New research from Bank of America Private Bank offers a rare look at how the world’s wealthiest families are preparing for a major generational handover, as nearly 60% expect a leadership transition within the next decade, and how next-gen leaders are reshaping investing, philanthropy, and innovation. The Bank of America Family Office Study captures over 300 family office leaders’ perspectives into how their organizations are navigating complexity and preparing for this seismic change.

Elizabeth Thiessen is a Managing Director and the Head of Family Office Solutions with Bank of America Private Bank. She breaks down the figures with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.