To illustrate what the company calls “the Great Wealth Transfer,” Jefferson National has released an infographic that predicts $30 trillion will transfer from boomers to their heirs over the next three to four decades.
However, $12 trillion of that may be changing hands right now from the Greatest and the Silent generations to baby boomers and Gen Xers.
With this opportunity in mind, Jefferson National has announced that its wealth transfer and legacy planning solutions suite now includes the new “Restricted Stretch” payout option for Monument Advisor, a flat-fee investment-only variable annuity.
Still, it’s the infographic that really tells the story: Are financial advisors doing everything they can to retain the business of their older clients’ children, who may be boomers or Gen Xers?
Here’s another interesting fact from the infographic: 66 percent of children fire their parents’ financial advisor after receiving an inheritance.
The infographic also shows the demographic size difference among the various generations currently living in the U.S.:
Greatest or silent generation: 12 percent.
Baby boomers: 24 percent.
Generation X: 16 percent.
Millennials: 24 percent.
Generation Z: 24 percent.
Take a look at the partial infographic below: