"How should wealth managers support the next generation of clients? Partnering with them is key to understand their needs"
Here today, for the Next Generation
The coming decade is set to bring fundamental changes: Shifting demographics and the tech revolution are soon generating an enormous changeover from one generation to another. In the process, social and economic elements are increasingly influencing the priorities and transforming the meaning of wealth for upcoming successors: the Next Generation.
Global Next Generation and Families Department
Credit Suisse focuses on building relationships not only with the current generation that manages and builds wealth, but also with their children. Since 2018, a dedicated global department at Credit Suisse has been catering to the needs of the Next Generation and their families. The Global Next Generation and Families Department provides insights and reports to better understand family business needs. It offers a portfolio of education programs for young investors, and together with the Next Generation and their families, it creates new platforms and tailored solutions.
The Young Investor Organization (YIO)
The YIO is committed to supporting the Next Generation as they find themselves at an important crossroads in their lives. Founded in 2007, the YIO is now a global network of tomorrow’s leaders with over 1,500 members from more than 55 countries. Over the years, the YIO has developed a wide range of activities and established different programs with partners like Credit Suisse, the Milken Institute, and others. As the founding partner and main sponsor of the YIO, Credit Suisse has helped build a vital ecosystem for the Next Generation. Credit Suisse’s goal is to facilitate the transfer of knowledge across and within generations, and to learn more about the needs and priorities of the Next Generation so it can serve as a trusted and competent partner in their journey through life.
Young Investor Program
The Young Investor Program aims to provide a foundation of knowledge and understanding of the financial markets and to give a thorough grounding in the key concepts of wealth management. It also aims to help members of the Next Generation, those who are about to assume important investment responsibilities, to understand how these concepts are best applied in a practical situation. Teaching techniques are varied, consisting of lectures, discussions, group exercises, case studies, and an investment game. The course covers various asset classes and investment decisions.
The Family Ties Program is a unique education program that provides the latest insights from leaders in the financial services industry on managing wealth within a family business. It provides a foundation of knowledge and understanding of the financial markets and educates participants in key wealth management concepts. The program is designed and continuously adjusted to help individuals who will assume an important investment responsibility in the near future. Our goal is to help them understand the best practices of wealth management so they can effectively face the challenges ahead.
Viola Steinhoff Werner, Head of the Global Next Generation and Families department, and Wolfgang Jenewein, Professor for Business Administration at the University of St. Gallen (HSG), explain the opportunities and soft facts which come with inheriting and how the Young Investor Program (YIP) aids them to cope with this dilemma and to achieve a winning cross-generational succession.
The Global Next Generation Report
As the Next Generation faces the growing responsibility of inheriting their family's business, wealth and legacy, the report "Creating a world with the Next Generation", a collaboration between Credit Suisse and the Young Investors Organization (YIO), provides a unique look into their expectations, needs and ambitions. The survey results and family interviews provide an unprecedented amount of quantified data on the importance of starting these individual family conversations now.