WMI: Treat Succession as a Journey, Not a One-Time Event
The Wealth Management Institute (WMI) has published a report, 'Asia's Succession Moment: Closing the Planning Gap to Safeguard Legacy', highlighting the importance of treating succession as an ongoing journey rather than a one-time event. The study, conducted by PwC and released in 2023, reveals that only a third of families have engaged in meaningful conversations about their shared purpose, indicating a significant gap in succession planning.
WMI's research suggests that approaching succession as a 'living practice' creates momentum that sustains legacy and strengthens bonds across generations. The institute introduces the 'Legacy Flywheel' framework, which outlines three practical steps: starting with purpose, building governance around purpose, and using philanthropy strategically. Philanthropy is identified as a powerful tool for building bridges in the succession journey, uniting families around shared values and engaging the next generation in stewardship development.
The report underscores that families who use giving strategically find it easier to have broader conversations about values, purpose, and responsibility, which are essential for successful transitions. Those that treat succession as a one-time event often struggle to achieve lasting continuity, while families that view it as a journey have deeper family connections and stronger stewardship capabilities.
The WMI's study emphasizes the need for families to engage in meaningful conversations about their shared purpose and to view succession as a long-term, capability-building process. By embracing the 'Legacy Flywheel' framework and utilizing philanthropy strategically, families can build bridges, strengthen bonds, and safeguard their legacy for future generations.
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