How rich are we? The wealthy families who don't prepare their heirs [Business Insider]
JP Morgan Chase & Co. (JPM)
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Source: Business Insider
Bankers to elite families told BI why it's a recipe for disaster and tips on how to break the news. Rich families across the globe are concerned about how to prepare their children to manage their wealth, but few are doing anything about it. According to a survey by JPMorgan, 69% of ultra-wealthy families cite succession planning as a top priority. And yet, 29% do not have any plans to get the next generation ready. Worse, nearly a quarter (23%) hide the extent of their wealth from younger family members. Older generations keeping heirs in the dark is an age-old problem, according to Elisa Shevlin Rizzo, head of family advisory at JPMorgan's private bank unit . That said, she attributed some of the reluctance to many of these family offices being formed within the past 10 or even five years. "Conversations about wealth can be challenging and, in our experience, families often have found it difficult to get started," she told Business Insider. The survey, conducted from Octo
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