Capitalizing on the Great Wealth Transfer: How Wealth Management Firms Can Thrive by Focusing on Younger, Affluent Clients

DUBLIN, July 14, 2023 /PRNewswire/ -- The "Winning the Great Wealth Transfer 2023 - Capturing the Next Wave of Clients" report has been added to ResearchAndMarkets.com's offering.

This study explores how wealth management firms that want to flourish in the short and long term need to rapidly adopt a strategy that blends a focus on affluent clients with the "greening" of a wealth-building America that's getting younger by the year.

New clients are the oxygen of the wealth management industry - the more robust their personal balance sheets, the more lucrative they are for financial advisors. But building personal wealth takes time, which is why most of today's coveted high-net-worth (HNW) and ultrahigh net-worth clients (UHNW) skew older.

Yet it's millions of younger-to-much-younger, not older, clients who stand to become wellheeled to very rich in the coming years and decades. What's known as the Great Wealth Transfer1 will see $73 trillion in assets pass to next-generation heirs by 2045, according to Cerulli Associates.

More than half of that historic amount ($53 trillion) will be shifted by baby boomers, a cohort of roughly 73 million people in which the youngest are approaching age 60 and the oldest are nearing 80, Pew Research Center data shows. For many relatively younger investors with affluent parents and grandparents, the decades normally needed to build significant wealth are set to collapse into a much shorter window, and soon.

Key Topics Covered:

• Introduction
• Key findings
• Methodology
• The Dawning New Day for Wealth Management
• Client Prioritization and Acquisition
• Generational Wealth and Younger Clients
• Technology for Growth
• Conclusions

For more information about this report visit https://www.researchandmarkets.com/r/kjgv1p

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SOURCE Research and Markets