SEI Survey Reveals Family Engagement is Vital to Achieving Financial Success

November 12, 2015

In a recent survey conducted by SEI (NASDAQ: SEIC) finds that lack of family engagement is one of the biggest hurdles UHNW families face when it comes to achieving their financial goals and wealth sustainability. The survey, Algorithms of Wealth: Family, uncovered the lack of clear and consistent communication as the biggest reason behind family disputes.

The survey, conducted by Scorpio Partnership, interviewed 275 UHNW individuals, found that nearly half of participants ranked disputes with family over financial strategy as the top factor preventing them from reaching their financial goals. The survey also revealed a tendency to leave the next generation out of financial discussions, which leads to a lack of education surrounding wealth. The survey highlights purposeful planning, and a “collaborative boardroom approach” as the key to healthy and sustainable wealth management.

About Scorpio Partnership

From their website: “Scorpio Partnership is the world’s leading market research and strategy consultancy to the global wealth industry. The common objective throughout our work is to better orient businesses to deliver what wealth needs next. We have developed four transformational disciplines that shape our process: SEEK, THINK, SHAPE and CREATE. Each of these fields is designed to support business leaders to strategically assess, plan and drive growth. We specialize in turning high-net-worth (HNW) and ultra high-net-worth (UHNW) client insight and financial research studies into actionable strategies that can stimulate customer engagement…”

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