Talk of the "great wealth transfer" is littered with warnings. But where the heck is all the encouragement?
As a staggering $73 trillion in assets is expected to move down the family line between now and 2045, advisors have been put on notice. They've been told over and over again that young inheritors are more than willing to fire the family financial planner tomorrow unless they prove their worth today.
It's gloom and doom and then some. Unless it's not.
When discussing this topic on stage at INVEST 2023, Joy Crenshaw of Nuveen said the way to win the great wealth transfer is with a combination of new thinking and smart technology. She said firms who cling to old narratives and still call them "young investors" instead of "future high earners" won't stand a chance in the new world.
But the next generation is eager to work with existing advisors. Especially clients-to-be whom were introduced to that advisor as a child.
To help advisors prepare for the future, a new report by Financial Planning parent company Arizent explains how firms can catch up to contemporaries further along in that process. Attentiveness, new tools and fresh faces are part of the game plan, but there is no catch-all approach to making it work.
To learn more about what's at stake in the great wealth transfer and how to endure it like a pro, check out the stories and the research, only at Financial Planning.
Anything else on your mind? Drop me a line at justin.mack@arizent.com. Have a great weekend!
Regards,
Justin

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