The Largest Wealth Transfer in History: Insights for Financial Advisors

The coming years will see a massive transfer of wealth from baby boomers to millennials—a phenomenon that some financial experts are calling the "largest wealth transfer in history." According to Forbes, baby boomers are expected to transfer $68 trillion in assets to their heirs over the next few decades. With such a huge amount at stake, both boomers and millennials are going to need a solid estate plan in place. So what role does estate planning have in the wealth transfer from boomers to millennials, and what can financial advisors do to take advantage of this opportunity?

The role of estate planning

As boomers begin their exit, it's never been more important to plan for the smooth transfer of assets (aka estate planning). This includes preparing legal documents like wills, trusts, and powers of attorney. Without proper planning, assets could be tied up in probate courts for years, causing unnecessary delays and expenses. On the other hand, younger generations also need to have an estate plan in place to ensure they are ready to receive the assets and manage them appropriately.\

The opportunity for financial advisors

As the transfer of wealth from baby boomers to millennials accelerates, there will be a huge opportunity for financial advisors who already offer estate planning. Millennials are typically more open to seeking professional advice than previous generations, and they will likely want to work with advisors who can help them navigate the complexities of estate planning. Advisors who provide comprehensive estate planning services can help boomers pass on their wealth more efficiently, while also building trust with the new generations and driving business growth.

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The importance of starting early

As a financial advisor, the time to start discussing estate planning with boomers and millennials is now. A well-built estate plan is key to ensuring wishes are carried out as intended when transferred to the next generation. By starting early, both generations can maximize the potential benefits of estate planning and minimize the risk of costly mistakes.

The coming wealth transfer from boomers to millennials will create lots of opportunities for financial advisors. By offering comprehensive estate planning services, advisors can help their clients navigate the process with confidence while building long-term trust and loyalty. As the industry continues to evolve, advisors who can provide comprehensive estate planning services will have a significant advantage in this space.

Want to offer estate planning services but don’t know where to start? Estate Guru’s smart and attorney-backed software makes offering personalized estate plans easy. Boost revenue and offer services like:

  • Last Will & Testament
  • Healthcare Directives
  • Power of Attorney
  • Funding Guide
  • Living Trust
  • Special Needs Trust
  • Blended Families
  • Settlement Services

The coming years will see a massive transfer of wealth from baby boomers to millennials—a phenomenon that some financial experts are calling the "largest wealth transfer in history." According to Forbes, baby boomers are expected to transfer $68 trillion in assets to their heirs over the next few decades. With such a huge amount at stake, both boomers and millennials are going to need a solid estate plan in place. So what role does estate planning have in the wealth transfer from boomers to millennials, and what can financial advisors do to take advantage of this opportunity?

The role of estate planning

As boomers begin their exit, it's never been more important to plan for the smooth transfer of assets (aka estate planning). This includes preparing legal documents like wills, trusts, and powers of attorney. Without proper planning, assets could be tied up in probate courts for years, causing unnecessary delays and expenses. On the other hand, younger generations also need to have an estate plan in place to ensure they are ready to receive the assets and manage them appropriately.\

The opportunity for financial advisors

As the transfer of wealth from baby boomers to millennials accelerates, there will be a huge opportunity for financial advisors who already offer estate planning. Millennials are typically more open to seeking professional advice than previous generations, and they will likely want to work with advisors who can help them navigate the complexities of estate planning. Advisors who provide comprehensive estate planning services can help boomers pass on their wealth more efficiently, while also building trust with the new generations and driving business growth.

The importance of starting early

As a financial advisor, the time to start discussing estate planning with boomers and millennials is now. A well-built estate plan is key to ensuring wishes are carried out as intended when transferred to the next generation. By starting early, both generations can maximize the potential benefits of estate planning and minimize the risk of costly mistakes.

The coming wealth transfer from boomers to millennials will create lots of opportunities for financial advisors. By offering comprehensive estate planning services, advisors can help their clients navigate the process with confidence while building long-term trust and loyalty. As the industry continues to evolve, advisors who can provide comprehensive estate planning services will have a significant advantage in this space.

Want to offer estate planning services but don’t know where to start? Estate Guru’s smart and attorney-backed software makes offering personalized estate plans easy. Boost revenue and offer services like:

  • Last Will & Testament
  • Healthcare Directives
  • Power of Attorney
  • Funding Guide
  • Living Trust
  • Special Needs Trust
  • Blended Families
  • Settlement Services

Ready to try Estate Guru?

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