False assumptions and biases limit advisors’ ability to serve the wealthiest clients, suggests a family office consultant
Parents are helping children buy houses and start businesses
Some want to see loved ones enjoy their inheritance, while others are motivated by financial need
Asset growth will slow amid evolving demographics, Investor Economics forecasts
Financial assets are concentrated among the few
Boomers are using permanent life insurance to leave a multigenerational legacy
GlobalData predicts US$2.4 trillion will move firms
Demographic changes will dramatically alter advisory practices
Windfall recipients intend to pay off debts and share their newly acquired wealth with friends, family and charity
Richardson GMP’s new focus is on intergenerational wealth transfer