{"id":3646,"date":"2018-06-07T00:00:00","date_gmt":"2018-06-07T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insightscreating-social-value-now-how-the-idea-of-legacy-in-the-us-is-shifting\/"},"modified":"2024-03-06T13:46:01","modified_gmt":"2024-03-06T18:46:01","slug":"creating-social-value-now-how-the-idea-of-legacy-in-the-us-is-shifting","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/creating-social-value-now-how-the-idea-of-legacy-in-the-us-is-shifting","title":{"rendered":"Creating social value now: How the idea of legacy in the U.S. is shifting"},"content":{"rendered":"\n
\n

The notion of legacy is complex and variable, reflecting geography, gender and generation along with personal preference. Around the world, majorities of high-net-worth individuals (HNWIs) today are shifting their definition of \u201clegacy\u201d from the familiar focus on wealth preservation and the traditional transfer of assets to an increasing focus on the impact of wealth and familial relationships. Two-thirds of American HNWIs\u2014the highest share in any region\u2014say the quality of their relationships are a crucial part of defining their legacy. It\u2019s also notable that younger HNWIs in the U.S. are seeking to align not just their legacy planning and charitable giving but also their day-to-day spending with their social goals. <\/p>\n

These are among the findings of a recent survey by The Economist Intelligence Unit (EIU) of 1,051 HNWIs across regions, genders and generations, commissioned by RBC Wealth Management. The survey included 365 respondents in the U.S. with at least US$1 million in assets. <\/p>\n

Understanding the role of wealth<\/h2>\n

Material wealth is certainly the foundation of how HNWIs view the legacies they hope to create. Nearly two-thirds of American HNWIs\u201461%\u2014agree wealth is the main enabler of their legacy. Furthermore, U.S. HNWIs are fairly optimistic about wealth building. Of those surveyed, 90% believe they will acquire more wealth than their parents over the course of their lifetimes, a greater share than anywhere except China, where the figure is 96%. However, for many, this optimism is limited to the current generation. Only about half (51%) of U.S. HNWIs expect the next generation to accumulate even more wealth, a level of doubt matched only by the UK. <\/p>\n

This raises the question of how today\u2019s HNWIs are defining \u201cwealth\u201d itself. Nearly three-quarters of American HNWIs equate wealth with financial security and independence, a much higher share than those in other regions. Scarcely more than half (55%) of HNWIs in the U.S. say wealth means total financial asset value. Though these are the top two definitions of wealth across regions, the uniquely larger share of Americans choosing security and independence over asset value stands out. <\/p>\n

<\/p><\/div>\n\n\n\n

\n

Redefining legacy in the next generation<\/h2>\n

In addition to their focus on family relationships, most American HNWIs align their wealth planning in some way with charitable goals, for example, through impact investing, aligning spending with personally important causes or giving more to charity as their wealth increases. For younger U.S. HNWIs,1<\/sup> especially, a significant component of wealth building and legacy creation is focused on the ability to create change through wealth, either through giving from their own businesses or through personal charitable giving. They are more often focused on these goals than older U.S. HNWIs and, on the whole, more than Millennials in other Western countries. The majority (62%) of younger U.S. HNWIs also say they have an obligation to transfer wealth to the next generation, and 74% say they have an obligation to transfer values. <\/p>\n

Furthermore, many younger HNWIs think it\u2019s important to start on the path of social impact before a traditional legacy would take effect: 50% of younger HNWIs globally, and 49% in the U.S., plan to distribute their wealth through giving or spending mostly while they\u2019re still alive. In the U.S. that figure is more than twice the proportion of older HNWIs who say the same. <\/p>\n

A final way in which younger U.S. HNWIs stand out is that 85% of those who own businesses say it\u2019s important to them that their companies make a positive charitable impact on the communities in which they operate, far ahead of their counterparts in other Western countries. <\/p>\n

All of this suggests a generational shift not only in how much wealth people expect to accumulate but also in what they expect to do with it. As Sapna Shah of the Global Impact Investing Network sees it, the turnover of generations is \u201cgoing to be a huge paradigm shift and a complete change in the way the economy understands financial markets. We\u2019re seeing the younger generations expressing their values through their work and social entrepreneurism, and this blending of personal and professional lives is just the tip of the iceberg of what\u2019s to come.\u201d <\/p>\n

Abigail Noble, CEO of ImPact, a New York-based non-profit that helps family enterprises make their impact investments more effective, explains that \u201cgoing forward, what we\u2019re going to see when we talk about legacy planning and wealth preservation is the family\u2019s values, their engagement in markets, and how they\u2019re playing a broader and more influential role in making sure that the social and environmental problems facing the world are being addressed through their investment portfolios.\u201d <\/p>\n

Liesel Pritzker Simmons is an example. A Hyatt Hotel heiress, she is co-founder and principal of Blue Haven Initiative, an investment management firm that seeks to generate competitive financial returns and address social and environmental challenges. \u201cWhat I was spending my time doing and what I was passionate about had nothing to do with how my wealth was invested,\u201d Simmons, who is 34, told ImPact. \u201cI started asking my financial advisors if there were ways that I could align what I really cared about with what my assets were invested in.\u201d <\/p>\n

Making a difference in the day-to-day<\/h2>\n

Twenty-one percent of U.S. HNWIs say investing with social responsibility in mind is part of their wealth management. Even more often, they align their spending with causes that are important to them: 36% say they do that. The figures among younger American HNWIs, like those for younger HNWIs around the world, are even higher, with 39% of the younger HNWIs in the U.S. choosing to align spending with social causes and 29% with impact investing. <\/p>\n

There is strategy to the spending, according to Noble: \u201cSpending is usually a several-times-a-day decision,\u201d she says, \u201cwhereas investment decisions might only [occur] on a quarterly or annual basis. It means more opportunities to engage and make impactful decisions. Also, there\u2019s a changing relationship today between companies and products and consumers\u2014people want to feel that they\u2019re adding value and making the world a better place by their buying.\u201d <\/p>\n

Conclusion<\/h2>\n

Although U.S. HNWIs don\u2019t necessarily expect future generations to be able to acquire as much wealth as those who came before, younger generations of HNW Americans are determined to deploy the assets they are accumulating for the benefit of their families and society\u2014and increasingly plan to do so in their lifetimes. As these younger HNW Americans come to the fore, it may be that American legacy will come to be defined by strong familial relationships and the amount of good one does for others. <\/p>\n

<\/p>\n

\n

References<\/h3>\n
    \n
  1. \u201cYounger\u201d is defined as people in Generation X or the Millennial generation, born between 1965 and 2000.<\/li>\n<\/ol><\/div>\n

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    Americans are shifting their definition of \u201clegacy\u201d from the familiar focus on wealth preservation and the traditional transfer of assets to an increa…<\/p>\n","protected":false},"author":15,"featured_media":9010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[210],"tags":[43,226,147,164,218],"rbcwm_content_owner":[],"rbcwm_need":[462,483],"rbcwm_segment":[460],"rbcwm_solution":[478,465],"rbcwm_topic":[458,468],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-3646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legacy","tag-charitable-giving","tag-legacy-planning","tag-millennials","tag-wealth-planning","tag-women-of-wealth","rbcwm_need-live","rbcwm_need-support","rbcwm_segment-individuals-and-families","rbcwm_solution-private-wealth-services","rbcwm_solution-wealth-planning","rbcwm_topic-giving","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"How American legacy is increasingly defined by the amount of good one does for others.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":[],"omit_from_pages":[],"disclaimer_footnote":"\u00a9 The Economist Intelligence Unit Limited 2018. All rights reserved.\r\n\r\nRoyal Bank of Canada, The Economist Intelligence Unit, and their respective marks and logos used herein, are trademarks or registered trademarks of their respective companies. No part of this document may be reproduced or copied in any form or by any means without written permission from The Economist Intelligence Unit.\r\n

    Disclaimer<\/strong><\/p>\r\nThe material herein is for informational purposes only and is not directed at, nor intended for distribution to or use by, any person or entity in any country where such distribution or use would be contrary to law or regulation or which would subject Royal Bank of Canada or its subsidiaries or constituent business units (including RBC Wealth Management) to any licensing or registration requirement within such country.\r\n\r\nThis is not intended to be either a specific offer by any Royal Bank of Canada entity to sell or provide, or a specific invitation to apply for, any particular financial account, product or service. Royal Bank of Canada does not offer accounts, products or services in jurisdictions where it is not permitted to do so, and therefore the RBC Wealth Management business is not available in all countries or markets.\r\n\r\nThe information contained herein is general in nature and is not intended, and should not be construed, as professional advice or opinion provided to the user, nor as a recommendation of any particular approach. Nothing in this material constitutes legal, accounting or tax advice and you are advised to seek independent legal, tax and accounting advice prior to acting upon anything contained in this material. Interest rates, market conditions, tax and legal rules and other important factors which will be pertinent to your circumstances are subject to change. 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