Last time, we talked about “The Greater Transfer” — a significant intergenerational shift of wealth that will see more than $30 trillion in assets change hands over the next few decades. This week, I promised to take a closer look at what makes Boomers and their heirs tick, and what that means for wealth management firm strategy.

Evolve with client expectations

Boomers’ attitudes toward advisors are more like those of their parents, and less like those of their children. Boomers tend to be comfortable with the advisor-led model and have developed strong relationships with their financial advisors. Their social media-savvy heirs, on the other hand, are more likely to question the traditional client-advisor relationship, and demand greater transparency and control.

Focus on families

Read the report.
Read the report.

Finding ways to keep boomers on board—while wooing their heirs—is one of the key challenges facing wealth management firms today. Accenture has identified three areas worthy of wealth managers’ attention:

  • Build family estate planning capabilities. The more that a firm knows about the plans of Boomers and their heirs, the more it can do to proactively retain their assets.
  • Establish go-to-market strategies for heirs. Matching heirs with relevant firm offerings now is an important step in retaining assets as they are transferred across generations.
  • Help clients navigate their inheritances. By supporting heirs during the difficult experience of a death in the family and making the process less stressful, firms can build relationships.

To learn more, download The “Greater” Wealth Transfer (pdf; opens in a new window).