Intergenerational Wealth Transfer: Seizing the HNW Opportunity

Intergenerational Wealth Transfer: Seizing the HNW Opportunity

  • August 2019 •
  • 47 pages •
  • Report ID: 5810734 •
  • Format: PDF
Intergenerational Wealth Transfer: Seizing the HNW Opportunity

Summary
This report sizes the opportunity intergenerational wealth transfer in the HNW space will provide over the coming decade.It provides detailed recommendations about how best to target and service the next generation of HNW investors.

The report also provides a detailed discussion on the effectiveness of different retention strategies. It is based on proprietary data.

Over the coming 10 years, $8.6tn of global HNW wealth will change hands. This will open the door for significant industry churn, given that 28.3% of HNW clients’ children discontinue the relationship with their parents’ wealth manager upon inheriting. This means $2.4tn of HNW wealth will move from one competitor to another as inheritors look for a provider better suited to their needs. Building ties with the next generation early on is the most effective means of retention, and providers should encourage their current HNW clients to involve their children in their financial affairs. Providers also need to be aware of the next generation’s different service requirements, given their greater focus on digital channels, socially responsible investing, and social media.

Scope
- 38% of HNW investors are over 60, compared to less than 14% of the global population.
- Involving the next generation in the estate planning process is the most effective means of retention.
- Ethical investments, social media, and digital channels are more important to the next generation, with the latter perceived as a hygiene factor.
- The 40+ HNW age segment is more likely to work in traditional industries, while younger HNW investors gravitate to industries such as media, tech, and telecommunications.

Reasons to buy
- Seize the opportunity intergenerational HNW wealth transfer provides and understand how much HNW wealth will change hands over the coming years.
- Minimize customer churn rates at the time of inheritance by gaining a detailed understanding about the effectiveness of different retention tools.
- Develop and enhance your client targeting using our proprietary data on the effectiveness of various strategies when reaching out to the next generation of HMW investors.
- Understand how service requirements differ between the current and next generation of HNW individuals.
- Understand what selected competitors are doing to successfully reach out to the next generation of HNW investors.
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