Wealth transfer advice demand to surge in next three years
How to limit IHT liabilities and gift money main areas of focus for clients
Wealth Transfer
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Can wealth destroy families or can families destroy wealth?
Recognising complexities and educating the next generation help HNWs solve disputes
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US wealth transfers to hit $84.4trn by 2045
Advisers need to be ‘open to evolving’ and ‘prepared for changes to their business models’
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Just 28% of HNW Brits to split wealth equally between children
‘There is no one-size-fits-all approach to how you divide up’ assets
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Just 36% of HNWs discuss wealth plans with their partner
Clients need to be ‘open and honest with their family’ in order to ‘make most of tax breaks available’
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Soft skills crucial to meet intergenerational planning demands
‘Ability of the adviser to address and tackle the core issues of vulnerable clients and family disputes will be vital’
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Family inheritance talks ‘still not happening enough’
One of the ‘worst situations’ is where clients are ‘vulnerable, bereaved and have no Will’
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HMRC shutters one dedicated tax avoidance investigation unit
It had been tasked with assessing family investment companies
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A quarter of UK advisers still do not segment clients
Firms are ‘considering new ways to structure retirement portfolios’ to improve outcomes
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What can advisers do to retain next-gen clients?
‘Children quite often want to do things differently from their parents to forge their own path’
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Strategy gap means advisers risk missing wealth transfer boat
Which could undermine growth and prospects for sale
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Rise in out-of-hours client contact for IFAs amid covid-19
Pandemic has sparked Brits to focus more on portfolios, wealth transfer and estate planning