Keep pulling the thread on Cerulli.
Over $100 trillion in wealth is estimated to be transferred to younger generations over the next 25 years, according to a Cerulli report.
Only about 19% of heirs report that they plan to continue working with their parents' financial advisor after a wealth transfer.
A study by the Alliance for Lifetime Income found that while 62% of financial advisors believe they discuss financial protection with clients, only 27% of clients report having those conversations.
Heirs often choose to leave their parents' financial advisors because they feel unheard, unseen, and perceive the advisor as outdated or unrelatable.
Widows frequently change financial advisors after their husband's death because they felt unseen or unheard throughout the prior relationship with the advisor.
The financial advisory profession is evolving from a focus on building portfolios to a more holistic approach of helping clients accomplish their financial goals.
According to a study from the Alliance for Lifetime Income, 70% of financial advisors claim to discuss how clients will spend their time in retirement, but only 29% of clients report having these conversations.
According to Prudential's Pulse survey, approximately 90% of mass affluent Americans believe they are on track to cover their essential expenses in retirement.
Only about 40% of mass affluent Americans have a financial advisor, according to Prudential's Pulse survey.
Only about one-third of mass affluent Americans have a formal financial plan, according to Prudential's Pulse survey.
Financial advisors perceive client acquisition and intergenerational transfers as their top two business challenges.
A team-based approach is crucial for financial advisory firms to effectively connect with different types of clients and family members.