Navigating the Great Wealth Transfer

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Navigating Wealth Transfer

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Effectively Communicating with Every Generation

Over the next 30 years, trillions of dollars in assets will transfer from the hands of the Silent and Baby Boomer generations to Generation X and Millennials. Some have estimated the total number of assets to be about $68 trillion. In the coming decades, the younger U.S. generations will need advice on how to leverage their inherited assets into sustained wealth. Because of this, it’s important for financial advisors to know who they’re communicating with and how to communicate with them the right way.

Whatever the amount, as Silents and Boomers begin to work with their lawyers to create wills and seriously consider the well-being of their families, legacies, and estates, it’s important for financial advisors to play an integral role in these conversations. While financial advisors may think they’ve done a good job incorporating the younger generations into the financial plans of their parents, the data uncovers a much different story. In 2014, Vanguard released a study indicating that 95 percent of those who obtain an inheritance end up firing their parent’s financial advisor.

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