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The Great Wealth Transfer is estimated to comprise $124 trillion in assets by 2048, according to the CFA Institute.
Now that we are over halfway there, we can see how differently the new wave of ultra-high-net-worth (UHNW) Millennials approaches investing, saving and overall values around wealth compared to previous generations.
Baby Boomers, for example, have been known to value legacy, privacy and long-term stewardship. As a result, their wealth plans have been rooted in building wealth through hard work and typically lean towards structured estate planning and cautious investments.
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In contrast, recent spending habits among UHNW Millennials indicate a shift toward values such as personalization, flexibility and personal expression. They prefer flexible options, such as access to subscription-based luxury items, bespoke travel experiences and even tailored investment strategies.
When it comes to financial planning, there’s a growing preference for customization rather than a one-size-fits-all approach.
For this generation, wealth is increasingly seen as a matter of curation rather than mere accumulation. And this departure from the philosophy of previous generations raises a new question: How is legacy being recontextualized, and how can these two groups work together to bridge their differences?
Bridging values
Values are shaped by lived experiences, both social and personal, and it’s only natural that they differ across generations. The world that built the wealth of many first-generation creators is no longer the same one their children or grandchildren inherit.
For wealth to endure, it must evolve, and that evolution depends on adaptability and cooperation.
Today’s wealth holders came of age during periods of economic volatility when preservation and self-reliance were paramount. Even for those not directly affected by hardship, their values were rooted in preparation: Work hard, save diligently and build a cushion for uncertain times.
In contrast, Millennials have come of age in an era of exponential change. Shaped by social media and globalization, they prioritize authenticity, purpose and social impact. They want to make their mark on the world, not just maintain what’s been built.
Bridging these differing value systems requires one critical skill from financial advisers: Relationship management. Advisers can encourage wealth creators to use storytelling — sharing how their wealth was built, the challenges they faced and the lessons learned — to help younger generations appreciate both the responsibility and the privilege of it.
Equally important, advisers should invest time in understanding what the rising generation values most and guide them on ways to integrate those priorities into their financial strategies. It may take years for ideas to become investments, but every conversation starts the process.
Ultimately, it’s the adviser’s role to facilitate these exchanges, helping both generations articulate what matters, find common ground, and ensure no one is “missing each other” along the way.
Managing each generation as a collective
The current playbook has been shaped around the preferences of a generation focused on preservation, privacy and long-term control. But for younger UHNW clients, wealth isn’t just something to grow, it’s something to shape.
They’re looking for strategies that reflect who they are and what they care about, not just what they have inherited.
This shift in mindset can be challenging to navigate, but it’s also an opportunity for advisers to connect with and guide a new generation. When families and advisers make space for evolving priorities, they’re not just preserving wealth — they’re creating a legacy that actually resonates.
What does this mean for family offices tasked with guiding evolving wealth conversations?
Family offices will need to work to bridge generational gaps by helping families align on values.
This means creating space for changing priorities and designing strategies that reflect what wealth means to each generation, not just what it has meant historically.
A few ways to support this shift:
- Invite younger clients into planning conversations. The earlier they can be involved, the more they understand the process and shape the legacy they are a part of.
- Start with values. Ask the younger generation: What does legacy look like to them and why?
- Offer flexible planning tools that allow for evolution over time. This way, everyone has the opportunity to express themselves and feel heard.
- Revisit strategies annually to ensure there is still alignment across all parties. Interests and priorities change, and an annual pulse check provides the opportunity to facilitate productive and meaningful conversations.
The role of customization in building generational continuity
Customization can serve as a strategic bridge that keeps families engaged in their long-term plan. A prepared financial adviser will curate strategies and recommendations that meet the needs of both generations so that, when it comes time to pass on wealth, it feels like a continuation of shared intent — not something suddenly imposed.
This might be done by:
- Designing strategies that invest assets, transfer wealth, manage risk and maximize philanthropic impact
- Supporting UHNW families to deepen connectivity to institutional resources, financial analysts, industry leaders and like-minded peers
Together, these two factors can support a comprehensive and personalized plan that adapts as the family evolves.
But families are not one-dimensional, and neither are the challenges that come with preserving values and wealth across generations. Strategic planning alone cannot account for individual family members’ lifestyle differences.
That can only be managed on a personal level, and Lifestyle Advisory by Morgan Stanley can be complementary in supporting each family member’s individuality. (Note: I am a managing director at Morgan Stanley and serve as head of Family Office Resources Platform & Partner Management.)
Through a curated network of specialists, families can access guidance across leisure and experiences, health and wellness, home and security, and personal pursuits and enrichment, offering them a chance to bring the practical realities of daily life into the broader legacy conversation as they experience them.
Similarly, Morgan Stanley Trust Services provides families with highly customized, multigenerational wealth transfer strategies through a carefully selected platform of corporate trustees, coupled with investment management expertise and personalized service.
Corporate trustees are objective and professional in executing the wishes of the grantor and take family dynamics out of the equation when one family member is appointed to serve as trustee.
These tailored lifestyle solutions and trust services exemplify how Morgan Stanley integrates personal interests with sophisticated wealth planning to support families in every aspect of their legacy.
When individual interests and lifestyles are acknowledged, customization becomes less about complexity and more about inclusion. Customization might mean letting the next generation take ownership of one element of the wealth plan — such as philanthropy, alternatives or sustainability — or simply building in optionality across trusts, investments and giving strategies. The goal is to use customization as a tool for inclusion, not division.
Getting everyone on the same page requires more than good intentions. Both generations need to be part of the conversation early and often. That means creating room for honest discussions, not just making decisions after the fact.
Advisers can help families identify shared goals, capture points of overlap and return to them when differences inevitably arise to turn potential tension into continuity.
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