Ryan Austin’s Post

Seeing increased crossover in DEMANDBRIGHT's 2 main verticals of #financialservices and #nonprofit. As #babyboomers transfer immense amounts of wealth to younger generations, the way these generations invest and give is undergoing a set of profound transformations: 1️⃣ Values: Younger generations are focused about how their money is invested and given. The tangible intersection of this is the rise in #donoradvisedfunds 2️⃣ Active participation: In both cases, #generationx, #millennials, and #generationz want to understand the "why" behind their decisions and participate as well as deploy capital. For instance, we're seeing an increasingly direct link between "doers" and "donors" in our nonprofit work 3️⃣ Technology: Digital engagement, data exchange, and a comfort with automation and #artificialintelligence are common themes across investing and giving Kiplinger with some interesting themes below. https://lnkd.in/eSz-MTgD

The New York Times recently reported that “an intergenerational transfer of wealth is in motion in America—and it will dwarf any of the past.” What does this mean for advisors? The long-held approaches to #wealthmanagement for the Silent Generation and baby boomers won’t necessarily resonate with #millennials and #GenZ. Hannah Shaw Grove shares how advisors can adapt their approach with #impact and #technology. Continue reading about the next gen investor >> https://hubs.li/Q02ws2Sx0 #philtech #techforgood #tech Financial Advisor Magazine

IT’S BEEN CALLED THE GREATEST WEALTH TRANSFER in history:1 $84 trillion in assets is set to change hands over the next 20 years, according to estimates by the consulting firm Cerulli Associates. The recipients, primarily members of Generation X (those born between 1965 and 1980), millennials (1981-1996) and Gen Z (1997-2012), are expected to inherit $72 trillion of that amount, mainly from baby boomers, with the rest going to charity.2 https://lnkd.in/dBiFCXYp

$53 trillion in wealth expected to change generational hands within the next 20 years. I'm still taking in all of the insights in The Future Laboratory's report (https://lnkd.in/gWB4QyU9). Some things that caught my eyes. - Boomers: 2/3 of family-owned businesses have no succession plan in place. - Millennials: As they inherit wealth, they are beginning to move wealth advisory relationships if their current advisor doesn't have strong practices in place around Environmental, Social, Ethical, Moral, and Climate (ESG) issues. - Gen Z: "...only purchase from companies where they know the money is going to..." - more transparency required. Willing to get involved and have been named the Z-Suite. Philanthropy and Development professionals, what do you make of this? How are you engaging today the younger generations poised to inherit wealth? Given the Z-Suite insights and Gen Z's side hustle spirit, has the time for Young Professionals groups finally come? Do Millennial's expectations mean generative performing arts organizations will need to purchase carbon offsets? Partner more strategically with ESG-aligned businesses and organizations? Share your perspective and help me sharpen my own. #philanthropy #nonprofit #wealthtransfer #generationalchange

Inherit your legacy, shape your destiny. #Millennials can potentially inherit more wealth from intergenerational transfers through several strategies: 🌻1. #EstatePlanning: Encouraging parents and grandparents to engage in comprehensive estate planning can help ensure that assets are transferred efficiently. This includes strategies such as creating wills, establishing trusts, and using tax-efficient methods to pass on wealth. 🌻2. #FamilyDiscussions: Open and honest discussions about wealth within the family can help ensure that everyone is aware of the plans and can prepare accordingly. This can also help prevent misunderstandings or disputes down the line. 🌻3. #FinancialEducation: Providing financial education to millennials can help them better manage any wealth they inherit and potentially grow it further. This can include understanding investment strategies, tax implications, and wealth management principles. 🌻4. #Investment in Education & Career: Encouraging millennials to invest in their education and career can help them increase their earning potential and financial stability, which can in turn help them manage and grow inherited wealth. 🌻5. #TaxPlanning: Working with professionals to develop tax-efficient strategies for managing inherited wealth can help maximize the amount that millennials ultimately receive. 🌻6. #CharitableGiving: Some families choose to involve millennials in charitable giving decisions, which can not only benefit worthy causes but also provide valuable lessons in managing wealth responsibly. Each family’s situation is unique, so it’s important to tailor these strategies to fit the specific circumstances and goals of the family and the millennials involved. #PlanForTomorrow #SecureYourLegacy

The wealth transfer projected to occur by 2045 is a massive $84.4 trillion, according to research by Cerulli Associates. This includes $72.6 trillion in assets being transferred to heirs and $11.9 trillion being donated to charities. Key Points Baby Boomers are expected to transfer over $53 trillion, representing 63% of the total wealth transfer. $35.8 trillion (42%) will come from high-net-worth and ultra-high-net-worth households, which make up only 1.5% of all households. Generation X stands to inherit the greatest portion, totaling $29.6 trillion over 25 years, including $8.9 trillion in the next decade. Millennials will inherit more than $27 trillion by 2045 and surpass Generation X in annual receipts before 2040. The wealth transfer is expected to have a significant impact on family dynamics and engagement preferences, requiring financial services providers to adapt their business models. Strategies like family meetings, educational support, and succession planning are recommended to facilitate the transfer process. While the wealth transfer presents opportunities, concerns about a retirement savings crisis have also been raised, as many Americans struggle to achieve financial security in their golden years. The concentration of wealth in fewer hands exacerbates this divide. Connie Dello Buono your custom retirement income analysis index Annuities broker 4088541883 #wealthtransfer

Are you prepared for The Great Wealth Transfer? Baby boomers are transitioning assets to the next generation, and embracing technology is key for a seamless transition. In a recent Rochester Business Journal article, LVW Founder and CEO Lori Van Dusen, CIMA, discussed the importance of technology-based tools to support the younger generations.    "If you're not going towards a digital experience, you're not going to engage that younger generation," she said.    Keep reading https://lnkd.in/g2XnQkfW   #FinancialPlanning #WealthTransfers #GenerationWealth #NextGen   

Meet Generation Z—rich in passion and eager to make a difference. Although not the wealthiest today, anticipate that they’ll gradually increase contributions as they progress in their careers. Similar to Millennials, they stand to gain from The Great Wealth Transfer as they inherit assets from Baby Boomers. Connecting with this philanthropic generation is key, and it begins with understanding their unique qualities. Download our latest eBook and learn everything you need to know about this generation: https://lnkd.in/eM94eumS #GenZPhilanthropy #FutureChangeMakers #GreatWealthTransfer

According to this piece, Gen X (those in their mid to late 40s) are set to inherit fortunes from their wealthy parents first, contrary to the common perception of millennials and Gen Z being the primary beneficiaries. North America and Europe will dominate the wealth transfers, accounting for 71% of the total. This concentration of wealth could lead to increased economic power and influence for these regions on the global stage. In contrast, Asia will only see one-fifth of this movement. The increasing trend of lifetime giving, where wealth is transferred during the lifetime of family heads, could accelerate the economic impact of this transfer. As Gen Xers inherit wealth in their prime earning and spending years, it could drive changes in consumer behavior and spending patterns, and disrupt traditional industries and business models that have catered to older generations. It's important to note that some of the inherited wealth may be eroded due to the high costs of long-term healthcare for the aging baby boomer generation. This report's findings provide valuable insights into the magnitude, geographic distribution, generational dynamics, philanthropic trends, and complexities associated with this unprecedented wealth transfer - and how we can prepare for it. As wealthy families become more globalized, there is a growing complexity of effective legacy planning. #LegacyPlanning #WealthTransfer #WealthManagement #Finance

As the U.S. experiences a historic wealth transfer of $84 trillion, The Postage connects Financial Institutions with the inheritors of $72.6 trillion, empowering families to navigate this transition wisely. With baby boomers passing on half of the nation's wealth, The Postage emphasizes the importance of preparation, smart estate planning, and responsible financial management. By providing innovative tools and fostering multi-generational relationships, The Postage enables families to collect critical information and digital assets in one place and provide peace of mind through information security and planning services, allowing you to protect your wealth and wisdom today and for future generations. #WealthManagement #FinancialPlanning #MultiGenerationalWealth #SmartEstatePlanning #FinancialInnovation #LifePlanning #SMBSuccess #FutureReady #ThePostageJourney #NavigatingWealth #WealthTransfer https://lnkd.in/g8_xnawR