The Unprecedented £5.5 Trillion Wealth Transfer

As we stand on the brink of one of the largest wealth transfers in history, with over £5.5 trillion set to change hands through inheritance, the time to act is now.

A recent survey reveals a critical insight: 65% of beneficiaries are expected to inherit over £200,000. This presents a monumental opportunity for most in relation to planning.

But who will guide the next generation through the complexities of wealth management? Social media or professional planners?

A striking gap in readiness has been uncovered. Only 23% of advisers have a relationship with these future inheritors, leaving a vast majority underserved and unprepared for the responsibilities of wealth management. This oversight could lead to potential financial missteps, underscoring the urgent need for engagement and planning.

I am calling this the purchase mistake advice gap. This windfall could secure peoples’ futures or tempt them to buy above their means into homes, life style or other purchases that will in effect destroy this new found wealth.

The evolving landscape of wealth transfer calls for a deeper understanding of the new generation’s distinct buying behaviours and expectations. This generation have in part never experienced poverty and lack. They are in desperate need of education.

How to reach them? We are cognizant of the need for social media, investment in digital platforms, sustainable investing options, and personalised younger life advisory services. But the question remains: How will we adapt to meet the needs of this new era of clients and ensure they are educated to be ready for the wealth when it arrives with them?

Well, if you are, or know people who will inherit in the future, then help is on hand for inheritors of tomorrow, to safeguard their futures through robust planning. The time to bridge the gap is now.

Let’s not wait for the future to shape us. Instead, let’s shape the future of wealth transfer together. Take financial advice before you inherit, gain financial education and knowledge now when the pressure and temptation is low.

For help and education contact Brooks Wealth today.              01733 314553         

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