Understanding millennials is key to retaining their assets during the Great Wealth Transfer

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Baby boomers, the wealthiest generation in history, are quickly aging. There are an estimated 73 million baby boomers in the US, making them the second-largest age group after their children (millennials), born between 1982 to 2000. By 2030, it is estimated that all boomers will be at least 65 years old. As a result, an estimated $68 trillion will be passed from boomers to millennials over the next three decades, making it the largest transfer of wealth in history.

Most studies suggest that 80% or more of millennials will look for a new financial advisor after inheriting their parents’ wealth. While the stakes are incredibly high, there’s good news. As advisors, you are in a truly unique position to oversee the complexities of the great wealth transfer and ensure that clients and their families are prepared. This will require an inordinate amount of planning, important discussions, and a lot of due diligence. These seven steps will help you drive client and asset retention, as well as organic business growth.