The Northern Trust Institute publishes its Wealth Planning Outlook for 2022: “Wealth, Redefined”

CHICAGO–(BUSINESS WIRE)–The Northern Trust Institute today announced the release of its annual Wealth Planning Outlook report: Wealth, redefined. The Insights provides forward-looking perspectives on wealth planning for business owners, executives, multigenerational families and other wealth owners. The 2022 report examines how the shift in values, primarily driven by the global pandemic, has given investors the determination to pursue what matters most as we enter a new phase of recovery and transformation.

“This year’s Perspectives explores the important developments fueled by the COVID-19 crisis: an increased awareness of purpose – whether that is realizing one’s personal potential or promoting one’s values ​​through more deliberate investments and giving; a deeper sense of our human fragility and that of our loved ones; and the amazing adoption of the technology by millions of people,” said Pamela Lucina, Trustee Director of Northern Trust. “With a better understanding of the impact of these changes on wealth planning, families can take steps to achieve what is most important to them as transitions occur in their family and their finances.

Wealth, redefined examines how five societal changes are evolving and offers corresponding wealth planning strategies, including:

  1. Reinvent retirement – Changing perspectives on “retirement” are causing many to rethink this stage of life, with more people finding fulfillment in a second chapter or direct investment venture.
  2. Tax uncertainty planning –Despite facing an uncertain future in the Senate, the Build Back Better Act proposes several significant changes to the tax code. The underlying uncertainty underscores the need to develop flexible plans that can adapt to changing circumstances.
  3. Create value from values – The rapid evolution of ESG investment vehicles and philanthropic giving is driving increased interest among investors to align their portfolios with their values. But it remains difficult to do this effectively and to measure the impact of these investments.
  4. Preparing for Disability – Mental illness, already on the rise before the pandemic, has increased dramatically over the past two years. The uncertainty associated with mental health and disability can have very real implications for financial planning. Preparing for this eventuality ensures that estate plans take full account of the complexity of these conditions.
  5. Protect digital assets – The proliferation of digital assets and blockchain technology presents several estate planning challenges that require careful attention to ensure that executors and next of kin have access to the information they need, as well as to the assets themselves.

“As recent history starkly illustrates, no one knows, with precision, what the coming year will bring. Yet, through careful analysis of historical data, trends and precedents, some tangible themes emerge. “Said Steven L. Fradkin, Chairman of Northern Trust Wealth Management. “While we cannot control many of the events that will shape our lives in the years to come, we can be prepared and ready to recognize the risks and the opportunities that inevitably come with great change.”

The Northern Trust Institute’s full 2022 Wealth Planning Outlook is available at northtrust.com/wealthoutlook.

The Northern Trust Institute is dedicated to helping clients make confident and optimal decisions for their wealth through advice based on real results and specialized expertise. To achieve this goal, more than 175 experts collaborate to analyze behavioral patterns, identify the most effective customer strategies, and organize advice around important life moments.

Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and private businesses. It is recognized for its innovative technology, service excellence and depth of expertise and ranks among the top 10 US wealth managers, with $372.9 billion in assets under management as of September 30, 2021. Northern Trust Company is an Equal Housing Lender. FDIC member.

Northern Trust Company (Nasdaq: NTRS) is a leading provider of wealth management, asset management, asset management and banking services to businesses, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 US states and Washington, DC, and 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2021, Northern Trust had assets under custody/administration of US$15.8 trillion and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has distinguished itself as an industry leader for its exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 USA, incorporated with limited liability in the USA Please read our global and regulatory information.