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Financial Advisers Brace for Boomer Wealth Transfer

The looming shift of money to and from the baby boomers promises to be the greatest intergenerational wealth transfer in history, and Canadian financial advisers are looking to investment and insurance strategies to help clients hold onto their money.

With the front of the boomer wave turning 68 this year and the peak in their mid-50s, the challenge of inheriting money and planning for their own estates is becoming a top priority for clients and advisers alike, in part because advisers risk losing much of their own business if their clients' heirs take their money elsewhere.

Moving financial assets from an unregistered bank account to a registered tax-sheltered account can also save probate taxes.

From an adviser's point of view, one of the biggest risks is the loss of business upon the death of a client. Even if an adviser has meticulously planned the estate and managed the assets well, the heirs often take the capital elsewhere.

Read more: http://articles.chicagotribune.com/2014-04-03/news/sns-rt-us-wealth-boomers-20140403_1_advisers-baby-boomers-sun-life-financial

 

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