How to Manage Intergenerational Wealth Transfer

The highly anticipated wealth transfer of baby boomers, an estimated $70 trillion, is now underway. Ever since 2011, when the first baby boomers turned 65, they have been retiring at a reported rate of around 10,000 each day. During the COVID-19 pandemic, however, the pace of boomers leaving the workforce jumped considerably, more than doubling from 2019 to 2020, according to Pew Research Center. As of the third quarter of 2021, nearly 67% of people between 65 and 74 were retired.¹

Many advisors now find themselves in a predicament where the future of their business could change instantly. Wealth transfer between generations is always a challenge, and this time is no exception. Boomer’s heirs are “digital natives” who not only take to technology intuitively, they often prefer it to human interaction for obtaining information and conducting business. Our whitepaper, How to Manage Intergenerational Wealth Transfer: Three critical strategies for advisors, explores steps advisors can undertake to increase the likelihood of retaining assets during this historical transfer of wealth.

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^1. Fry, Richard, “Amid the Pandemic, a Rising Share of Older US Adults are Now Retired,” Pew Research Center, November 4, 2021. https://www.pewresearch.org/facttank/2021/11/04/amid-the-pandemic-a-rising-share-of-older-u-s-adults-are-now-retired/