Digital legacy planning: Enabling stewardship in UHNW families

UHNW families weave a stronger future with innovative tools that preserve values and empower the next generation.

In the landscape of Ultra High Net Worth (UHNW) families, the dynamics of wealth management and legacy preservation have taken on a new dimension with innovative technology. Digital tools no longer solely manage wealth; it can be a powerful bridge to empower the next generation to become engaged stewards of the family legacy. In this article, we delve into the importance of legacy planning for UHNW families to ensure the preservation of values and seamless continuity that would define a family across generations. 

Charting Family Values and Purpose

Families are now realising that true wealth transcends financial figures, extending to the bonds they share and the positive impact they make together. In the UBS Billionaire Ambitions Report 2023, first-generation billionaires overwhelmingly prioritise philanthropy and global impact, with a remarkable 68% stating it as a key legacy objective. Yet, traditional advisors often lack the framework to address these non-financial goals effectively. With the rise in digitalisation of family offices, family office software can transcend mere functionality to embrace a higher purpose and be adopted as a key technology for governance. While scheduling physical meetings across generations can be challenging, a platform can provide a shared space to foster meaningful conversations through interactive prompts, enabling all generations to actively participate in defining the family’s core values and principles beyond wealth accumulation. Additionally, advisors can benefit by streamlining their engagement process, allowing them to proactively form individualised relationships with each family member. This ensures the voices of the rising generation can be heard. Moreover, the impact goes beyond the present. When this information is digitally recorded, it ensures the preservation of the family narratives, values, and social impact for future generations as a guiding compass for their own journey. 

Connectivity and Collaboration: Bridging Generations

Regular communication builds trust and transparency within the family. When everyone feels informed and heard, they’re more likely to be engaged and supportive of family decisions. A family office platform can provide a safe and neutral space for family members to communicate openly and honestly among family, advisors and peers. By sharing stories, celebrating milestones, and forging deeper connections, a stronger family tapestry is weaved. Moreover, digitalising peer-to-peer networking enables a family to harness resources from like-minded families to make their goals a reality. Likewise, young minds can build networks with peers from other UHNW families to exchange ideas and build vital connections that will shape their sense of purpose. Meanwhile, senior family members and advisors may step into a mentorship role, providing their knowledge and experience to the youth, bridging the gap between generations, and ensuring valuable legacies live on. This isn’t just about technology; it’s about unlocking the power of human connection and collaboration.  

Philanthropy and ESG Impact Amplified

While family offices have used technology to streamline their philanthropic and impact investing efforts, its potential extends far beyond data-driven strategies and reporting. Family office software can transform giving from mere financial contributions to a compelling narrative that inspires future generations. Through digital vision boards, families can share compelling narratives of their impact investment journeys, which ignites curiosity and motivates others to join the cause. Transparency is key. By tracking and celebrating achievements, families build trust and encourage others to embrace similar initiatives. Furthermore, integrating ESG frameworks such as the UN SDGs ensures ethical considerations guide families to leave a legacy of responsible impact, paving the way for a better future. 

The true power of digital legacy planning lies not just in managing finances but in shaping a family’s narrative and amplifying its positive impact. By harnessing new technology, families can create a ripple effect of change, leaving a legacy that transcends generations and build a brighter future for all. This is more than just wealth management; it’s about nurturing values, fostering connections, and inspiring a world worth inheriting. Contact Itriom’s advisors today to discover how our innovative technology can help your family build a lasting legacy. 

About the author:

Matthew Millard-Beer is CEO & Founder, based in Itriom’s London Office.

About Itriom

Itriom is the global impact platform helping leading families shape a better world. Itriom’s platform enables families to refresh and redesign their values, aligns them with the right UN Sustainable Development Goals, combining them in an agreed purpose and a Family Impact Charter. Itriom’s platform supports the development of impact initiatives and whilst providing discrete and secure spaces for peer-to-peer messaging and collaboration. Itriom’s core practices in leadership, geostrategy, and sustainability benefit clients by developing strategies to engage and support the next generation in building a lasting legacy of which families can be proud. 

About Itriom's Leadership Practice

Itriom’s leadership and resilience practice instils all-encompassing leadership in support of principals of leading families and the next generation preparing for family succession, transition and evolution.

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Alizah Beg

ESG Consultant

Alizah is an ESG Consultant and researcher. She supports Itriom developing sustainability related products and services, helping our clients identify potential opportunities for creating positive environmental, social and sustainable impact.

Georgina Murrin

ESG Analyst

Georgie is an ESG Analyst and researcher. She researches trends, develops insights and reports, and writes insight articles on sustainability and ESG related topics to ensure Itriom’s clients are up to date on the latest policy, progress and initiatives to inform the platform and help our clients maximise their positive impact.

Tim Boughton

Senior Partner
Practice Leader – Leadership & Resilience

Renowned family office thought leader, Tim works with UHNW families to ensure they are fully equipped to deliver their legacies inter-generationally and effectively.

Dr. Herb Castillo

Associate Partner
Practice Leader – Sustainability

Dr. Herb creates methodologies and frameworks for managing, measuring and assessing sustainability performance. His work identifies where maximum impact can be made.

Simon Hulland-Lucas

Senior Partner
Practice Leader – Geostrategy

Simon harnesses research, liaison and networks globally to identify opportunities for Itriom, building the knowledge needed to deliver intergeneration legacies for UHNW families.

Matthew Millard-Beer

Managing Partner
Practice Leader – Strategy

Matthew is Founder & CEO of Itriom, providing solutions and a global platform for Ultra High Net Worth Principals and their families to engage in unifying purpose, enduring legacy, and sustainable impact.