The aging of the baby boomer generation, with a record number of Americans turning 65, signals a transformative era for financial advisors, highlighting an unprecedented opportunity in retirement and estate planning.
This demographic shift, coupled with the largest intergenerational wealth transfer in history—estimated at nearly $80 trillion—underscores the growing demand for tailored financial planning. Financial advisors will soon play a pivotal role navigating clients through retirement, tax, and estate planning, while adapting to the unique needs and priorities across generations.
The impending wealth shift towards millennials, set to become the wealthiest generation, further emphasizes the importance of comprehensive financial advice. For a detailed exploration of these trends and their implications for financial advisors, read the full article on Morningstar.
The "Silver Tsunami" as many call it - will soon be upon us. Is your firm prepared for this shift? View our special report for insights on helping clients through troubling times.