An unprecedented $84 trillion will pass from Baby Boomers to younger generations by 2045, the largest wealth transfer in history. Millennials and Gen X inheritors have different financial priorities than their parents – favoring ESG investments, digital assets, and experiences over traditional status purchases.
Financial institutions are racing to adapt. Robo-advisors target tech-savvy heirs with lower fees. Estate planning services now include cryptocurrency provisions. Insurers offer hybrid life/long-term care policies as families confront elder care costs. This shift will redefine wealth management for decades.
If expecting an inheritance, have candid family conversations about estate plans. Consider working with a fiduciary advisor to manage sudden wealth responsibly. For advisors, understanding generational preferences will be key to retaining these new clients.
