In the UK, wealth transfer is set to rise by 66% between 2017 and 2027, with nearly £1trn expected to pass to the next generation over the course of the decade.
This is according to the Passing on the Pounds report issued by the Kings Court Trust in 2017.
The report also claims individual financial advisors are unprepared to deal with this phenomenon and are likely to miss out on the opportunity. “If IFAs fail to build relationships with the children of their clients, they could find the wealth, which they have helped to build over the years, simply moving to be managed by another advisors,” the Kings Court Trust says.
The trust assists IFAs in retaining clients and handling estate administration. Advisors face similar challenges in the US. For example, there are courses specifically tailored to help advisors retain their widowed and divorced female clients. According to Cannon Financial Institute: “There is a disconnect between the current generation of clients and future generations, with something lost in translation.” The training provider explains that being involved in family financial matters for years, makes transitioning from one generation to the next an easier proposition.
This CoreData Research report aims to identify whether financial advisors are still unprepared for the potential transfer of wealth or whether they have been making changes to ensure they benefit from the generational change ahead.
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