“Advisers concerned about losing assets in ‘great wealth transfer”

Nov 29, 2023 | Financial Services

The ‘Great Wealth Transfer’ is happening. Parents with comfortable final salary pensions and houses they may have bought for (in today’s terms) next to nothing, now worth £1m or more, are dying and passing on what they have to far-more-strapped next generations. The worries of a ‘majority of advisers’ are that, as they have grown old with their clients (on average ten years either way in age), that next gen will take their inheritances elsewhere. Which they might of course and the argument is that we should be courting our clients’s kids (more often than not 40 or 50 themselves) so we don’t lose the money. Maybe; but in my view, it will either happen or it won’t. We get as many new enquiries from those who have just inherited as we do clients sadly dying. If you’re forward thinking as a business, perhaps the best option is to the ‘elsewhere’ to which than next gen goes.

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