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Rebooting Wealth Management

White Paper Published By: Salesforce
Published:  Nov 19, 2015
Type:  White Paper

Over the next 50 years, more than $41 trillion in assets will be transferred from one generation to another. The non-profit Center on Wealth and Philanthropy sets the bar even higher--$58.1 trillion by 2061. Whatever the final figure, the generational shift of wealth represents an extraordinary opportunity for financial advisors.

But this wealth transfer isnít without its challenges for advisors: PwC studies have shown asset attrition rates of more than 50% in intergenerational transfers of wealth, suggesting surviving spouses, and Generation X and Generation Y heirs donít necessarily want to work with the same financial advisor. New agile competitors are emerging. Further, the position of wealth managers is being undermined by disruptive technologies, and the shortcomings of existing technology and legacy siloes within their own organizations.

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