Americans Aren't Ready For The Great Wealth Transfer
With the largest collective wealth transfer in human history staring Americans in the face over the next several decades, the next generation of high net worth individuals isn’t ready to receive the wealth they’re set to inherit, and the current generation isn’t preparing properly to pass it on. Advisors may be the answer, but they have a lot of work to do.
RBC Wealth Management recently released it’s 2017 Wealth Transfer Report, which surveyed 3,105 HNW individuals from the U.S., Canada and U.K. with an average net worth of $4.5 million; it doesn’t paint a particularly rosy picture as to the current level of preparedness for this monumental shifting of wealth.
According to the study, less than 30 percent of respondents have a full wealth transfer plan in place. Further, 30 percent of Americans surveyed have done no wealth transfer planning at all. The study posits that this lack of preparedness has it roots in a traditional lack of financial education, as only 37 percent of American inheritors had conversations about their inheritances before they received them. Further, only about one third of inheritors (36 percent) receive professional help or guidance post bequest.
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