The £5.5 trillion intergenerational wealth transfer – is your business ready?

Presented by

Dan Giddings, Head of Business Development, Wealthify

About this talk

Over the next 30 years, it is estimated £5.5 trillion is due to be passed between generations in the UK. Is your business ready? Do you have a successful engagement model with the next generation, with the children of your clients? Sadly, some 66% of people inheriting wealth dismiss their adviser, so action needs to be taken. This session will explore the different generations, share learnings on millennials in particular by looking at their familiarity with both disruption and technology. And yet, these are the people that hitherto have been ignored by most financial planners. Of course, those small clients of today can be hot prospects in the future. But servicing those small clients today is a challenge when it comes to commercial viability. Thanks to PROD and MIFID2, advisers are operating in an arguably more onerous regime. Tasks like basic client onboarding and then ongoing suitability can be very labour intensive. We will look at the barriers to entry in providing financial advice or guidance through online or other technological means. Equally though, we will look at how technology can act as a time-saver, making the adviser more efficient and how digital can play an important role in the success of their business. Learning Outcomes: • Articulate the key opportunities of the future stemming from the intergenerational wealth transfer • Outline both the commercial and regulatory challenges of servicing early wealth clients • Understand both the pros and cons of using technology https://www.wealthify.com/

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