MDRT has conducted a new survey on the Great Wealth Transfer, which is expected to be the largest generational transfer of wealth in history, with trillions projected to pass from the Silent Generation and Baby Boomers to younger generations. To help financial advisors prepare to advise clients across all generations, MDRT surveyed 2,000 U.S. consumers, spanning four generations. A few highlights from the survey:
Wealth Transfer Expectations
- 60% of consumers under 59 expect to inherit wealth in their lifetime.
- 64% of consumers over the age of 60 plan to pass wealth to family or heirs
Estate Planning Preparedness
- 29% of consumers have created a will, 57% men and 43% women.
- Nearly half of all respondents (45%) have not taken any action to prepare an estate plan.
MDRT members can read more about the survey and how one financial advisor discusses the wealth transfer with her clients on MDRT.org.