How Wealthy Millennials Influence Family Decisions

Ultra-high-net-worth (UHNW) Millennials are deeply concerned with most aspects of sustaining the family. This includes preserving their wealth, steering the family towards increasing its impact on the world and perpetuating social values.

As a result, the majority of Millennials are involved in decision-making within the family office, even serving on committees or boards, according to the Proving Worth study. Given their specific focus on philanthropy, 59% of respondents hold a decision-making position for the family’s philanthropic activities.

Millennials feel very comfortable making decisions, a trait that speaks to an innate confidence and ability to make up their minds based on their own research and interactions. This characteristic could arguably be seen in stark contrast both to the oft-represented moody ambivalence of Generation X and also the well-established overly optimistic attitude of Baby Boomers.

However, although they’re involved in making some decisions within the family office, very few Millennials are currently involved in strategic decision-making for their family’s wealth. Only 18% of the study’s respondents make strategic decisions for their family’s overall wealth management, while 25% make non-investment family governance strategic decisions. If Millennials were running the portfolios, UHNW family wealth would pivot to values-based investing.

personal involvement in managing the family wealth - oppenheimerfunds

Source: OppenheimerFunds & Campden Wealth

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