Search

The article focuses on skills needed in the financial services industry to manage the transfer of wealth to the generation X and Y in the U.S. The firms offering health-wealth advice will be required for greater pricing transparency. The health-wealth advisor market needs to take a page out from the retail products handbook to capture the wealth transfers. The most succesful firms will focus on providing advice across a clients' entire balance sheet by establishing a 360-degree view.

The author reflects on the need for financial services providers in the U.S. to have sophisticated Web-based services via both stationary and mobile services to prevent disappointing the Generation X and Y in terms of wealth-transfer procedure. He states that Generation X and Y expect a full range of actionable investment options from financial firms. He mentions that a significant investment is required to meet the many challenges of the coming wealth transfer.

The author reflects on the impact of demographic aging differences in financial management trends in each country. He states that many people in the U.S. who are approaching retirement came into the workforce during the advent of the individual retirement account and subsequent variations based on the United Nations population figures. He mentions that few European boomers depend on their own savings because of corporate and government pension programs.

Discusses the expanding field of providing trusted financial advice to the wealthy. Expectation that this will be hugely profitable this decade; Focus among banks and their competitors on the high-net-worth market; Impact of the graying of the population, the vast transfer of wealth to baby boomers from their parents, the growing stock market, and the improving economy; Competition from large Wall Street brokerages, insurance companies, mutual funds firms, and independent broker/dealers.