‘Great Wealth Transfer’ is coming, most Americans aren’t ready

#amercian #genz #millinnials #wealth #yahoofinance

A new Citizens survey finds 72% of Americans are unprepared to manage a large financial windfall. With Baby Boomers expected to transfer $84 trillion to younger generations in the next 20 years, how can Americans best prepare for the so-called Great Wealth Transfer? Citizens Bank Head of Consumer Banking Brendan Coughlin joins Wealth! to give insight into how Americans can prepare for this significant transfer of wealth. Coughlin claims the first step toward preparedness “requires parents and their kids to really start to build this conversation together, talk to the advisor that your parents have. If they have one, build that transfer of trust between the advisor. Are they still going to be your advisor when your parents ultimately pass on their wealth? So getting prepared so you’re not playing reactive defense.” For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Nicholas Jacobino

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