It is often said that if all economic inequality was stamped out and money was given equally to each person, the state of inequality would return within a month. Less than 40% of Americans use a financial planner – this means that money flowing to the top of the pyramid is a virtual certainty. With the overall transfer of wealth in America from the Greatest Generation to the baby boomer generation, there is a great deal of opportunity for advisors who are looking to help people maintain their investment portfolios and retirement nest eggs.
Of all of the high net worth individuals around the world who will participate in this wealth transfer, North America has more than any other continent in the world. The North American continent holds more than 3 million high net worth individuals, with the Asian-Pacific continent coming in a close second. There will be more than $12 trillion in investable assets when the full portfolios of all of these individuals are combined.
The transfer of this wealth will undoubtedly become more complicated as time goes on. Legislation that dictates the ways in which wealth are transferred never seem to become simpler – law books only get bigger. If you are a financial professional and you are looking to create wealth for your own family, then it would definitely benefit you to get into the good graces of a few of these high net worth individuals who will be transferring wealth in large numbers in the coming years. There will be plenty of opportunity as people attempt to avoid paying taxes and losing assets as they bequeath their resources to their heirs.