Wealthy business owners worldwide are increasingly rethinking their plans for retirement in the fallout from the Covid-19 pandemic, a survey found.
More than half of the 920 individuals and families who own businesses surveyed by BNP Paribas and Aon said they’re altering the timetable for stepping away from their companies, with 41% delaying or phasing more slowly into a move and 13% accelerating it. Entrepreneurs and families surveyed in the U.S. were more likely than those elsewhere to be considering either delaying or accelerating their plans, the companies said in a report.
The pandemic is forcing many of the world’s rich to reconsider their succession arrangements, while also causing employees across the U.S., Asia and Europe to reevaluate how they work and live. Billionaires will transfer more than $2 trillion within the next two decades to their children, according to research by UBS Group and PwC, and the virus is helping accelerate that wealth shift.
Wu Yajun, 57, one of China’s richest women, put her daughter in charge of their family office last year after transferring a stake in the property empire that made their fortune. Mexico’s Juan Francisco Beckmann, 81, recently handed over control of a New York condominium to his daughter after giving her a stake a few years earlier in Becle SAB, the owner of Jose Cuervo tequila.
Members of the next generation “are being more and more empowered,” Vincent Lecomte, BNP Paribas Wealth Management’s chief executive, said in an interview. Older business owners are often delaying retirement to “ensure a smooth transition.”
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
