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1、The Great Wealth Transfer4.FOREWORD6.EXECUTIVE SUMMARY10.INTRODUCTION14.THE GREAT WEALTH TRANSFER :New Modern Affluents :The Boomer mindset :The luxe Millennial outlook :Purposeful luxury :Generation Z-uite set :Lifestyle Asset Class(LAC)categories 34.CONCLUSIONContentsContentsCo-founder:Chris Sande
2、rsonCo-founder:Martin RaymondCEO:Cliff Bunting Director of strategy and planning:Rachele Simms Director of marketing:Rodrigo TobalForesight editor:Fiona Harkin Deputy foresight editor:Dan Hastings-Narayanin Senior foresight analyst:Marta Indeka Foresight analyst:Simar DeolDeputy creative foresight e
3、ditor:Olivia Houghton Creative foresight analyst:Gabriela BiakowskaCreative foresight analyst:Emily RhodesStrategic foresight editor:Alex Hawkins Deputy strategic foresight editor:Darian Nugent Presentations editor:Rhiannon HudsonStrategy director:Louise French Strategic futures director:Joanna Lowr
4、y Senior strategic futures analyst:Rachael Stott Strategic futures analyst:Nina Marston The Future Laboratory intern 22/23:Isabella VenturaSenior production planner:Madeleine Watts Senior sub-editor:Ian Gill Art director:Savannah ScottSenior designer:Samuel Davies Creative artworker:Amber RichardsTh
5、e Future Laboratory6 Orsman Road,London N1 5RA,UK Phone:+44 20 7791 2020 Email:The Future Laboratory is one of the worlds foremost strategic foresight consultancies.Members of our trends intelligence service LS:N Global get exclusive access to the mindsets defining tomorrow and the early adopters dr
6、iving global change across eight industry sectors.Find out more:LSN.global:Contact:For further information on all our services please contact or call+44 20 7791 2020Cover:AI Imagery by The Future Laboratory,UK3MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERForewordThe Great Wealth Transfer can be
7、dismissed as a series of private capital events that only affect the top 0.1%of the worlds population,a mere side note to the macro-economic landscape that is leading to a greater wealth divide and societal fragmentation.But,what if this first-of-its kind event were coinciding with a seismic and gen
8、erational shift in the values and behaviours of those who will inherit it,deploy it and benefit from it?And with 15%of American adults expecting to receive an inheritance from a parent,spouse,family member or another individual in the next 10 years,the audience is larger than you may think.Yes,here
9、at the Modern Affluence Exchange we confess to holding an optimistic position when it comes to the positive opportunities that the Great Wealth Transfer will unlock for the world.By concentrating on the positives,we can focus on the drivers of change that can still be triggered or reinforced,and we
10、believe that is a better use of our collective minds and influence than focusing on the potential pitfalls.With great power comes great responsibility is an adage popularised by Spider Man in Marvel comics.Thanks Stan Lee.We couldnt think of a better one to describe the philosophy that runs througho
11、ut this report.Reassuringly,it is seemingly a mantra that Generations Z and Alpha are happy to adopt and promote.From wider society to the modern affluent consumers with education and capital at their disposal to the extreme affluence of the Great Wealth Transfer,the rising generations are united(wi
12、th cultural capital finally overriding financial capital?)by a shared knowledge that clear and practical change is needed,and that compromise is not an option.And with 9.4 trillion($11.9 trillion,11 trillion)of the 66.7 trillion($84.4 trillion,77.5 trillion)predicted to be donated to charities,the i
13、nfluence cannot be underestimated.As cultural capital and financial capital converge at ever greater speeds,with it comes the requirement for brands and businesses to think about their behaviour,not just in the context of business performance,but of business survival.The buzzwords of ESG,purpose and
14、 impact will no longer be mere footnotes in annual reports,but will be the business drivers opening new markets,new audiences and new levels of profitability.Future growth will be dependent on authentic and meaningful change and behaviours.Scary,right?And,of course,for those brands and businesses th
15、at behave with integrity and true purpose,the opportunity to attract and retain a loyal audience of informed,influential and connected customers is unparalleled as the emerging quiet luxury trend that we believe is here to stay.Brands which can hit the sweet spot between integrity and experience wil
16、l become a destination for the modern affluents to deploy some of the hard-earned capital being created by them or for them.The Future Laboratory unpacks this moving landscape of emotional and rational drivers of change to help us better understand why the Great Wealth Transfer is a signpost for tra
17、nsformation,and the generation that will be responsible for it a breath of fresh air in the current world of populism and profiteering at all costs.We only scratch the surface of the topic,but we have far more to say.So,if youd like to speak to us and The Future Laboratory about the implications and
18、 opportunities please dont hesitate to get in touch.Enjoy reading,take the time to think,make notes and make a plan for how the modern affluence mindset can unlock potential in your brand or business.Ben Whattam and Victoria Archbold,Modern Affluence ExchangeWelcome to the 2023 Modern Affluence insi
19、ghts report,and with it our first partnership with The Future Laboratory.Our collaboration with their brilliant team is based on two distinct drivers.The first is their incredible grasp of the global consumer and the trends affecting them.The second is their integrity to cut to the very essence of t
20、he issue they are investigating and share with clarity the resulting opportunities.We would also like to say a special thanks to our event partners,VGC Partners and Adoreum,without whose support these insights couldnt have been generated.5MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLU
21、ENCE SUMMIT:THE GREAT WEALTH TRANSFER4As Millennials and Gen Z affluents prepare to inherit unprecedented amounts of wealth,the global financial sector needs to consider how their politics,attitudes and increasingly activist mindsets will affect their views on investment.Inflation,war in Ukraine,spi
22、ralling interest rates,the ongoing cost of living crisis and escalating geopolitical concerns have left deep dents in the pockets and bank accounts of high-net-worth individuals(HNWIs)and ultra-high-net-worth individuals(UHNWIs)globally.Their wealth and relative size to population have dropped by 3.
23、6%,and 3.3%,respectively,when compared to previous years.And while the US still leads the way,it has suffered big declines wealth-wise in 2022,with HNWIs shedding their hard-earned cash by 7.4%,and population by 6.9%,according to Capgeminis World Wealth Report 2023.As Henley&Partners Centi-Millionai
24、res report also indicates,centi-millionaires are also in the ascendent,with almost 26,000 of them making an appearance globally,with 9,730 in the US,followed by China(2,021),India(1,132)and the Middle East.The highest growth rates are expected to come from Asia over the coming decade.Surveying the w
25、ider landscape,of which HENRYs(High-Earning,Not Rich Yet)and Modern Affluents are a part,we also need to take into account the changing fortunes of Gen Z,Millennials and middle-aged Gen Xers and understand that their current control of the worlds wealth,which sits at a meagre 3%,is about to reach a
26、significant 60%,while Gen Z and Millennials in the US alone,will be handed a staggering 42 trillion($53 trillion,49 trillion)by 2045.Despite this,only 18%,according to the World Report Series 2023,are satisfied with their current wealth management adviser.As one UHNWI about to benefit from an influx
27、 of wealth from her parents family office told The Future Laboratory recently:It isnt about using money as an instrument for profit that was my parents generation it is about using it as a force of change,impact and unprecedented difference.Executive Executive SummarySummaryEternal Gold by Prada,Ita
28、ly7MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER6This is backed by recent research from PwC,which highlights that 71%of next-gen family members recognise that their family has a responsibility to fight climate change and its related consequences.I
29、s this important?The Modern Affluence Summit,in partnership with The Future Laboratorys Luxury Futures team,would say it isnt just important its a core pillar around which all insights about subsequent modern affluent generations revolve and why,when you are speaking to both groups,it is core to und
30、erstating how you target them and what you target them with whether this is an alternative asset vehicle or a lifestyle one.For Millennials,ethics and investment are one and the same.They distrust stocks too opaque with only 25%investing in them,versus 55%of those aged over 43,according to Bank of A
31、merica.They are more likely to invest in alternative investments than average investors,such as crypto(29%,versus 7%of the over-43s).More than 70%of the 2142 age group hold sustainable investments in portfolios compared with just 21%of those aged 43 and over.They are also seeking impact,sustainabili
32、ty,purpose and positive returns for the environment when parting with their money.Similar attitudes and mindsets are emerging when they are focused on luxury,fashion or art.British and French HNWI Millennials,for example,are happy to pay more for a sustainable brand 87%in the UK,90%in France,67%in t
33、he US,according to Agility,Research&Strategy.Gen Z are equally proactive when it comes to researching their luxury brand,whether this is about uncovering their back story greenwashing or questionable business practices.In the US,Forrester Research found that 51%of Gen Z citizensumers did this as a m
34、atter of routine.But Gen Z,like their Boomer forebears,are keen on investment,and even with the smaller amounts they have at their disposal,are learning to cut their teeth on investment platforms with meme stocks,cryptocurrencies and NFTs leading the way.Six in 10 Gen Z in the US,for instance,report
35、 that they have their own spread risk investments(think savings,pre-owned,fee-free platforms such as Robinhood),with a significant 19%investing in cryptocurrency and NFTs,while many of them taught themselves how to invest before turning 18,according to a report from the CFA Institute.Unlike their Bo
36、omer and Millennials counterparts,they are very aware of the risks they take and mitigate accordingly about 48%say they know more about investing than their parents(the figure is much higher in the UK),with 33%saying they are very confident in their ability to make investment decisions.They are also
37、 using their digital-first skills to make investments that enhance their wardrobes and wrists,as well as their bank accounts.Gen Z are adding pre-loved or archival pieces to their portfolios in the same way that older Millennial collectors have done.According to The RealReals 2023 annual Luxury Cons
38、ignment Report,Gen Z are by far the most active investors on the platform,with sales and purchases of luxury items by them up 50%in 2022 alone.Cashing in on this desire among modern affluent Gen Z and Millennials to invest in fashion,Artnet has launched a new finance service that enables owners to u
39、se their collectable pieces as loan collateral.In a bid to democratise access to art ownership in the way that high-end luxury has with fashion and the world of resale,fractional art platforms are similarly empowering Gen Z investors to buy important paintings without the hefty price tag.Often using
40、 blockchain technology,these companies divide artworks into shares,which are subsequently sold to speculative investors.During the pandemic,for instance,online platform Masterworks purchased artworks by significant artists including Jean Michel-Basquiat,Andy Warhol and Yayoi Kusama before dividing t
41、hem into shares to sell on to its users.In 2021 it became the biggest spender on artworks in the world with purchases worth nearly 316m($400m,370m)(source:Axios).Similarly,In New York,technology start-up Front of House is partnering with restaurants to offer subscriptions to the citys most sought-af
42、ter dining spots.Its most recent collaboration is with seafood restaurant Dame.The two companies launched the Affable Hospitality Club,which lets VICs book one dinner each week through an NFT subscription that costs 790($1,000,925).AI Imagery by The Future Laboratory,UKMODERN AFFLUENCE SUMMIT:THE GR
43、EAT WEALTH TRANSFER98MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERIntroductionAs Lisa Song,a Millennial research analyst with the Nomura Research Institute,America,puts it:Most people in my generation are interested in doing something meaningful with our lives and with our financial investments.
44、The amount that will be spent by Millennial and Gen Z consumers on these meaningful moments and lives could reach 53 trillion($68 trillion,63 trillion)when all cross-generational transactions are complete,making both generations the wealthiest in history and among the most prolific spenders on luxur
45、y goods ever.But it is not just any luxury goods,as luxury brands themselves are learning.This is luxury with a conscience,culture with meaning,an industry and a category,more than ever,that are keen to give back in the way that their future patrons and supporters are giving back,or planning to do s
46、o.This has led to luxury brands seeking B-Corp certification(Aesop,Chlo,Vestiaire Collective),using blockchain to improve transparency(Prada,LVMH,While markets remain uncertain,as our Modern Affluence Summit white paper suggests,two generational groups Gen Z and Millennials are certain about how the
47、y want the future wealth landscape to play out:with purpose,with impact,with ESG credentials and with total transparency.Cartier),launching circular fashion lines(Gucci),or embracing a hitherto dismissed by luxury fashion brands at least resale market that is set to be valued at 41bn($52bn,48bn)by 2
48、026.But,as we shall see,luxury,art,culture and sustainability have also become more readily entwined thanks to the blurred and blended opportunities presented by the digital realm,whether this is the much discussed but still underused metaverse,or how decentralised autonomous organisations(DAOs)are
49、using the blockchain,digital art purchases,luxury designer interventions or cultural experiences themselves to develop non-fungible tokens(NFTs),or fractional ownership models that have passed from the digital into real life as powerful asset classes in their own right.TAG Heuer,for instance,has iss
50、ued a new version of its Connected Calibre E4 smartwatch that allows wearers not only to connect their crypto wallets but also to showcase their NFT collection via the watch face.Meanwhile,Tiffany&Co is now making necklaces for owners of CryptoPunk NFTs,crafted in gold and gemstones,and based on the
51、 design of their individual Punk NFTs.Each will cost the equivalent of ETH30 about 38,775($49,300,45,600)in fiat currency with Tiffany&Cos artisans producing only 250 necklaces on a first-come,first-served basis.Similarly,in San Francisco,hospitality platform SH Group has unveiled an NFT-gated Japan
52、ese restaurant.There are 3,265 memberships in total,with the most expensive costing 235,700($300,000,277,100).The rich arent just different;their relative wealth and the position they inhabit mean that each wealth cohort need to be spoken to and dealt with differently Chris Sanderson,co-founder and
53、global luxury analyst,The Future Laboratory11MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER10A brave new world indeed,and one where luxury once seen as a traditional,retrospective industry is already leading the way at a time when financial adviser
54、s,asset managers,and financial services generally,are deemed to be out of touch by HNWI Millennials and Gen Z themselves,who see them as group who are distrustful of their intentions,dismissive of their beliefs and failing in their ability to communicate with them on the subjects that matter climate
55、 change,the environment,social activism,transparency,gender equity,and the role diversity and inclusion plays in the decisions they make and the places they will want to invest their future funds.As one of them explained:Its very frustrating to see how people in the financial industry make decisions
56、,which is basically all past experience-based and were talking about markets that are fundamentally transforming.Just imagine,there is not one index on the stock market that doesnt have gas or oil in.All the ESG indices have at least one oil and gas product in them.Reading between the lines,as our r
57、eport suggests,this isnt outright generational dismissal.It is more about how we improve the mechanisms of engagement(digital,social media,virtual),the subjects on which we engage(ESP,diversity,gender equity being key ones)and crucially,how we engage collaboratively,creatively,culturally,conversatio
58、nally and,dare we say it,convivially in spaces that are meaningful to them not to their parents or grandparents generations.This generational exchange,after all,isnt just about financial capital,its about its cultural counterpart how we embrace it,learn it and finally practise it which is what the M
59、odern Affluence Summit,and this report,are all about.Fendi and Ledger Italy13MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER12The Great Wealth TransferAs markets prepare for the Great Wealth Transfer(GWT),The Future Laboratory,in partnership with th
60、e Modern Affluence Summit,takes you behind the hype to look at what this shift really means in terms of modern affluent behaviours and the insights driving them.Mociun,USMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER14AOI,UK42tnUS Gen Z and millenials will be handed a staggering 42 trillion by 20
61、45.Source:Cerulli AssociatesNew Modern AffluentsAs Scott Fitzgerald once said to Ernest Hemingway:The rich are different from you and me.Yes,he replied to Hemingway,they have money And as we shall see,despite the current economic travails,they still have a lot of it even if they are now spending it
62、in radically different ways.But first,the facts.Inflation,war in Ukraine,spiralling interest rates,the ongoing cost of living crisis and escalating geopolitical concerns have left deep dents in the amour-propre,not to mention the pockets and bank accounts of high-net-worth individuals(HNWIs)and ultr
63、a-high-net-worth individuals(UHNWIs)globally.Their wealth and relative size to population,says The Future Laboratorys co-founder and global luxury analyst Chris Sanderson,citing the Capgemini World Wealth Report 2023,have dropped by 3.6%and 3.3%,respectively,when compared to previous years.And while
64、 the US still leads the way,it suffered big declines wealth-wise in 2022,with HNWIs shedding their hard-earned cash by 7.4%and population by 6.9%.In dollar terms,however,billionaires gained roughly 1.3m($1.7m,1.5m)for every 0.78($1,0.92)of new global wealth earned by a person in the bottom 90%of the
65、 wealth pyramid,while billionaire fortunes themselves increased by 2.1bn($2.7bn,2.5bn)a day.Yes,a day.As Henley&Partners Centi-Millionaires report also indicates,centi-millionaires,as in individuals with assets of over 79m($100m,92m),are also in the ascendent,with almost 26,000 of them making an app
66、earance globally,with 9,730 in the US,followed by China(2,021),India(1,132)and the Middle East.The highest growth rates are expected to come from Asia over the coming decade.But along with the growth of the centi-millionaires club,four out of 10 HNWIs those with over 23.6m($30m,27.6m)in assets conti
67、nue to do well despite the ongoing permacrises swamping markets,while our New Modern Affluents 785,000($1m,922,000)in assets,and our HENRYs,or High-Earning,Not Rich Yet(196,445,$250,000,230,500+),now hold nearly 21.3 trillion($27 trillion,25 trillion)between them,while representing one of the larges
68、t population bases.As Sanderson says:The rich arent just different;their relative wealth and the position they inhabit within this wealth ladder mean that each wealth cohort need to be spoken to and dealt with differently.Surveying the wider landscape of which HENRYs and Modern Affluents are a part,
69、we also need to take into account the changing fortunes of Gen Z,Millennials and middle-aged Gen Xers yes,how we have forgotten about them.We need to understand that their current control of the worlds wealth,which sits at a meagre 3%,is about to reach a significant 60%,while Gen Z and Millennials i
70、n the US alone will be handed a staggering 42 trillion($53 trillion,49 trillion)by 2045,much of which will be spent on real estate,infrastructure(generative where available),equities,private equities,hedge funds,precious metals(an unexpected one here)and purposed-based assets.Indeed,the younger the
71、investor,the higher the 17MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER16concern that money flows into funds that are traceable and transparent,all of which comes with its own tensions and preconceptions.And this isnt just a tension between parent
72、s and their children(regardless of age),between family and their sons and daughters,says Jessica McGawley,founder of Dallington,a boutique consultancy that supports young adults from families of affluence in terms of their mental,emotional and cultural wellbeing,but between the latter and financial
73、advisers whom they deem to be increasingly out of touch with where money needs to flow to,and why.We think about financial advisers,chief finance officers,CEOs,asset managers and so on,but we dont actually think about how we support next-generation inheritors emotionally,in terms of their wellbeing
74、and the ethical concerns they may have about the wealth that is being transferred,and how it will be used.And sometimes financial advisers are just not equipped to help them in these circumstances.She isnt wrong,despite traditional banks,family advisers and asset managers heavily promoting their ser
75、vices as digital/AI/NFT-based(tick as you think appropriate to the next-gen beneficiary you want to woo).Only 18%,according to Capgemini,are satisfied with their current wealth management adviser.As one UHNWI about to benefit from an influx of wealth from her parents family office told The Future La
76、boratory recently:It isnt about using money as an instrument for profit that was my parents generation it is about using it as a force of change,impact and unprecedented difference.Another UHNWI we spoke to felt huge,crippling guilt about the unearned trust fund at his disposal which he tried not to
77、 use and the potentially damaging effect the extreme wealth he is due to inherit could have on his children.With great wealth comes great responsibility.And,as he put it,it can really fuck you up.Financial advisers tend to be stale,pale and male often reflecting the rich clients whose wealth they ar
78、e managing,says Dan Rookwood,operating partner and head of brand at VGC,a next-generation growth fund.Think of the disdain Roman Roy had for the old guard of Frank and Karl on Succession,for example,who he once referred to as Statler and Waldorf.But the next generation want a wealth manager who is m
79、ore on their wavelength and more culturally attuned,he continues.Thats if they want to deal with a human being at all online wealth management portals such as Fidelity,E-Trade,Schwab and Vanguard make it increasingly possible to cut out the middle man altogether.Financial advisers are facing an exis
80、tential crisis as their clients age,which creates a new opportunity for the next generation of advisers to spring up.Or,if you are a patriotic millionaire,its about using your influence and position to pay your taxes,and push for taxing the rich.A new poll from Patriotic Millionaires UK shows that 6
81、8%of people with over 1m($1.3m,1.1m)in assets are not just happy to pay their fair share of taxes,but want a 2%annual tax levy set against those who earn 10m($13m,11m)or more to close the wealth gap,and the widening breach in our public services,mobility and increased opportunities for the UKs strug
82、gling start-up community.As Phil White,consultant,engineer and member of Patriotic Millionaires UK,puts it:Once again,this poll demonstrates what we,as investors and entrepreneurs know to be true that we need the richest,like ourselves,to contribute more to build a fairer and more sustainable econom
83、y and to invest in a better Britain.No more political bluster or noise politicians need to get on with taxing the super-rich to deliver British values of fairness and justice,while equipping entrepreneurs with the best environment for British creativity.This is backed by recent research from PwC,whi
84、ch highlights that 71%of next-gen family members recognise that their family has a responsibility to fight climate change and its related consequences.And this push-to-purpose,as we shall see,isnt just confined to the poor-rich as one of our respondents referred to wealthy families with over 50m($63
85、.6m,58.7m)plus in their portfolios,but to the 1%who have captured 54%of all wealth over the past decade,according to Oxfam,and indeed to our centi-millionaires,with 100m($127m,117m)in assets.All see environmental,social,ethical,moral and philosophical issues growing in importance,both in terms of ho
86、w and where they invest,as well as in those day-to-day conversations they have with their peers and,more tellingly,with their advisers.Ironically,environmental,social and corporate governance(ESG)data analysis and traceability a key metric for our Modern Affluent groups are not among the top priorit
87、ies of wealth management firms,according to the latest World Report Series 2023.Certainly,concerns vary across generations,and thus advisers may simply be responding to the core needs and requirements of family offices themselves,which still tend to be dominated by older,white Boomer males.But if th
88、is is true,then as the current flow of wealth down the generations gathers momentum,as UBSs Eric Landolt,head of family advisory,art and collecting says,financial advisers and family offices themselves must embrace a new language and a different mindset if they are to understand next-gen requirement
89、s at all.The next generation want a wealth manager who is more on their wavelength and more culturally attuned.Thats if they want to deal with a human being at all Dan Rookwood,operating partner and head of brand,VGCMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER1918MODERN AFFLUENCE SUMMIT:THE GRE
90、AT WEALTH TRANSFERThe Boomer mindsetBoomers,for instance the progenitors of what we know today as lifestyle products tend to overly invest their wealth in stocks 30%of them do this,according to FeeX,in money markets,bonds,pension funds,property,cash and lifestyle heritage assets(LHAs)such as cars,wa
91、tches,jewellery,wine and art.But they tend to be pragmatic and hard-nosed about this investments are there to fund their retirement,support their passions,and in the case of Asian HNWI Boomers especially,saving for their children and grandchildren,even if there is no clearly defined strategy on how
92、that legacy should be managed.Even when you scale this up to family office level,similar metrics apply.According to Norton Trust and the Wharton Global Family Alliance,across 24 countries two thirds of family offices interviewed didnt have a succession plan in place,while only 37%of respondents were
93、 aware of that plans existence.And in keeping with Baby Boomer aspirations(the majority of family offices are controlled by 60+heads,generally male)to get the best return on their investment,the same report shows that ESG investments account for less than 10%of the overall portfolio mix,which could
94、explain why wealth advisers who deal with older family office members are less agile or caring when it comes to understanding what makes next-gen investors tick.This generations attitude to ESG-related products reflects how affluent Boomers generally react to ESG,as a recent survey by Stanford Unive
95、rsity indicates.Millennial investors,for example,were prepared to give up 10%of their investment to see a company improve its environmental practices,while Baby Boomers were only willing to sacrifice a trivial amount.Even when it comes to how one generation defines such things as corporate and socia
96、l responsibility,the response is telling,according to Landolt,as revealed by a next-gen investor in the UBS Voices of Next Gens report.Here an ambitious next-gen Millennial is trying to redefine the corporate social responsibility(CSR)strategy in their family business by instilling in the company th
97、e notion that time should be given for delivering purpose-driven causes as much as capital.For example,if we give away 30%of the time of our employees,with 5,000 people working for us,this would be very impactful.Impactful,certainly,but it also indicates how next-generation inheritors are defining t
98、heir assets and what they expect those assets to do for the family,okay,but more relevantly,in legacy terms at least,for the planet,people and long-term investment profit.Is this important?Foresight agencies like The Future Laboratory would say it isnt just important its a core pillar around which a
99、ll insights about subsequent modern affluent generations revolve,and why,when you are speaking to Gens X,Y(Millennials)and Z,it is core to understanding how you target them,and what you target them with whether this is an alternative asset vehicle or a lifestyle one.10%Millennials are prepared to gi
100、ve up 10%of their investments to see a company improve its environmental credentials.Source:Stanford UniversityPhotography by RF._.studio,South AfricaWe think about financial advisers,chief finance officers,CEOs,asset managers and so on,but we dont actually think about how we support next-generation
101、 inheritors emotionally Jessica McGawley,co-founder,Dallington21MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER20The luxe Millennial outlookFor Millennials,ethics and investment are one and the same.They distrust stocks too opaque with only 25%inves
102、ting in them,versus 55%of those aged over 43,according to Bank of America.They are more likely to invest in alternative investments than average investors,such as crypto(29%,versus 7%of the over-43s).More than 70%of the 2142 age group hold sustainable investments in portfolios compared with just 21%
103、of those aged 43 and over.More relevantly,this desire to be ethical and sustainable extends into their relationship with everything from property investment to brands,especially when you are looking at HNWIs in the UK,Europe and the US.Property still remains an enticing asset class for modern afflue
104、nt Millennials,especially in the area of hybrid office space,precinct development,residential and mixed-use retail.But the aftermath of Covid,our ongoing commitment to hybrid working,and how our suburbs and so-called kombucha-villes-cities,or striking-distance towns,Margate and London,Beacon and New
105、 York,in Paris,Neuklln in Berlin,and Bushwick in New York that Millennial and Gen Z affluents are relocating to-are reshaping our sense of place,as well as what we expect from it in terms of an investment opportunity.This is especially true when it comes to the area of regenerative architecture,acco
106、rding to the writer,regenerative architectural consultant and FT contributor,Yasmin Jones-Henry.As she explains,it isnt just a powerful investment vehicle or ESG asset class,it has a much higher purpose and an ability to affect and change what Millennial investors totally understand and appreciate.R
107、egenerative place-shaping is an understated yet powerful and intersectional catalyst.It brings all the major stakeholders round a single table.You have the estate owners,family funds,sovereign funds,asset managers,architects,designers,fabricators,retailers,agents,creative entrepreneurs and the tenan
108、ts be they residential or commercial or mixed-use.By applying regenerative principles to place-shaping you can scale the behavioural changes we all wish to see in our global economy at a much faster rate,when everybody who is sat around that table is singing from the same hymn sheet.She adds:Whether
109、 its the architects applying circular economy design principles to their masterplan,whether its the developers or estate owners ensuring co-creation and co-design are a part of their consultation process,whether its the asset managers developing better leasing strategies that are more agile and in s
110、upport of nurturing and retaining the most dynamic retailers within the sustainable luxury and lifestyle space,or whether its the consumers the tenants,the residents or members of the public being influenced to make better lifestyle choices and purchasing decisions this is all informed and moulded w
111、ithin the practice of place-shaping.And at every level of engagement,this approach,when done well,leaves a lasting and positive social value legacy.AI Imagery by The Future Laboratory,UKMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER2322MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERPurposeful l
112、uxuryIf attitudes to investment in property are changing in that Millennials are seeking impact,sustainability,purpose and positive returns for the environment when parting with their money,similar attitudes and mindsets are emerging when they are focused on luxury,fashion or art.As luxury goods adv
113、iser Claire Kent,who boasts over 40 years analyst experience at Merrill Lynch,Morgan Stanley and as a long term non-executive director at Prada SA,sees it,current luxurians arent just buying a bag or a dress,they are buying into values and asking themselves:Do I agree with them?And thats a massive c
114、hange.Thats a shift from the purely transactional to the transformational on the part of the client(in this case,the investor)and the brand itself.But she does advise caution.As we know,Gen Z luxurians can be schizophrenic.They want to save the planet and be environmentally astute,but were still see
115、ing a lot of Gen Z travel,so we have to balance ideas out with realities and converse and collaborate accordingly.But she does believe they are different and keen to demonstrate this,with their power of pocket.British and French HNWI Millennials,for example,are happy to pay more for a sustainable br
116、and 87%in the UK,90%in France,67%in the US,according to Agility,Research&Strategy.The pre-owned market a place very few HNWI consumers were keen to venture into because of its negative associations with second-hand and worn five years ago has now become a key way for Gen Z and Millennials to demonst
117、rate their circular and environmental principles.Some 42%of HNWIs in the UK and 22%in the US now see this as lifestyle asset class,according to the Global Millionaires 2023 TrendLens report,while the pre-owned watch sector has grown by 20%since 2018,outpacing S&Ps yearly 8%growth rate in the process
118、.We are witnessing similar shifts in the wider pre-owned luxury market,as shows like ReLuxury launched by Fabienne Lupo,the former head of Genevas trade show Watches&Wonder target Millennials who are keen to extend their investments into the wider repair and regenerative accessories movement.Interes
119、tingly,despite the very tangible nature of these assets,the majority of products are promoted and sold on social media with few ever reaching a real-life showroom.Rachel Koffsky,international head of department for handbags and accessories yes,there is such a department at auction house Christies,to
120、ld us at a recent FT summit that 34%of its new buyers are Millennials:Contemporary art and luxury brought in this 34%.Millennial clients start by buying a handbag then maybe a sculpture,then maybe an artwork.Koffsky also notes how 89%of Millennial customers of Christies engage with the digital platf
121、orms it utilises,including Instagram and TikTok.Our auctions also take place online.We meet our clients where they are.We have WeChat too were trying to infiltrate where our clients live and their hubs.Auctioneer and art dealer Simon de Pury agrees that auction houses have pushed for this digital ch
122、ange and that it will open the floodgates to new generations of buyers,driven by finding inspiration and a browsing mentality.The Icon by BMW and Tyde,France and Germany25MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER24Future Frequencies:Exploratio
123、ns in Generative Art and Fashion by Christies 3.0 in collaboration with Gucci,UKThe market used to be shaped by the art auctions in New York,Basel and Miami,and Frieze,but now its moving away from seasonability.Covid has proved that the market is 24/7 and,thanks to Instagram,people love browsing,the
124、y love posting.Before,for people to speak to experts,they had to be privileged,but now the expertise is accessible to everyone,and thats the beauty of it all.Were at the beginning of the transformation.Collector Tobias Gombert highlighted the kind of education being offered by the art and collecting
125、 worlds that luxury brands can learn lessons from.You need a different way of getting in touch with younger generations,he says.You need to educate them around collecting the biggest gap between art market and collectors is breaking down the barriers.You need to invite them into your auction house a
126、nd your galleries.For me,the art market has always been a privileged area,so all these online markets have really brought down the barriers.The proof of this newer,more egalitarian and sustainable world of collecting and pre-owned luxury among HNWI and UHNWI Millennials is in the Christies sale of t
127、he NFT-linked digital artwork Everydays:The First 5000 Days,by Mike Winkelman,aka Beeple,for 54m($69m,63m).The sale started at 78($100,91)said Koffsky.So you can see the digital platforms role.We also launched Christies 3.0 where you buy on the blockchain through Christies directly.Some people want
128、to buy handbags,some want to buy digital art,so we make sure our artwork is authenticated for everyone.This idea of dream fulfilment,sustainable purchasing and investing in what we have called Lifestyle Asset Classes(LACs)gives us a more nuanced glimpse into the psychology of purchase and the values
129、 of investment that set Millennials aside from their Boomer parents and grandparents.Yes,these purchases may be considered as securities for their future lives,says Sanderson,but they are intrinsically linked to those values that govern their lifestyles,behaviours and attitudinal outlooks.Their sens
130、e of fairness should be considered here,the role mental and physical wellbeing plays in their lives,the strong sense of social justice they exhibit,and how they sometimes feel especially when you talk to them about financial matters that they are being overlooked in favour of younger groups.Our ongo
131、ing research suggests that they dont believe that global organisations investment banks,brokers and wealth advisers included 87%Millenials in the UK,are happy to pay more for a sustainable brand by a staggering 87%.Source:Agility,Research&Strategywork hard enough at their ESG underpinning,he continu
132、es,and thus are not worthy of their investment or support.And all of this at a time when one third of them use investment vehicles that proactively take ESG into account,while 86%of them are interested in sustainable,socially concerned investments.They also believe that their concerns are not fully
133、understood by the family office advisers and asset managers they deal with daily,which in part explains why up to 90%of heirs switch financial advisers after they inherit.Heres what another HNWI would-be Millennial UHNWI investor has to say on this subject:Its very frustrating to see how people in t
134、he financial industry make decisions,which is basically all past experience-based and were talking about markets that are fundamentally transforming.Just imagine,there is no one index on the stock market that doesnt have gas or oil in.All the ESG indices have at least one oil and gas product in them
135、.Dallingtons McGawley says she regularly encounters this frustration among Gen Z and Millennial affluents,vis a vis how their communication style,attitudes,insights and generational values are constantly dismissed and overlooked by wealth and trust managers who talk down to them,wrongly assuming tha
136、t the investment and ethical values of their parents(how assets should be managed,categorised or defined in terms of value and values)reflect the values of those who will inherit the money.They just cant get into their mindset.They talk at them,rather than with them,fail to explain how trusts work,n
137、ever meet face to face essentially,they fail to understand the inner values that drive their outer motivations.No wonder many younger beneficiaries change their advisers.But if HNWI Millennials are different from you and me,to reflect back on Fitzgeralds quote,then Gen Z modern affluents may for man
138、y of us,be a completely foreign concept when it comes to understanding their needs,behaviours and mindsets in relation to investment and how they regard it.2627MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERGeneration Z-uite setGen Z are probably th
139、e most pointed,polarising,pejorative and problematic generation if you believe media headlines.And yet,when you look into their values and sense of self-actualisation,they have many characteristics in common with their equally individual and self-actualised Boomer grandparents especially,if you incl
140、ude being independent,competent,resourceful,entrepreneurial,and socially concerned and aware as part of these attributes.For Boomers it was gay rights,womens rights and civic rights,points out McGawley;for Gen Z,it is trans rights,environmental rights and wider gender inequalities.But in essence,lik
141、e older generations,they have a strong moral compass and fundamentally place the planet,people and the contribution profit can make to the former two at the heart of their philosophy.Often described as the activist generation,they are among the most diverse,gender-fluid,digitally active and pro-prot
142、est yet,whether this is about challenging high-end luxury brands to commit to sustainable and transparent practices or researching brands to uncover their back story greenwashing and questionable business practices included.In the US,Forrester Research found that 51%of Gen Z citizensumers did this a
143、s a matter of routine.Harris Reed,a gender-fluid 26-year-old,is a lead Z-suite member and a self-styled ZEO.Z-suite is a play on C-suite,and Z-suiters are a rising group of activist influencers who advise brands,businesses and financial advisers on what Gen Z want,the role activism and climate conce
144、rns play in their lives,and how to collaborate with them.Z-suites and ZEOs are now becoming a core part of the workplace or on the boards of luxury fashion brands themselves,as Gen Z(along with Millennials)become the largest group of luxury consumers ever,and the most vocal and challenging.According
145、 to Harris,his generation are all about change and being challenging.If businesses dont take notice,he says,they will fail.Friends of mine will only purchase from companies where they know what their money is going towards.Once your older clientele die off,not to be rude,whos buying your product?51%
146、over half of gen Z research a brands backstory to uncover their green credentials.Source:Forrester ResearchVestiaire Collective,France2829MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERSo powerful is his voice he began his activist career at 15 that
147、 the V&A has exhibited his clothes,while fashion house Nina Ricci appointed him as creative director in 2022 to help catapult it into a Gen Z mindset and market gender-fluidness,pronouns,MeToo,trans and BlackLivesMatter included.And if you react to these phrases with terms like woke,as Harris and hi
148、s generation point out,youre the very people theyre coming after.This is not because youre wrong,although you are,but because youre failing to get the point,which is that this is simply a matter of respect for a persons colour,pronoun choices,gender decisions and capital investment,whether this is a
149、 brand that does good or a company that wants to get it right.But even here,as a movement,Z-suite members are clear.Tokenism wont wash.This isnt about sticking a queer person on a billboard,he says of the current vogue to have a rainbow line-up of global Gen Z types of mixed heritage,gender and sexu
150、ality in the frame,but of giving back.As for doing it for the right or wrong reasons?Whether a company wants to be sustainable or open for the right reasons doesnt matter,he says.They have to step up or theyre not going to succeed.But those who do,are succeeding,which again demonstrates Gen Zs under
151、lying side-hustle spirit and sense of you do well by them and they will do well by you.Global PR firm Edelman Worldwide,for example,which established its own Z-suite to work directly with brands targeting Gen Z consumers,says it has added 11m($14m,13m)to its bottom-line revenue as a consequence of l
152、istening,collaborating and embedding a Z-suite in its organisation.Little wonder,then,that with this kind of ingrained entrepreneurialism,Gen Z like their Boomer forebears are keen on investment.And even with the smaller amounts they have at their disposal,they are learning to cut their teeth on inv
153、estment platforms with meme stocks,cryptocurrencies and NFTs leading the way.On the Royal Mints reckoning,despite their shortage of cash,Gen Z in the UK are set to invest 9.4bn($11.9bn,11bn)by the end of 2023,with so-called fintox influencers leading the way.Within this context,23%of Gen Z say their
154、 investment advice comes from social media,with 17%saying it has encouraged them to adopt a get-rich-quick mentality,where returns are expected in less time.But Gen Z are not foolish,and just as Boomers and Millennials have learned to diversify their portfolios based on their generational tropes and
155、 technological abilities,so too have this generation.Six in 10 Gen Z in the US,for instance,report that they have their own spread risk investments(think savings,pre-owned,fee-free platforms such as Robinhood),with a significant 19%investing in cryptocurrency and NFTs,while many of them taught thems
156、elves how to invest before turning 18,according to a report from the CFA Institute.Unlike their Boomer and Millennial counterparts,they are very aware of the risks they take and mitigate accordingly about 48%say they know more about investing than their parents(the figure is much higher in the UK),w
157、ith 33%saying they are very confident in their ability to make investment decisions.Surprisingly,despite their propensity to look to fintech,AI,crypto and NFTs for alternatives routes to wealth,as the Royal Mints recent report reveals,many are also looking to old wealth and luxury symbols such as go
158、ld and silver to diversify risk.According to Edith Reads,a senior editor at TradingPlatforms,an investment news website:The rise of digital investment platforms has made it easier for young investors to purchase gold and silver,even if they dont have large amounts of capital to start with.increasing
159、ly using the digital world to enrich them:be it through.But with a recent survey finding that 46%of Generation Z rate new experiences as one of the experience economys superficiality is becoming palpable(source:Boiler Room).The advent of social media,contrived photo opportunities and cynical marketi
160、ng have led the market to be saturated and experience fatigue to set in.Driven by digitisation,a booming leisure market and low-cost travel,in the last two decades there has been a transition from materialism to experientialism,with experiences slowly superseding objects in consumers minds.Future co
161、nsumers are swapping self-promotion for self-realisation,seeking experiences that help them understand who they are.With promises of limitless online identities,young people once used social media to claim their individuality.But a feedback loop of visual-first content has made people more promote a
162、nd define their own identities,however,Gen Z are increasingly using the digital world to enrich them:be it through.The rise of digital investment platforms has made it easier for young investors to purchase gold and silver,even if they dont have large amounts of capital to start with Edith Reads,sen
163、ior editor,TradingPlatformsMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER3130MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMintus,UKLifestyle Asset Class (LAC)categoriesBut as The Future Laboratorys research into how HNWI Gen Z engage with the luxury,fashion and art markets indicates,they are
164、increasingly using their digital-first skills,combined with their understanding of crypto,NFTs and the blockchain,to make investments that enhance their wardrobes and wrists as well as their bank accounts.A Birkin bag has long been considered a sound investment,with its 19,70027,600($25,00035,000,23
165、,00032,300)price tag,but the recessionary economic climate is only strengthening the perception of luxury goods as investments that appreciate over time,explains The Future Laboratorys senior foresight analyst Marta Indeka,author of Certified Luxury,a report that looks at how value and luxury are be
166、ing altered by the tastes and buying behaviours of Gen Z modern affluent consumers.Once a fashion staple,they are now lifestyle asset classes(LACs)that blur fashion with art and investment.Gen Z are adding pre-loved or archival pieces to their portfolios in the same way that older Millennial collect
167、ors have done.According to The RealReals 2023 annual Luxury Consignment Report,Gen Z are by far the most active investors on the platform,with sales and purchases of luxury items by them up 50%in 2022 alone.Cashing in on this desire among modern affluent Gen Z and Millennials to invest in fashion,Ar
168、tnet has launched a new finance service that enables owners to use their collectable pieces as loan collateral.In a bid to democratise access to art ownership in the way that high-end luxury has with fashion and the world of resale,fractional art platforms are similarly empowering Gen Z investors to
169、 buy important paintings without the hefty price tag.Often using blockchain technology,these companies divide artworks into shares,which are subsequently sold to speculative investors.During the pandemic,for instance,online platform Masterworks purchased artworks by significant artists including Jea
170、n Michel-Basquiat,Andy Warhol and Yayoi Kusama,before dividing them into shares to sell on to its users.In 2021 it became the biggest spender on artworks in the world,with purchases worth nearly 316m($400m,370m)(source:Axios).Particle,another online platform targeting Gen Z and early Millennials,use
171、s blockchain technology to divide artworks into thousands of NFTs that make art accessible to people who wouldnt normally be represented in the art market.Each artwork is split into 10,000 particles,each of which corresponds to a certain section of the painting,allowing investors to choose which squ
172、are they want to buy.When I was a kid and I was looking at auctions and catalogues,I always felt it was impossible to participate financially and that I was by definition excluded,says Loc Gouzer,co-founder of Particle.Seeking to support emerging talent a key desire of Gen Z when spending and invest
173、ing their hard earned cryptocurrency Mintus aims to attract customers who might want to invest in up-and-coming artists.By the end of 2022,Mintus investors had access to painting and artworks worth more than 158m($200m,185m).In the hospitality sector,a similar love-in with Gen Z and Millennial HNWI
174、investors and consumers is taking place,as dining spaces are transformed by blockchain authentication and NFTs,augmenting access and providing rarefied experiences a core fix for both generations who regard access and experience as the new collectables.In New York,for example,technology start-up Fro
175、nt of House is partnering with restaurants to offer subscriptions to the citys most sought-after dining spots.Its most recent collaboration is with seafood restaurant Dame.The two companies launched the Affable Hospitality Club,which lets VICs book one dinner each week through an NFT subscription th
176、at costs 790($1,000,925).In San Francisco,hospitality platform SH Group has opened an NFT-gated Japanese restaurant.There are 3,265 memberships in total,with the most expensive costing 235,700($300,000,277,100).Beyond a members-only menu and access to a private lounge at the restaurant,top-tier memb
177、ers can also embark on a once-in-a-lifetime curated trip to Japan.Weve always looked at,in terms of the pricing,making sure that were creating exponential value for our members,says Josh Sigel,CEO of SH Group.Meanwhile,in New York,where many of the worlds centi-millionaires are located,Flyfish Club
178、restaurant has opened,and describes itself as the first members-only dining club governed by the blockchain.To visit the restaurant,customers must own a Flyfish NFT,which will grant them access to a cocktail lounge and the dining room.Through a leasing mechanism,members can also rent their tokens to
179、 non-token-holders on a monthly basis,granting them the ability to generate passive income.3233MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERConclusionConclusionInvestment,then,for Gen Z especially,comes with a completely different mindset than tha
180、t found among older generations.It is digital,fractional,collaborative but,as with all Gen Z mindsets,it must come with sustainability,purpose and impact as part of the package.And luxury brands have been quick to spot this.Building on their heritage credentials and owning up to past excesses and en
181、vironmental damage they are now actively acting as guardians of eco-systems at a time when scrutiny of sustainable claims and greenwashing continues to peak.As Helen Brocklebank,CEO of Walpole put it recently about the industry:We must do business well by doing good.Younger consumers are far more en
182、gaged with issues of sustainability than their predecessors.For luxury brands,doing things not just the best way but the right way will be crucial to attract and retain them.As a result,just as we are witnessing HNWI investors putting the brakes on giving their money away to philanthropic causes in
183、favour of environmental pursuits,luxury brands are also shifting donations to ESG initiatives.A pioneer in this field,Prada,first launched the Sea Beyond in 2020,a marine preservation action recently supplemented with a literacy programme striving to support scientific research.It is set to become a
184、n open-source platform with third-party input.LVMH,meanwhile,has ramped up its sustainability commitments by promising to train all of its 200,000 employees in environmental fundamentals by 2026.To achieve this goal,the brand has established a partnership with Valle de la Millire,a 75-acre wetlands
185、reserve on the outskirts of Paris,where its team will be schooled in the fundamentals of biodiversity,agroforestry,permaculture and environmental land management.Each employee can be an actor of change,and providing expert training is key,says Hlne Valade,LVMHs environmental development director.It
186、is this approach to sustainability and practical brand activism that is winning plaudits and profits from both Millennial and Gen Z affluents.AI Imagery by The Future Laboratory,UK35MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER34All are approaches
187、 that family offices,and the financial services sector generally,can learn from and tap into.Its not just those practical lessons about always being available in the digital realm or on social media,where the majority of financial learning and transactions by Gen Z and Millennials take place.It is a
188、lso about the positioning we need to adopt(collegiate,collaborative,culturally sensitive and aware)when targeting them,or the tone of voice that needs to be used when speaking with them inclusive,informative,transparent,but also empathic,open,curious.For Jessica McGawley,this perhaps,is the most vit
189、al of all skills to be cultivated and deployed when spending time with Gen Z being curious and never talking down to them a key point this group keep raising about financial advisers again and again.Understanding the latter,we believe,will be pivotal to your future success or failure when targeting
190、them.For them,your views,cynicism or lack of respect for their model of the world is the reason that many use online fintech platforms for investment and advice,and why more,when they finally inherit or manage their family offices,will invariably switch financial advisers,choosing those who better r
191、eflect their beliefs or live their values,as one of them described to us when researching this paper.Their activism,as we have seen,isnt just sincere and powerful as brands like Pepsi,Balenciaga and Dolce&Gabbana have discovered to their cost it is entrepreneurial,and lucrative.According to business
192、 and investment adviser Luisa Zhou,the side hustle market in the US is worth a hefty 2 trillion($2.58 trillion,2.38 trillion)and therefore worth taking time to invest in with a carefully considered mission statement,marketing plan and executionary approach that understands and acknowledges that thei
193、r sense of finance,and the language that accompanies it,is not your sense of finance or language.So to succeed you have to acquire theirs,not the other way around.They know,for example,that you dont believe they are concerned about ESG at heart.Indeed,one adviser we interviewed for this paper visibl
194、y sneered on Zoom when the subject was broached.Yet,according to Eric Landolt,UBSs head of family,art and advisory,next-in-line inheritors push for an increase in sustainable investing in almost half of family offices,with the figure over-indexing in offices in Asia and the UAE.Cynicism isnt just di
195、srespectful,as one HNWI interviewee told us,its costly,and deservedly so.While watches,art,wine and furniture are described by old-generation advisers as alternative assets for them,they are the ones they consider most along with fashion,accessories,trainers,graphic novels,handbags yes,theres even a
196、 Luxury Bags Index price tracker vinyl,mid-century furniture and tableware(the latest investment gambit)when investing in commodities that are a vital and live part of who they are.Ditto meme stocks,blockchain,DAO brokerages,NFTs and crypto all of which,to them,are less risky and problematic than th
197、e discovery that they have invested in a series of stocks,via a financial adviser,that have huge ethical,social and environmental questions hanging over them.Finally,as to the future,they are currently looking to AI and quantum to provide them with the next entrepreneurial journeys,not to mention se
198、ntient financial service advisers.Health,wellness,and wellbeing have also become part of their investment strategy.Referred to as their healthworth rather than their network,it is a growing area for them to focus on,and invest in think biotech,cellular and life sciences.While longevity is very much
199、in keeping with the current preoccupations of Silicon Valley billionaires,it has also become a purpose-based preoccupation among older Millennials especially,who regard it as a righteous area for investment.Some 4bn($5bn,4.5bn)has been invested in age-related drug treatments since 2020,according to
200、David Sinclair,director of Harvard Medical Schools Paul F Glenn Center for Biology of Aging Research.This wont just profit them,which it is already doing,it will also ultimately profit humanity the real end goal,ambition and motivating force of both generations.VIA Treasure Trunks by Louis Vuitton,F
201、rance37MODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFERMODERN AFFLUENCE SUMMIT:THE GREAT WEALTH TRANSFER36Strategic Foresight and Research ServicesGet in touch:https:/ We dont predict the future.We identify and chart a course for your future destinationStrategic foresight is the most valuable tool
202、you can adopt to identify and chart a course for future growth and long-term prosperity.Our strategic foresight services employ this future-first approach.The Future Laboratory works directly with global brands and businesses to turn all of the trends and consumer behaviours found on our LS:N Global trends intelligence platform into ways that make a better future happen for you,and your clients.Our aim is simple:to equip you with the cultural insights,strategic implications and solutions that enable you to navigate change,unlock opportunity and thrive in a world of continuous uncertainty.