When wealth transfer fails from one generation to the next, a communications failure may be one of the leading causes.
Only a small percentage of heirs stay with the financial advisor used by their parents, making it critical for advisors to connect with the next generation.
Planning topics to engage the next generation
Wealth transfer creates opportunity for advice
Despite projections of a significant transfer of wealth from baby boomers to heirs in the coming decades, many investors may not be talking about estate planning with their financial advisors. In fact, a 2014 study found that only 35% of investors said their advisors provide family wealth management defined as a specific service.* Financial professionals
The next great wave of wealth transfer in the United States has already begun. More than $30 trillion in assets held by the baby boomer generation will shift to the next generation over the next 30 years, according to research firm Cerulli Associates. For many financial advisors, this wave represents a business-building opportunity. For others,