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🤔 'Here's What The Great Hand Down Will Mean For Wealth Managers And More'. If you're a wealth/financial planner/advisor etc, and trying to figure out what you need to do to tap into this untapped market, this article by Matt Ong is an excellent piece of reading 👏 Everyone refers to the $84 trillion wealth transfer. I don't think the UK advisors pay much attention until it is in £ 🙄. 💰 As Matt Ong points out, the Kings Court Trust Ltd addresses this is £ and they estimate the wealth transfers are predicted to grow to £100billion+ p.a. by 2025, rising to £355billion in 2047. Intergenerational wealth transfers: £5.5 trillion is expected to pass between generations by 2047 💰💰💰💰. Additional valuable insights from a couple of Schroders Reports to share: 🆘 65% of inheritors do not intend to continue to use their parents' financial advisers. Vahe Vartanian - interesting to have this as the UK number rather that the number we were discussing which is driven by the behaviour of inheritors in the US. 🆘 41% of advisors are not concerned that their business could lose assets as wealth transfers to the next generation. Which I propose is very short-term thinking as 74% do not have a specific proposition for targeting the transfer of family wealth to that generation. 🆘 86% of advisors don't have a differentiated sales and marketing strategy for younger investors. 🆘 Only 9% of financial advisers are currently facilitating conversations around the transfer of family wealth between the generations. If they want their firms to survive, the relevant stakeholders in the wealth management industry need to pay attention to their new audience - and read this article. Superb insight provided by Matt Ong in this article in Forbes. ps the bitlinks into all of those extra stats disrupted everything so you are going to have to trust me! #wealthmanagement #financialplanning #financialmanagement #succession #inheritors #familyoffice #familyoffices https://lnkd.in/ev9Kf2yG
