2023 Wealth Planning Outlook

Resilient Families

Different perspectives offer opportunities for navigating the current environment together

The democratization of investing has provided younger investors more access early in their careers, but many could be facing a downturn for the first time. Work across generations to share wisdom and put ideas into practice.

Experience with Market Cycles, Access to Investing

* Reflects the number of times the S&P 500 fell by more than 20% during the time these generations were of working age. Assumes Boomers started entering the workforce in 1962, Gen X in 1986, Millennials in 2003 and Gen Z in 2016.

Resilient Women

Women are changing the face of leadership and using the opportunity to own their financial future

In 2022, the proportion of women in senior management roles grew to 32%, the highest number ever recorded. Taking control of your finances in the current environment can be challenging – especially if you are managing wealth for the first time. Take steps to prepare yourself and your family.

Proportion of senior management roles held by women

Source: Women in Business 2022: A Window of Opportunity, Grant Thornton

Resilient Businesses

Despite economic uncertainty, owners are preparing their businesses for an uptick in deal activity.

While venture capital funding in 2022 has slowed relative to last year, it has already surpassed the previous five years. Position yourself and your business to benefit regardless of whether you ultimately sell your business or pass it to the next generation.

U.S. Venture Capital Funding

Source: CB Insights Q3 2022 State of Venture Report

Resilient Philanthropy

Donors continue to explore new ways to make an impact

Of the 61% of foundations that are providing more unrestricted support post-pandemic,
65% will continue

Source: Foundations Respond to Crisis: Lasting Change? | The Center for Effective Philanthropy

Philanthropic donors are increasingly looking at nontraditional ways to achieve their philanthropic goals and help charitable organizations become more sustainable. Understand your options and use this opportunity to spark valuable conversations with family.

The Power of Resilience