Intergenerational Wealth Transfer: Opportunities & Challenges
DOI:
https://doi.org/10.56830/WRBA11202510Keywords:
Wealth Transfer, Millennials, AI-powered Wealth Management, Sustainable Investing (ESG), Blockchain TechnologyAbstract
The wealth transformation of the sector is driven by generational change, with Millennials inheriting wealth of about 68-73 trillion by 2030.
It is also a challenge and an opportunity for wealth managers, who need to stay abreast of the new requirements and interests of wealth holders. Millennials tend to lean more towards sustainability, alternative, or tech solutions, whereas Baby Boomers tend to lean on traditional solutions, i.e., stocks and bonds.
With the advent of cryptocurrencies, blockchain, and artificial intelligence, the wealth management landscape has become more complex.
The research paper outlines how wealth managers can use such technologies to meet the growing needs of millennial customers, who are more digitally oriented and personalized yet sensitive to social accountability issues in their investment choices.
The study identifies a behavioral distinction between Baby Boomers and Millennials: the latter are more positive toward ESG-based portfolios and Robo-advisors.
The second technological divide that wealth managers cannot ignore between older and younger clients is the difference in the digital and human touch that older clients enjoy.
One-way wealth managers can survive in this rapidly changing world is by embracing new technologies and aligning with the ethical and financial demands of millennial customers.
The research provides valuable information that wealth managers can rely on to address the challenges of wealth transfer and thereby retain their customers, even in the digital world.
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