‘Nobody prepared them’: The ultrawealthy worry wealth will dull their heirs’ ‘drive and desire’ and so some aren’t telling them how much there is

A Bank of America study found 61% of ultra-high-net-worth respondents worry about their children’s motivation, while only 36% consider their heirs very prepared for inheritance. In a separate 2025 Fidelity study, 68% of parents 55 and older with at least $500,000 in investable assets had not told their children what or how much they would inherit. Wealthy business owners also reported a gap between succession priorities and preparation: 78% considered succession planning important, but only 20% had a fully documented plan.

Analysis

The investable implication is a gradual shift from one-off asset transfer toward recurring family-office, trust, governance and succession work. That could support fee durability for Bank of America’s private-bank franchise, but the survey does not establish incremental client assets, pricing power or revenue; the benefit is likely shared with JPMorgan Chase, Morgan Stanley, UBS and specialist advisers. More family involvement may also reduce the risk that heirs move assets immediately after a transfer, while increasing service intensity and costs. The key counterpoint: inheritance is not the same as new wealth creation. Assets may remain in trusts, businesses or philanthropic vehicles, so a large projected transfer need not translate into a near-term rise in discretionary fee-bearing assets.

Near term, this is not an earnings catalyst for BAC. Over 1–3 months, look for corroboration in wealth-management net flows, fee trends and management commentary on retention or succession services. Over 6–18 months, aging owners and incomplete succession processes could create a structural advisory opportunity, but execution depends on advisor capacity and heirs’ willingness to retain incumbent relationships. The contrarian risk is that “preparation” discussions are already embedded in wealth-manager narratives, while family disputes, business sales or heirs choosing self-management could divert assets. The thesis weakens if BAC reports deteriorating wealth flows or fee growth, or if retention metrics fail to improve despite stronger succession engagement.

Key Decisions for Investors

• No directional trade on BAC from this survey alone; treat it as a low-conviction, long-dated demand signal rather than a near-term revenue catalyst.
• Track BAC’s wealth-management net flows, fee growth and client-asset retention at upcoming earnings; upgrade the thesis only if operating data confirms that planning activity converts into retained, fee-bearing assets.
• Keep JPMorgan Chase, Morgan Stanley and UBS on the same watchlist: the opportunity is sector-wide, and this evidence does not establish a relative winner.
• Falsification alert: weaker BAC wealth flows or fee trends, or evidence that heirs are transferring assets away after succession events, would undermine the retention benefit.