One of the biggest wealth transfers in history has already started. What impact does this have on the recipients?

Baby Boomers, long the prize of the investment advisor community, are beginning to retire in droves, with many estimates putting the number as high as 10,000 new retirees per day, a trend expected to continue for at least 10-15 years. Many of these retirees will begin divesting assets to their heirs as they age, following plans devised with their investment and wealth management professionals, or regrettably, pass away and leave their wealth to heirs via their estate plan.
This has begun one of the biggest wealth transfers in history has already begun and will only pick up speed in the near future. The recipients of this wealth will be predominately members of Generation X and the Millennials. A recent study of 2,250 Millennial and Generation X members, all of whom met the minimum $100,000 in investment assets qualification, commissioned by Global X Management Company, an exchange-traded fund provider, looked at these investors in detail in the report, “Getting to Know Gen X and Millennial Investors.” The research itself was conducted by ORC International in mid-2016.
This week we examine affluent Millennials surveyed and reviewed for this report and next we will examine the Generation Xers. Check out our new article on Thursday.