Generational wealth transfer is turning into a sizable stream, but a lot of the wealth appears to be spilling through an incumbent advisor’s fingers, according to new research.
Advisors know all about life events like the birth of a child, the first home purchase or even what mom and dad plan to leave to their heirs.
- 63 percent of people who inherit money use an advisor.
- 44 percent kept the advisor they had previously.
- 12 percent began using an advisor upon receipt of an inheritance.
- 4 percent switched advisors upon receiving an in heritance
- 3 percent of inheritors added the advisor of the benefactor.