Wealth Adviser newsletter: "Coming soon! The Great Global Wealth Transfer…"

Coming soon! The Great Global Wealth Transfer…

Continuing last week's theme of how technology could be set to transform the wealth management industry, this week Mark Trousdale, Chief Growth Officer at InvestCloud, sets out the case for engineering digital advice to serve high net worth individuals.
As well as allowing managers to serve more clients and improve service levels, Trousdale says a well structured digital advice strategy can also help prepare for wealth transfer to younger, often more digitally savvy clients. And that could present managers with a huge business opportunity, if the latest study commissioned by IQ-EQ is correct.
Research carried out by Barton Consulting and Wealth-X, on behalf of IQ-EQ, suggests that more than USD15 trillion is expected to be passed down to Millennials, Gen Xers and Gen Yers in the next 10 years. The report looks at when and how the 'Great Global Wealth Transfer' will take place and the effect it will have on family offices, and it contains a stark warning.
"Without the right structure and planning in place the outcome could be a failed transfer that could result in a disappearance of a family’s wealth," says Steve Sokić, Group Head of Private Wealth at IQ-EQ.
In the second of our guest articles this week, Jack Rose, Strategic Sales Director at Triple Point, outlines why, in a post-pandemic world, financial advisers in the retail investment space simply cannot afford to ignore the rise of ESG. Responsible investing has been one of the fastest growing movements in institutional finance over the last decade and the pandemic seems to have increased the importance of ESG in the retail space too.
"The fact that we are about to see the greatest generational transfer of wealth the west has ever seen, suggests that advisers would be wise to engage with ESG for their business continuation plans," says Rose.
Sticking with the post-coronavirus world, we also look at a new survey from Columbia Threadneedle which suggests over a third of investors (36 per cent) now put a higher value on professional financial advice than they did prior to the pandemic.
“It's clear that, at a time of financial and emotional stress, the value of good independent financial advice comes to the fore," says Alastair Caw, Head of UK Wholesale Distribution at Columbia Threadneedle Investments.
Despite that widespread coronavirus stress though, the average Brit has been able to save more per month during the pandemic, according to new research from Creditfix.co.uk. And not everyone, it seems, is in a rush to splash their 'extra' cash, with a third of survey respondents saying they intend to keep a closer watch on their spending as lockdown restrictions are lifted.
Wealth Adviser

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