Great Wealth Transfer: Slow, Complex, Opportunity

The Great Wealth Transfer, a much-discussed event where $124 trillion from baby boomers is expected to move to younger generations, may not happen as quickly or smoothly as anticipated. Tim Gerend, CEO of Northwestern Mutual, suggests that due to longer lifespans and the prevalence of surviving spouses, wealth will first go to surviving spouses within the baby boomer generation before reaching Gen X, Millennials, or Gen Z. This transfer occurs amidst financial stress, with many Americans feeling anxious due to recent events like the pandemic, inflation, and market fluctuations. Gerend sees this as an opportunity for financial firms to build stronger, multi-generational relationships with families, focusing on creating advisory teams that span generations and providing financial education to clients children and grandchildren.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.