In the decades ahead, a new generation will inherit an estimated $20 trillion. Yet big disappointments lie ahead for financial firms that believe they will benefit from this multigenerational business. The transferred wealth will move into the hands of heirs who are technologically adept and who actively participate in the management of their wealth. Because of this shift in expectations, most financial services relationships won't successfully make the transition to the next generation.
Members of the so-called Generation X and Generation Y are the first to be born during the computer age, and most simply don't remember a time when computers weren't central to their lives. They also do not always have an appreciation for the incremental value of an advised relationship.