A recent survey conducted by Citizens reveals a concerning trend: the majority of Americans are ill-prepared to manage the significant assets expected to be passed down from Baby Boomers, the wealthiest generation in American history.
According to the survey, a striking 72 percent of Americans feel they lack the financial confidence to manage a large influx of money without professional help.
"A staggering amount of personal wealth is projected to be passed on to heirs in the coming years, making it the largest transfer of assets in US history,” Brendan Coughlin, vice chair and head of consumer banking at Citizens, said in a statement.
The study, which sampled over 1,500 Americans and included an oversample of 500 small and mid-market business owners, found that 61 percent of Americans would consult a financial advisor if they received a large inheritance, including 67 percent of Gen X, 61 percent of Millennials, and 59 percent of Gen Z.
As an estimated $84 trillion changes hands, younger investors seem to be at greater risk of fumbling their inheritance. More than half of Gen Y (54 percent) and Gen Z adults (51 percent) in the survey saying they’ve received poor advice after coming into a large windfall, compared to just 32 percent of Americans overall.
An overwhelming 94 percent of Americans know the importance of having an experienced advisor in their corner to achieve their financial goals. Among the eighty percent who’d consult one, the top objectives were investing more (29 percent), saving for retirement (29 percent), and building up their savings (28 percent).
Still, nearly a third (29 percent) of US adults feel they need at least a million-dollar inheritance to justify professional guidance on managing it. Nearly one-third (31 percent) of Americans expect to get an inheritance within five years, led by Millennials (55 percent) and Gen Z (41 percent).
“This sharply underscores an opportunity for seasoned wealth managers to foster meaningful, trusted relationships with customers and take market share from the large incumbent wealth firms,” Coughlin said.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
