“Just as high-net-worth families have developed an interest in carrying out family values through philanthropy, they are also interested in carrying out their family values through investing,” said Carol Kroch, an attorney and managing director of wealth and philanthropic planning with Wilmington Trust in Delaware.
“They are becoming more conscious and aware of the social impact that investments can have."
Among ultra-high-net-worth families, multigenerational giving is on the rise as a way to communicate family values to children and grandchildren.
“Part of defining a family within a family is knowing your history,” Kroch said. “The older generation is trying to communicate to heirs that life is about more than the large amount of money acquired from an ancestor’s hard work or good fortune.”
Bank of the West’s Family Wealth Advisors is offering both financial and non-financial services and specialized services, such as art advisory services, he said.
“Families are not just looking for investment advice,” said Prostano. “They are looking for assistance with multigenerational succession planning, including help with family dynamics and family education.”
Family Wealth Advisors is also offering networking opportunities with other ultra-high-net-worth families once a year in Paris and Hong Kong.
“Most of these families want to talk with similar families about their common set of issues and interests,” said Prostano.