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1 Credit Suisse Corporate Responsibility Report 2018Creating a world with the Next GenerationA joint publication by the YIO and Credit Suisse2 Credit Suisse and the YIO | Creating a world with the Next GenerationJoin the journey to create a better world with the Next Generation#NextGenCan Find additional survey results, multimedia content and insights at:credit-suisse/nextgenerationAssuming responsibility.Realizing potential.The members of the Next Generation featured in this publication are true to this motto. As entrepreneurs, investment professionals, future business leaders and global philanthropists, they see wealth as a resource that they can leverage to drive positive change. These individuals are compassionate, principled and entrepreneurial and they have a shared desire to prove their own worth and have an impact on the world. Go to contents Go to overview 3 Credit Suisse and the YIO | Creating a world with the Next GenerationContent overview Content overview Content overviewContent overview Content overview82% of the Next Generations families have a family-owned business. 68% of the Next Generation are currently pursuing an independent career.97% of the Next Generation are extremely interested in actively steering their familys wealth and being involved in structuring their familys legacy. #1 The Next Generations number one priority when it comes to their wealth manager is a “close relationship”How do I want to do business?How can I structure my legacy?What does wealth mean to me?What do I want to leavebehind?86% of the Next Generation are interested in sustainable and impact investment products. 24% of the Next Generation are invested in sustainable and impact investment products.I want to create a world “that sees wealth as a means to help improves peoples lives.” “ where we use technology to solve problems rather than create profits.”Our vision for the future. Relationships work better with effective communication. 59% of the Next Generation wish they had more open discussions about wealth. 68% of the Next Generation say their families would benefit from more communication tools.1 2 3 4 5How can we share informa-tion as a high- performing family?Aligning our passions and careers. Cultivating purpose for my wealth. Legacy building across generations. Go to chapter 2 Go to chapter 1 Go to chapter 3 Go to chapter 5 Go to chapter 4 Go to contents Creating a world with the Next Generation4 Credit Suisse and the YIO | Creating a world with the Next GenerationOverview 3Foreword 5Impressions of the 106 YIO journeyAbout the report 108What do I want to leave behind? 8How can we share information as a high-performing family? 23How do I want to do business? 48What does wealth mean to me? 66How can I structure my legacy? 85 12345ContentsGo to foreword 5 Credit Suisse and the YIO | Creating a world with the Next GenerationForewordOur journey since 2007The Young Investors Organization (YIO) and Credit Suisse have been working together for more than a decade. This report is the product of our long and successful collaboration that ranges from work- shops and educational programs through to events including the World Economic Forum and YIO reunions around the globe. “Creating a world with the Next Generation”, provides a close and honest look at the expectations, needs and ambitions of the Next Generation through a compilation of stimul- ating articles, interviews and case studies. The results of a survey conducted among YIO members in 2018 included in this report provide further insight into the Next Generations aspirations and interests in terms of family, business, wealth and legacy.In the following conversation Iqbal Khan, CEO International Wealth Management at Credit Suisse, and Fernando Scodro, YIO President, discuss the background and purpose of this new report.Iqbal Khan The coming decade is set to bring fundamental changes not just because of the tech revolution but also due to evolving demographics. We are soon going to see a major transition and significant transfer of wealth from one generation to another. That means there will be a tectonic shift in what clients expect from banks, which will have an enormous impact on the service we provide at Credit Suisse. Understanding the Next Generations wide-ranging views and needs and, in particular, their vision for the future is therefore key. We consider this report an integral part of that process.Fernando Scodro Agreed. We are beginning to step into the shoes of our parents and are experiencing the effects of the change you are talking about, so it is an important time for the Next Generation. Speaking for the YIO I can therefore say that we are really excited about the report. It gives a voice to our over 1,500 members who come from entrepreneurial families across the globe and form a close-knit community.Iqbal The recent Next Generation survey, which highlights the inheriting gen-erations aspirations and concerns across family, business, wealth and legacy, 6 Credit Suisse and the YIO | Creating a world with the Next GenerationIqbal KhanThe members of the Next Generation that I know are compass- ionate, driven and entrepreneurial and they work hard to prove their own worth and leave their mark on the world.ForewordandIqbal KhanCEO International Wealth Management at Credit Suisse, rightFernando Scodro YIO President, left7 Credit Suisse and the YIO | Creating a world with the Next Generationdifference. The Next Generation also want to be taken seriously by their own families. The report will not only shed light on who we are and what we want to achieve. By sharing it with our families, it will help us to communicate the chal-lenges we face and our desire to be given a seat at the table hopefully giving the older generation a clearer understanding of us as individuals. “Creating a world with the Next Generation” is filled with new and interesting insights into the inheriting generation, based on a decade of close collaboration between Credit Suisse and the talented, ambitious and committed individuals from the YIO. It shows that we value each other and work together as equal partners. This collaboration is key for driving change in areas that are important to the Next Generation such as how they invest, do business and achieve growth for their communities, and how they develop solutions to build positive legacies. Happy reading!provides the framework for the report. I particularly value the two-pronged approach adopted in “Creating a world with the Next Generation”: It showcas-es real-life case studies of intergenerational challenges that aim to trigger an open dialogue, while also providing a toolkit to support families at this critical juncture.Fernando An open dialogue across generations is fundamental. The YIO be-lieves that it is only by working together as families that we can meet our goal of transforming the meaning of wealth, do business differently and create legacies that last. Iqbal The Next Generation are sometimes mis construed as a group of privi-leged individuals lacking ambition. Based on my own experience, this is far from the truth. In my encounters with the Next Generation, I have had the chance to meet compassionate, driven, entrepreneurial individuals who are working hard to prove their own worth and leave their mark on the world.Fernando Agreed. The YIO members want to bring fresh ideas to the table and have a real impact across many different areas that we are passionate about. And as you just said Iqbal, our generation is often misjudged and also under-estimated. In reality, many of us are professional entrepreneurs, managers of long-established multinational businesses, investment professionals or global philanthropists. But we have one thing in common: We are all seeking to change the world for the better.Iqbal I think the Next Generation are a force to be reckoned with. Its members have a big influence on consumer and investor trends, and they have the ability to have a major impact on society and the environment. It is time to take them seriously.Fernando This report should help to achieve that. It introduces readers to a group of individuals that is hungry for change and determined to make a Foreword8 Credit Suisse and the YIO | Creating a world with the Next GenerationOverviewThe Next Generation are motivated, passionate, innovative, serious and driven. These individuals have a strong desire to use their voice to perpetuate their legacy. They want a world that is fair, full of purpose and relevant across generations. It is important that members of the Next Generation engage in a dialogue with their families about their own aspirations at an early stage.132What do I wantto leave behind?Our vision for the futureChapter 1Survey results 9 Credit Suisse and the YIO | Creating a world with the Next GenerationWhy ask the big questions?Since 2007, the YIO has been committed to supporting the Next Gen-eration in addressing the “big questions” in life, as they define their goals, learn to live their lives with passion and purpose, and establish their own vision of the future. In a dynamic environment driven by its members, the YIO sets new standards in life-long learning and collabo-ration across borders and seeks actionable solutions for issues faced by generations young and old. Viola Steinhoff WernerYIO Founder and General ManagerHead of Global Next Generation and Families department at Credit SuisseI once attended a conference where the keynote speaker began his presentation by asking the questions: “Who am I?” and “Why am I here?” Many people in the audience laughed nervously, wondering whether this meant he was not fully prepared. That got me thinking about why we usually believe that giving answers makes us seem knowledgeable and gar-ners respect, while asking questions can be seen as a sign of weakness or even lead to ridicule. In our day-to-day lives and careers, we tend to focus on the minutiae and are often afraid to look at the bigger picture of where our lives are heading. However, by daring to ask fundamental questions and finding answers to them, we are actually able to make better deci-sions, live more focused lives and achieve what we really want and not simplywhat others expect of us.What do I want to leave behind? How can I talk to my family about the bigger picture? What does wealth really mean to me? How do I want to do business in the long term? We often shy away from these questions because they arent easy to answer or because we are scared of the responses. Embracing What do I want to leave behind?1Why ask the big questions?YIO Member stories I want to create a world thatOur vision for the futureNext Generation Survey10 Credit Suisse and the YIO | Creating a world with the Next Generationthe unknown can seem like a daunting prospect especially for the Next Generation.By “Next Generation”, we mean the inheriting generation in other words, individuals who are destined to take over the reins of a business started by their parents, grandparents or earlier family members or are likely to inherit at least part of the wealth accumulated by previous generations. In particular, members of the Next Generation are poised to assume signif-icant responsibility in the near to medium-term future (0 15 years) by leading family businesses and family offices or by stewarding a legacy that was built over years. This includes creating jobs and generating value not only for their own family but also for those involved in their business or family office and ultimately also having a positive impact on society.Through my work as the Founder and General Manager of the YIO, I have met many young people with the ambition to create impact and the desire to use their lives wisely and realize their full potential. They feel immense pressure to suc-ceed and ask themselves: Am I making the right decisions? What will my family say? How can I become a better person, a better leader, a better member of society? They also often experience a certain sense of guilt due to the fact that they were born into families with established businesses, wealth and influence meaning they do not have to worry about putting food on the table every day. One thing I have learned over the past decade of working with YIO members is that the way the Next Generation are perceived, particularly when it comes to wealth management, is often very different from the reality. Simply labeling the Next Generation as the privileged few with no challenges of their own is far from accurate. Every individual has to overcome obstacles in life, no matter what their personal or financial circumstances. For example, the responsibility of leading a 200-year old business into the future and securing jobs for a workforce of 40,000 employees, each with their own depen-dents, can seem like a herculean task at the age of 25 or 30.At the YIO, we are committed to supporting the Next Gener-ation as they find themselves at important crossroads in their lives. When the YIO was founded in 2007, it was essentially an experimental concept that has since developed into a global network of future leaders with over 1,500 members across more than 55 countries. Those members have one thing in common: Their desire to strive for excellence when assuming their responsibilities as human beings, family members, inves-tors, entrepreneurs and catalysts for social change. As stated in the YIO Manifesto, they want to use the privileges they are born with to create a global group that has the opportunity to step up and create a better world for future generations.As the members of the Next Generation work to assume responsibility and realize their potential, the YIO is at their side growing with them at every stage of their journey. In the period since it was founded, it has developed a range of The YIO Board at the 2018 Annual Reunion. From left to right: Thiago Figueiredo (Director of Programs), Anton Szpitalak (Director of Membership), Hayley Mole (Director of Regions), Viola Steinhoff Werner (Founder and General Manager), Louise Huterstein (Vice President), Fernando Scodro (President)What do I want to leave behind?1Why ask the big questions?YIO Member stories I want to create a world thatOur vision for the futureNext Generation Survey
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