Many financial institutions could miss out on the opportunities that will be created when the baby boomer generation passes its assets to NextGen clients and see significant setbacks according to Deutsche Asset & Wealth Management’s (DeAWM) white paper, NextGen Wealth Management 2030.
The report emphasised the setbacks in the future if intergenerational transfer is not taken seriously. New clients from Generation X, between 30 and 45 years old, and Generation Y, between 15 and 30 years old, are set to inherit several trillion Euros over the next fifteen years. Different generations live and consume in different ways and therefore have radically different ideas about transparency and spontaneity in dealings with financial institutions.
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Professor Teodoro Cocca, the author of the paper, said: "In coming years, massive amounts of wealth will pass from one generation to another. In the United States, estimates regarding the vast size of this fortune range from $12 trillion to $30 trillion over the next 30 years. Even though this wave has been building for years, financial service providers, bequeathers and heirs are not fully prepared for its arrival."
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