OppenheimerFunds and Campden Wealth Release Proving Worth Report

Study Looks at the Values of Ultra-High-Net-Worth Millennials in North America

Dec 09, 2015, 09:00 ET from OppenheimerFunds

NEW YORK, Dec. 9, 2015 /PRNewswire/ -- OppenheimerFunds and Campden Research, a division of Campden Wealth, today published Proving Worth, the first study to examine the needs and intentions of the next generation of wealthy families in North America. The report analyzes responses from millennials who are wealth creators or the next generation of ultra-high-net-worth (UHNW) families. The survey focused on three main topics: values-based investing, drivers of decision-making, and attitudes toward advisors. The research reveals some attitudes held in common with the broader group of generational peers as well as some notable differences.

"The millennials we spoke with share an undeniable commitment to philanthropy. They have a strong desire to preserve wealth for future generations, while creating a lasting and positive impact on the world," said Ned Dane, Head of Private Client Group at OppenheimerFunds. "We want to better understand the forces that influence this unique and important client segment to more effectively assist the advisors who serve it."

The study shows that UHNW millennials want to engage in philanthropy and impact investing. They are broadly more conservative than their parents' generation and are more focused on wealth preservation and sustaining their families legacy. The majority of UHNW millennials are involved in decision-making in the family office and already serve on committees or boards. However, they are not yet making strategic decisions. UHNW millennials seek guidance from financial advisors on intergenerational wealth transfer. They want a high-touch service from advisors who take time to know them personally and understand their families' goals as well as their own. 

"The results show that millennials have a long-term focus, prioritizing measurements – accountability, sustainability, and long-term returns – over 'feel-good' factors," said Dominic Samuelson, CEO of Campden Wealth. "We hope this report will prompt discussion and comment about how to best serve these individuals who aim to pursue lives with purpose."

"This study revealed a natural alignment between what OppenheimerFunds and UHNW millennials believe is the right way to invest," said Art Steinmetz, Chairman and CEO of OppenheimerFunds. "For nearly 60 years, looking to the long-term has been at the core of who we are as investors and as a firm."

A total of 32 UHNW millennials participated in the online quantitative survey, and aggregation and analysis took place in September and October 2015. In addition, 10 UHNW millennials took part in in-depth qualitative interviews. Each respondent was born between 1980 and 1995 and comes from a family with net worth ranging from $35 million to $1 billion.

About OppenheimerFunds

OppenheimerFunds, a leader in global asset management, is dedicated to providing solutions for its partners and end investors. OppenheimerFunds, including its subsidiaries, manages more than $224 billion in assets for over 13 million shareholder accounts, including sub-accounts, as of October 31, 2015.

Founded in 1959, OppenheimerFunds is a high conviction asset manager with a history of providing active, innovative investment strategies to its investors. The firm's 14 distinct, collaborative investment management teams specialize in equity, fixed income, alternative and multi-asset strategies. OppenheimerFunds and its subsidiaries offer a broad array of products and services to clients, who range from endowments and sovereigns to financial advisors serving individual investors. OppenheimerFunds provides advisory services to the Oppenheimer mutual funds, and OFI Global Asset Management offers solutions to institutions. For more information, visit oppenheimerfunds.com.

About Campden Wealth

Campden Wealth is the leading independent provider of information, education and networking for generational family business owners and family offices globally in person, in print, via research and online.

Campden Research supplies market insight on key sector issues for its client community and their advisers and suppliers. Through in-depth studies and comprehensive methodologies, Campden Research provides unique and proprietary data and analysis based on primary sources.

Campden Wealth also publishes the leading international business titles CampdenFB, aimed at members of family-owned companies in at least their second generation and CampdenFO, the international magazine for family offices and private wealth advisers. Campden Wealth further enhanced its international reach and community with the acquisition of the Institute for Private Investors (IPI), the leading membership network of private investors in the United States, founded in 1991.

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