sending these same messages to

their children. Also discovered in the telephone interviews,

men use varying strategies to promote financial indepen-

dence or self-sufficiency—such as financial education or

mentoring and increasing self-esteem.

Wealth Preservation & Legacy IntentionsMen were asked to rate a series of statements on a seven-point scale where 1 meant “Strongly Disagree” and 7 meant “Strongly Agree.” Many of these statements are based on best practices cited historically in literature.

“I never tell my children I’m proud of them. However, you always tell them that you’re so happy for them when they do something that you are proud of, but not that you’re proud of them. You are happy for them. When you state that you’re proud of them, you’re saying that they’ve done something for you. Whenever they do something that’s ter-rific, they’re doing it for themselves.”

Report of Findings | Wealth Preservation & Legacy Intentions

37

“Legacy is much more than just about money. It is about transferring values and morals; there is an inherent responsibility, especially when it comes to long-term wealth transfer.”

“Well, very definitely bring the younger generation in at a reasonably early age, and don’t hold anything back. Don’t overwhelm them with all kinds of material early on, like teaching them the fundamentals of hedge funds when they’re six. You feed it to them at a pace at which they can probably digest it.”

Sustaining the family wealth also implies taking care of present lifestyle needs as well (Figure 36). One tele-

phone respondent indicated, however, this needs to be

done in moderation.

“Restraint. There is nothing wrong with living well, but there’s a difference between living and living well and self-indulgence. Self-indulgence can get you into more trouble than ever thought possible for an enormous variety of rea-sons. Not just matters of wealth, but in terms of personal relationships and other things.”

Mentoring heirs is also a key component to sustaining wealth (Figure 36). In the telephone interviews, men noted

that they “hope for the best” in terms of how future heirs

utilize the wealth they pass along, and the importance of

preparing heirs and educating them now to be good, respon-

sible stewards of the wealth. In essence, men rely upon their

children to carry the torch using the morals, values, educa-

tion, and beliefs they have tried to instill.

“I will do the best I can to teach values and prudence to the kids. In the end they will do what they choose to do and I won’t be here to complain about it.”

“We are very concerned about them growing up feeling too comfortable or too spoiled, even though there is obviously a lot of peer pressure. We want them to be very conscious about money and very conscious about how privileged they are versus 99% of the population in the world.”

Men indicate that leaving a legacy does not always equate to leaving an inheritance. For some their legacy may imply

a “moral biography” in which they use their talents for the

greater good, using their values and beliefs as their “moral

compass.” Men want to be remembered for how they lived,

how they worked, and/or how they made a difference in the

lives of others or in society as a whole.

“I hope that over time the manner in which we leave the land will be a legacy in and of itself. We are trying very hard to see that it finds a special place. I don’t think anyone in the family has any desire to have the family name embla-zoned on a piece of granite anywhere.”

“I want to be remembered as somebody who enjoys life to the utmost, in a positive way. So the legacy I want to leave is...if there is a way that I can improve the quality of life for others around me...If you can use your resources to help other human beings live their life to the fullest, I think it is a very worthwhile endeavor.”


38

Planning for future needs MEAN = 6.21

Saving MEAN = 5.74

Budgeting MEAN = 5.33

1 2 3 4 5 6 7



NEUTRAL


N = 103

Planning for the Future

2%3% 13% 37% 46%

2%5% 8% 17% 34% 34%1%

3%2% 6% 16% 20% 29% 24%

Planning for the Future

Planning for future needs is a key component for wealth preservation, including not only estate planning, but also

encompassing budgeting, saving, financial planning, and

investment management.

As heard in the telephone interviews, diversification, and

avoiding “trendy” investments are plans used to sustain or

preserve their wealth (Figure 36).

“I try not to get carried away with fads, like when the in-ternet was really popular or like now oil is really popular or gold or hedge funds, the ‘what’s popular today.’ I try not to get carried away with what’s popular.”

Financial Independence

Although these affluent men do not need to work, they do feel earning an income is important. Men may feel it

is critical for their self development to earn an income and

have a strong work ethic. As indicated or mentioned many

times by respondents, self-sufficiency of their children in

earning their own wealth is important (Figure 37).

Knowledge for Better Legacy Plan

Men consider it important to “have a say” in where their wealth goes after their passing, with nearly 90% of men

saying the decision on how their wealth is used when they

are no longer alive is important (Figure 38).


39

Earning an income MEAN = 5.59

Having my children earn their own wealth MEAN = 5.50

1 2 3 4 5 6 7



NEUTRAL


N = 103

Financial Independence

5% 3% 2% 9% 16% 29% 36%

2% 2% 12% 27% 25% 30%3%

Deciding where my wealth will go when I am no longer alive MEAN = 5.87

Acquiring financial education for myself MEAN = 5.55

1 2 3 4 5 6 7



NEUTRAL


N = 103

Knowledge for Better Legacy Plan

3%3% 8% 15% 33% 39%

2% 6% 2% 14% 15% 23% 39%

Acquiring financial education, also considered important by

many (77%), will support or guide them in making legacy

planning decisions.

Children tend to be wealth beneficiaries more often than other family members, such as siblings or grandchildren. When asked to estimate how they would allocate their wealth

across family members, taxes, and other sources (excluding

their spouse, if applicable), half of their collective wealth, on

average, is intended to flow along bloodlines to children or

stepchildren (See Figure 39).

According to one man in the telephone interviews, good

stewardship and the importance of growing wealth and

managing it wisely to allow for passing their wealth on to

subsequent generations is the whole point and this is the

expectation for other generations to come.

“One of the things that has been a family theme is passing it on. The wealth is there for your use and for your benefit, but do not consume all of it. Just remember, somebody else didn’t consume all of it so you were the beneficiary, there-fore pass it on.”

Based on intentions right now, these men intend for each of

their children to inherit an average of $3.7 million.


40

EQUALLY

MORE TO MY DAUGHTER(S)

NOTHING

N = 95

Figure 40: Ideally, I intend for my children to inherit:

97%

2% 1%

Children, stepchildren

Siblings

Grandchildren

Taxes

Charitable/philanthropic giving

Other *

0% 1-24% 25-49% 50-74% 75-100%

56%

20%

10%

7%

4%

4%

9%

22%

62%

68%

83%

91%

7%

44%

20%

18%

12%

4%

14%

22%

12%

13%

4%

1%

38%

7%

4%

2%

1%

3%

33%

5%

2%

0%

1%

1%

Figure 39: If I had the ability to distribute wealth to my beneficiaries, my best estimate of how I would ideally allocate my wealth among the following would be:

*Those who specified “other” noted they would ideally allocate wealth to other family such as extended family members, friends, or to the family trust/foundation.

MEAN PERCENT

PERCENTAGE OF RESPONDENTS CATEGORIZED FROM

Children will inherit their wealth equally (Figure 40).

While only 4% of the wealth would be allocated to philan-thropic causes, when considering the amount of wealth these men represent, this represents a substantial amount of money. When asked how much they intended to pass along

philanthropically, the average amount, per respondent, was

nearly $1.4 million—equating to an aggregate amount of about

$144 million from all respondents combined ($1.4 million

average multiplied by 103 respondents).


41

Based on referral from a friend

21%

Other *By myself

25%18%

Based on referral from an advisor

44%

With my wife/significant

other

100%

75%

50%

25%

0%

8%

Figure 41: I chose my wealth advisor: (select all that apply)

N = 103

*Those who specified “other” noted they selected their wealth advisor with a family, from a referral from a family member, by interviewing them, bank referral, or already had an advisor in the family office.

14%

I did not choose my wealth advisor/Parents

chose for me

Wealth Advisor Selection

In many cases, the selection of a wealth advisor is not an individual decision.

While 44% indicated they chose their wealth advisor on their

own, other common parties involved in this decision were

spouses/significant others, friends, or another professional

advisor (Figure 41).


Expertise in key areas is requisite in men’s selection of a wealth advisor, but “soft skills” are also critical. When men

were asked to rank the characteristics they look for in a wealth

advisor, expertise in investments (82%) and finances (72%)

were more often among the top five important attributes. But

“soft skills” such as communication (43%), attention to detail

(40%), and interpersonal skills (30%), were often in men’s “top

five” too. In the words of one respondent…

“With all the different investment choices, they are very com-plicated. I think the ability to distill information down to a level that people can really understand is very important. The clients are either going to feel intimidated by them or simply not communicate with them as well as they should.”

Having an advisor men can trust is also a “must have” attribute, far more important than years of experience and

service level attributes such as promptness, friendliness, being

polite, and professional credentials.

Men appreciate a wealth advisor who takes interest in serving the whole family. Men value an advisor who has a keen

eye not only on them, but managing the family needs as well.

The telephone interviews revealed this “caring for the whole

family” was a key selection factor in choosing (or staying with)

a wealth advisor. Men want to know that not only are their

needs being taken care of, but that their family will be taken

care of once they are gone.


Report of Findings | Wealth Advisor Characteristics

42

PERCENTAGE OF RESPONDENTS N = 103

SECOND MENTION

24%

39%

12%

7%

1%

3%

--

4%

1%

2%

2%

1%

--

Figure 42: The top five characteristics I seek in my wealth advisor(s) are:

Investment expertise

Trust

Financial expertise

Estate planning expertise

Tax expertise

Communication

Attention to detail

Interpersonal skills

Having many years of experience

Promptness

Professional credentials

Friendliness

Politeness

FIRST MENTION

THIRD MENTION

FOURTH MENTION

TOTAL MENTIONS

23%

9%

27%

8%

5%

11%

6%

5%

3%

--

2%

--

1%

17%

14%

14%

17%

7%

13%

5%

4%

4%

4%

2%

2%

--

10%

10%

9%

5%

27%

9%

10%

7%

5%

4%

2%

1%

2%

82%

78%

72%

47%

45%

43%

40%

30%

17%

16%

11%

8%

4%

9%

7%

11%

11%

5%

8%

19%

11%

4%

6%

3%

4%

1%

FIFTH MENTION

Trust was mentioned the most of any characteristic (39% of first mentions), more than any other technical area of expertise.

“My wife is very comfortable with our advisor and this woman who we have worked with for so many years. The kid that is most responsible for the future in our family is very comfort-able with this woman. That’s the key. I could be gone tomor-row and I know everything would go along just fine. That’s the pay-off right there. Peace of mind to know your loved ones are going to be well taken care of.”

“I don’t have any problems and my wife doesn’t either with my passing away and having her and our wealth advisor moving in to help my wife straighten things out. If things are out of line, things will be back in line.”

Some men described their wealth advisor as almost an ex-

tension of the family—really knowing the family members,

their personality, and what the family needs to know when

managing their wealth.

“We know and trust her well. I mean really know her. And she knows us, knows our family. My kids know her and they know who she is. Our family joke about her is she’s the only paid member of our family. We are very fond of her and I think she’s very fond of us.”

“They need to have a certain skill set so that they understand the issues that we are dealing with. Don’t just relate it to tax-es or estate planning or insurance or any of those things.”

Taking a proactive leadership approach is also highly valued in a wealth advisor. In the telephone interviews, men talked

about wanting an advisor who looks ahead and understands

the broader family issues, ultimately being able to identify the

family’s needs now as well as in the future.

“The ability to really listen to what it is that the family may or may not be saying. In many cases, the family may not be aware that they have this big issue coming ahead of them. I think that a good family wealth advisor could somewhat pro-actively say ‘Just from my vantage point, this is an issue I think we are going to have to deal with.’ Want you to read about and talk about it? This is something that you might need to be aware of.”

Report of Findings | Wealth Advisor Characteristics

43

Please contact GenSpring Innovation & Learning Center if you are interested in learning more about this study and its findings or other research studies sponsored by GenSpring.

Not surprisingly, men have a leadership role in their families when it comes to wealth management decisions and planning. They are confident in their knowledge of the vari-

ous wealth management disciplines and are actively involved

in the planning and decision making for the wealth in their

families. The focus group also revealed that many men often enjoy “tracking” their wealth, as they benchmark perfor-

mance. Men also expressed that they are in control, understand

their family investment strategy, and are actively involved with

the management of their wealth. Over half indicated that they work with their spouses to make the decisions around the wealth.

When asked in the interviews what issues keep these men

awake at night related to their wealth, their responses did

not include fears of a turbulent economy, possible recession,

rising inflation or other geopolitical issues; rather, men indi-cated the greatest concerns for the well-being of their fami-lies and mentoring the next generation to be prepared to handle the responsibilities that come along with wealth.

Communication has shifted as well, as men are more inclined

now to discuss the family wealth and wealth transfer inten-

tions with not only their spouse, but their heirs as well. Men indicated that they intend for the majority of their wealth to be divided equally among their children.

The impact and influences of their childhood and from

family members, especially their fathers and mothers, had a

profound influence in shaping many of their views, values,

and attitudes toward wealth. Men expressed many core life values—including modesty, generosity, honesty, practical-ity, preparedness, and fostering a strong work ethic—that were passed on from other family members.

The information contained herein is obtained from sources that are believed to be reliable and is provided for general reference purposes only. No representation is made as to its accuracy. The presentation should not be construed as legal or tax advice and should not be used as a substitute for the advice of a professional legal or tax advisor. Furthermore, in no event shall GenSpring Family Offices, LLC be liable for consequential, incidental, or punitive damages to any person or entity for any matter relating to this report. GenSpring Family Offices, LLC will not disclose the name of any respondent without their prior approval and under no circumstances will GenSpring Family Offices, LLC disclose individual entity data.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written consent of GenSpring Family Offices, LLC.

Conclusion We hope that the findings presented here have provided greater insights and understanding of men’s knowledge, awareness, involvement, decision making, attitudes, and influences related to wealth.

The success of this study is a result of the voluntary

participation of men across the country. A sincere thank you

is extended to all who participated in and supported the

research effort. Without the considerable involvement of

both participants and advisors, this study would not have

been possible.

Conclusion

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www.GenSpring.com

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Inc. (NYSE:STI), is a leading wealth management firm for ultra-high net

worth families. Once limited to a few of the world’s wealthiest families, the

benefits of the family office are rapidly becoming known to a wider circle

of ultra-high net worth clients. GenSpring was named 2012 Best Overall

Multi-Family Office by Private Asset Management magazine, ranked #1 on

Forbes’ 2011 list of Top Fee-Only Advisors and most recently ranked #1 on

Financial Planning magazine’s Top 50 RIAs.

Sole Sponsor | GenSpring Family Offices

Men & Wealth - GenSpring€¦ · 6 Survey Overview The 2007 Men & Wealth study, which largely...

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