Intergenerational wealth planning to secure family legacy.
In recent decades, the financial advice industry has been transitioning away from transactional product-centered meetings to a focus on people’s planning needs. Northwestern Mutual has been on the cutting edge of this movement, providing comprehensive financial plans to their clients. To further the progress of this industry, Northwestern Mutual’s head of wealth management believes that intergenerational wealth planning will be a major factor in the years to come. Over the next two decades, it is predicted that Baby Boomers will be transferring a staggering $30 trillion in wealth to their family members. However, statistics show that often these transfers are not successful, leading many families to reassess the estate they will leave behind.
Intergenerational wealth planning is an important factor in ensuring financial security for future generations. It involves more than just discussing financial strategies and tactics, but also values, hopes, expectations, and the financial acumen needed for future success. It is also a chance for younger generations to communicate what they want out of life. It is a powerful way to bring families together and create clarity, certainty, and opportunity for everyone involved.
Kiplinger’s Personal Finance is a great resource for investors to become smarter and better informed. They offer free newsletters with expert advice on investing, taxes, retirement, personal finance, and more. Taking advantage of these resources can help families be more successful in their intergenerational wealth planning.
The financial advice industry has been making great strides in recent years, and intergenerational wealth planning is the next step. It is a chance for families to unite around a common set of financial beliefs and values, and ensure that the greatest wealth transfer in history has a positive impact on their families. By taking advantage of resources such as Kiplinger’s Personal Finance, families can become better informed and more successful in their financial planning.