Longer lifespans, accelerating family business transitions and shifting investment preferences are reshaping financial priorities among individuals with at least $3 million in investable assets, according to a new survey by Bank of America.
The survey found that 92% of respondents cite longevity as an important factor in financial planning, with 94% taking steps to optimize their health and increase their life expectancy, according to BoA. Roughly three in five (61%) say they are discussing longevity with their financial advisors. Still, only 46% said they have all three essential documents prepared – a will, living will or advance directive, and durable power of attorney.
Wealth transfer from older to younger generations is well underway, BoA said. Twenty-three percent of wealthy business owner respondents reported inheriting their business, compared to 11% in 2024 and 5% in 2022. Family involvement in business decisions rose to 27%, up from 7% in 2024, alongside increased participation in governance and future planning. Family conversations (25%) rank among the biggest estate planning challenges for family business owners.
BoA also found that a majority of younger investors (67%) no longer believe that traditional stocks and bonds can deliver above-average returns. They allocate only half as much to stocks as older generations, while allocating more to alternatives (15%) and cryptocurrency (13%).
