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A BRIGHTER FUTURE
Managing the mental health impact of succession planning
According to Wealth Management groups , manoeuvring financial and succession plans is becoming far more complex than it was 20 years ago i . This means that many may find it difficult to transfer their wealth successfully to the next generation .
The issue of balancing the interests and needs of immediate and wider family , along with planning for the succession of business assets is understandably stressful .
Add in family dynamics and it is easy to see why finding the right balance can be a complex and daunting task . Premium health insurer Bupa Global found in its Executive Wellbeing Index that 40 % of high net worth individuals across the world believe that concerns about money , succession and inheritance have impacted their mental health .
Addressing the taboo
For many , inheritance and succession planning still remains a taboo subject . It is understandable that people don ’ t want to talk about passing down wealth – it ’ s a difficult area and there ’ s no real blueprint for success .
But people who communicate effectively usually experience an easier transition of wealth than those who don ’ t . Only by understanding and articulating your concerns can you start to prevent any potential conflict and prepare the next generation for the future .
Understanding the effect on mental health
An important route to successful succession planning is being aware of its potential mental health impact , and proactively tackling these concerns .
Dr Pablo Vandenabeele , Bupa Global ’ s Clinical Director for Mental Health , says : “ We know that stigmas and uncertainty around mental health can lead to delays in treatment , and when it comes to mental health , early diagnosis and treatment improves outcomes .
“ The Coronavirus pandemic had a real impact on delaying treatment for mental health issues , too , with Bupa Global ’ s research showing that 31 % of high net worth individuals delayed seeking help for mental health issues during the pandemic ii .”
Bupa Global ’ s approach to mental health support
At Bupa Global , our purpose is helping people live longer , healthier , happier lives . We recognise that mental health is just as important as physical health and believe in helping people to feel their best and stay that way too . To support this , we have removed both annual and monetary limits across plans for in-patient and day-patient mental health treatment ( up to the annual maximum limit of your chosen plan ).
For more information about Bupa Global premium health plans visit bupaglobal . com / withyou or talk to our Private Client team today on 0371 705 2712 .
Calls may be recorded . Bupa Global is a trading name of Bupa Insurance Limited and Bupa Insurance Services Limited . Bupa Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority . Bupa Insurance Services Limited is authorised and regulated by the Financial Conduct Authority .
i . Julius Bär . Global Wealth and Lifestyle report ( 2020 ) ii . Bupa Global Executive Wellbeing Index ( September 2020 ). Research conducted among 450 high net worth individuals and senior executives across UK , France , USA , UAE and Egypt .