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2023 Wealth Planning Outlook

The Power of Resilience

Against the backdrop of prolonged macroeconomic challenges, investors’ expectations have been put to the test by issues not seen in decades. In our 2023 Outlook, we explore how individuals and families are continuing to harness the resilience recent years have demanded to approach the year ahead.

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.

  • Older Generation (Boomers/Gen X)
    • 9 Bear Markets*
    • 401(K)S, High-Fee Brokerage
    Young Generation (Millennials/Gen Z)
    • 2 Bear Markets*
    • Low/No-Fee Brokerage, Digital-First Platforms
Experience with Market Cycles, Access to Investing
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

  • 2018 - 24%
  • 2019 - 29%
  • 2020 - 29%
  • 2021 - 31%
  • 2022 - 32%
Proportion of senior management roles held by women
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

  • 2018
    • Q1: $26.9 Billion, 2788 Deals
    • Q2: $28.3 Billion, 2884 Deals
    • Q3: $35.6 Billion, 2801 Deals
    • Q4: $42.5 Billion, 2525 Deals
  • 2019
    • Q1: $33.8 Billion, 2735 Deals
    • Q2: $33.5 Billion, 2771 Deals
    • Q3: $33.1 Billion, 2811 Deals
    • Q4: $28.3 Billion, 2355 Deals
  • 2020
    • Q1: $32.4 Billion, 2570 Deals
    • Q2: $32.6 Billion, 2298 Deals
    • Q3: $40.7 Billion, 2559 Deals
    • Q4: $44.3 Billion, 2606 Deals
  • 2021
    • Q1: $71.2 Billion, 3036 Deals
    • Q2: $70.7 Billion, 2931 Deals
    • Q3: $76.7 Billion, 3380 Deals
    • Q4: $91.4 Billion, 3221 Deals
  • 2022
    • Q1: $70.5 Billion, 3496 Deals
    • Q2: $53.8 Billion, 2798 Deals
    • Q3: $36.7 Billion, 2866 Deals
U.S. Venture Capital Funding
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.

2023 Wealth
Planning Outlook

Register to read the full report which distills these forward-looking trends into actionable wealth advice.