No one wants to tell the ultra-rich how to pass their fortunes to their heirs

• The majority of family offices don't have a wealth succession plan, according to a new UBS survey.
• That's despite most family offices acknowledging the transfer of wealth is their top priority.

Logan Roy wasn't alone in his struggle to decide how to divide up his empire.

The majority of family offices, the investment firms tasked with overseeing the massive fortunes of the ultra-wealthy, don't have wealth succession plans in place, per a new survey by UBS.

The Swiss bank's annual global family office report found that only 42% of family offices have a strategy for ensuring a smooth wealth transition to future generations. That revelation comes despite 63% of family offices acknowledging that supporting the generational transfer of wealth was their main purpose.

The root of the problem, it seems, is the difficulty family offices have managing the so-called "soft issues" and defining what the family does and does not want its heirs to do with the money.

"How easily does your family talk about inheritance and hopes and dreams? These things are so personal that it's very difficult," a London-based CEO told UBS, which surveyed 230 clients across 30 countries at the beginning of the year.

"A few years ago we had discussions with the family where we tried to articulate values. The result was something that we struggled to embed into the family. It's very difficult, and especially so for the finance professionals who are used to dealing with less emotional topics," the CEO added.

As much as I lament the struggles of this anonymous exec, I can't help but ask: Isn't that part of your job?

I am far from a connoisseur of the ultra-rich. Luxury for me is not sorting from cheapest to most expensive when I shop online. However, I think it's safe to say that most rich people who establish a family office do it for a handful of reasons.

1. Ensure that they remain rich.

2. Ensure that their future generations remain as rich as they do for as long as possible.

(Yes, I understand plenty of other factors come into play, including philanthropy. But lest we forget: You can't give what you don't have.)

It strikes me as a bit surprising that the first thing every family office wouldn't do upon being established is figure out who is going to get what.

To be fair, one does need to consider the source of the report. A massive part of UBS' overall business is serving family offices. So highlighting how unprepared they are plays squarely into their hands. Nothing like somebody finding a problem you have that they just so happen to also have a solution for.

Family offices did seem to agree on one thing: They won't be taking a pay cut. Roughly 60% said they expect staff costs to increase over the next three years, per the survey.