An estimated $30 trillion will transfer from the Baby Boomers to the next generations in coming decades. At Goldman Sachs Asset Management, we believe financial professionals face an “adapt or miss-out” moment, particularly when it comes to engaging the next generation. To generate new business, are you ready to work with personal trainers in addition to accountants and lawyers? Will you host client events not just at the best local restaurant, but at the Apple store or a craft brewery?
A demographic and massive wealth transfer story is underway as the Silent Generation (those in their 70s and above) pass on their wealth to Baby Boomers and Generation X. Millennials, perhaps the most talked-about group, have very different client service and technology preferences than previous generations, and will require a re-tooling of your practice for the future. However, the very preferences and behaviors frequently associated with Millennials are increasingly being adopted by the Gen X and Baby Boomer population. This means that sweeping change is coming at financial professionals much more quickly than they may realize.
