Here Comes the Boom: Intergenerational Wealth Transfer Strategies

Consortia Studies: Here Comes the Boom: Intergenerational Wealth Transfer Strategies

Our completed consortia studies are a great way to access actionable research insights on the industry’s most pressing questions and trends. Purchasing a below study will give you and your team access to the full research report and key findings.

Here Comes the Boom: Intergenerational Wealth Transfer Strategies

The Great Wealth Transfer is underway, with trillions of dollars in assets set to be transferred over the next two decades. Many Americans are not prepared for this wealth shift, and LIMRA’s 2024 Barometer study shows that over 50% of Gen Z and Millennials (likely beneficiaries) don’t have an advisor but are looking for someone to work with. This transfer presents a strategic opportunity for financial services firms to solidify relationships with beneficiaries and retain them as clients.

This research delves into the transfer of wealth between benefactors and their beneficiaries, how prepared they are, if and how they plan to work with financial advisors to do so, and also incorporates the voice of the advisor on this topic. This study provides insights for both financial firms and advisors to facilitate discussions, preparations, transfers, and long-term wealth management strategies.

Report Details

Phase 1: Consumer Perspective Quantitative Report Outline

Executive Summary
- Background, Research Objectives & Methodology
- Respondent Snapshot
- Summary
- Key Insights and Recommendations
Background & Research Objectives
Methodology
- Sample Specifications
- Surveys
Sample Characteristics
- Beneficiary Respondents Profile
- Benefactor Respondents Profile
- Respondent Locations
- Race/Ethnicity & Immigration
- Veteran & LGBTQ+ Status
Generational Expectations
- What Benefactors Expect to Leave vs. What Beneficiaries Expect to Get
- Timing of Wealth Transfer Expectations
- Strategic Opportunities to Address the Expectation Gap
- Dependency on Inheritance - Reality Check
- Investing vs. Security - A Generational Spending Split
- Help Beneficiaries Reach Their Goals While Unlocking Growth Opportunities
- Key Inheritance Concerns of Beneficiaries
Benefactor Inheritance Planning & Strategies
- Benefactors' Financial Products
- Opportunity for Financial Service and Product Providers
- Paying it Forward - Not Necessarily
- Motivations Behind Leaving an Inheritance
- Benefactors' Use of Planning Tools and Resources
- Estate Planning
- High Estate Planning Adoption but Barriers Remain
- Procrastination is the Stumbling Block to Estate Planning
- What Benefactors Want from Financial Companies
Beneficiary Inheritance Planning & Preparation
- Beneficiary Financial Planning Pre-Inheritance
- Inheritance Planning Advice to Beneficiaries
- Self-Taught Inheritance Planning
- Benefactors See Financial Skills Lacking in Beneficiaries
- Beneficiaries Looking for Guidance
Sentiments & Conversations
- Sentiments Toward Potential Inheritance - Beneficiaries Have All the "Feels"
- Inheritance Communication and Transparency Across the Generations
- Key Barriers to Estate Planning Conversations
- Comfort Levels in Estate Planning Conversations
Financial Advisors & Retention
- Financial Advisor Usage
- Financial Advisors' Current Support of Benefactors
- Key Wealth Transfer Strategies Advisors Introduce to Benefactors
- Benefactors Seeking Additional Wealth Transfer Support From Advisors
- Looking for a Financial Advisor
- Financial Advisor Retention Potential
- Passing the Advisor Relationship to the Next Generation
Conclusion: Opportunities for Financial Institutions

Phase 2: Financial Professional Qualitative Report Outline

Executive Summary
Background, Research Objectives & Methodology
Sample Characteristics
Planning and Preparation
- Views on Upcoming Shift
- Preparing for the Opportunity
- Key Estate Planning Steps
- Role of Insurance-Based Solutions
- Common Challenges
- Overcoming Challenges
Benefactors and Beneficiaries
- Benefactors
- Engaging Beneficiaries
- Unprepared Beneficiaries
Client Retention
- Establishing Beneficiary Relationships
- Beneficiary Reluctance and Other Challenges
- Retaining or Losing Beneficiaries
Expectations of Financial Services Companies
- Interacting with Financial Services Companies
- Opportunities to Improve
Emerging Trends
- Regulation, Technology, and Trust
- Culture and Industry Change
Recommendations

Sample Details

Phase 1: Consumer Perspective Sample Details

Beneficiary Sample
- Total N = 999
  - With a related benefactor
  - Gen X N = 405
    - 56% Male / 46% Female
    - 68% Married/Living with Partner
    - $109K Median Income
  - Millennials N = 390
    - 60% Male / 40% Female
    - 72% Married/Living with Partner
    - $100K Median Income
  - Adult Gen Z = 204
    - 57% Male / 47% Female
    - 49% Married/Living with Partner
    - $88K Median Income
Benefactor Sample
- Baby Boomers N = 1000
  - With a related beneficiary
  - 53% Male / 47% Female
  - 78% Married/Living with Partner
  - 58% Young (<70) / 42% Old (70+)
  - 62% Established Assets (<$1M) / 38% Substantial Assets ($1M+)
- Other demographics collected but not compared in the report
  - Location by State
  - Race/Ethnicity
  - Immigration
  - Veteran Status
  - LGBTQ+ Status

Phase 2: Financial Professional Sample Details

30 min IDIs with professionals that have multi-generational book of business N = 15
80% Male / 20% Female
47% 2024 Net Income $300K or more
Distributor:
- 27% Independent Broker-Dealer
- 27% Affiliated Agent
- 20% Full Service Broker-Dealer
- 20% Independent Agent
Region
- 47% Midwest
- 27% Northeast
- 27% South

Who Should Purchase this Study: Marketing, Distribution, Strategy, and Research/Insights leaders

Cost: $15,000