The survey also revealed some contradictions. For example, while 72 percent of respondents said family is the biggest driver behind the pursuit of wealth, nearly half, 47 percent, feel that the cost of that pursuit of money is having less time to spend with family.
Only a minority of people in general pursue wealth for its own sake. However, men are nearly twice as likely to do so as women, 29 percent to 15 percent, the survey found.
Echoing other studies, the survey showed millennials were the most likely, at 64 percent, to give back to the community and charities, compared to 55 percent of Gen Xers and 48 percent of baby boomers.
However, Lash feels all generations are more community minded when they are young.
“I don’t think this is a millennial phenomenon, I think all generations when they are younger want to give back and help change the world. The baby boomers were much like this in the 1960’s,” he noted.
There is also a generational difference in the feelings that money generates. Sixty percent of millennials feel responsibility above all else, while the majority of Gen Xers and baby boomers feel gratitude and satisfaction.
As might be expected, more business owners (44 percent) think of wealth as representing potential than non-business owners (16 percent).
Two-thirds of the respondents said they only have informal family conversations about their wealth and the transfer of the money to the next generation. This is a gaping hole in planning and offers an opportunity for advisors who could help direct these conversations, said Crowell.
“Families are looking for ways to have these sensitive conversations and welcome the opportunity to have a moderated and structured meeting facilitated by an advisor,” he added. “In this way, a family’s fears can be allayed.”
Helping clients with legacy planning provides a way for an advisor to add real value for his clients, Crowell said.