Reported 6 months ago
A recent Citizens survey found that 72% of Americans are unprepared for a significant financial windfall, with Baby Boomers set to transfer $84 trillion to younger generations in the next 20 years. To prepare for this "Great Wealth Transfer," Citizens Bank Head of Consumer Banking Brendan Coughlin suggests building trust between parents, children, and financial advisors, starting conversations early, and seeking professional advice to avoid reactive decision-making. Implementing financial literacy education and adapting wealth management practices to cater to millennials and Gen Z may lead to a transformative shift in wealth management in the coming decades.
Source: YAHOO