“Are Consumers Ready For The Great Wealth Transfer?,” Advisor Magazine
“The Great Wealth Transfer is widely expected to reshape the financial landscape in the coming years, with trillions of dollars anticipated to pass from the Silent Generation and Baby Boomers to younger generations. For many individuals and families, this historic shift raises important considerations around inheritance, preparedness, and the steps needed to ensure wealth is transferred smoothly and responsibly. To better understand consumer readiness for this shift and help advisors address the challenges and gaps that may influence the transfer of wealth, MDRT, The Premier Association of Financial Professionals®, conducted a survey of 2,000 U.S. consumers spanning four generations. Discover the most important insights from the survey below, including crucial statistics on generational differences in estate planning preparedness, the obstacles consumers are facing in creating estate plans and their expectations for inheritance.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
Click through for the interesting results. Note that “Millennials [ born 1981 and 1996] show the highest engagement with financial advisors at 35%, followed by Baby Boomers at 32%, Gen X at 22% and Gen Z at just 10%.” Also noteworthy, no mention of long-term care.