Half of ultra-high net worth (UHNW) families have misgivings about passing wealth to the next generation, according to new research conducted by Smith & Williamson.

The investment management and accountancy group spoke to 39 families with a combined wealth of £1billion.

Charles Gowlland, investment management partner at Smith & Williamson, said: “Managing family dynamics is a central theme to our research, however, despite concerns regarding the younger generation taking responsibility there is greater willingness to involve the next generation at an earlier age than previously. Participant...