The number of Britons over the age of 90 has almost tripled since the early 1980s. Effective financial planning aims towards maximising the contribution of every pound in one’s financial portfolio.
Yet today’s financial planners, investment managers and family offices struggle to implement an intergenerational wealth transfer service as a key part of their service model. As a result, once longstanding relationships are now slipping into the hands of more digital savvy market entrants, who know the requirements of their digitally savvy customer base – a phenomenon this paper refers to as ‘the leaky pipe’.
Our report, ‘ Fixing leaky pipes: a solution for intergenerational wealth transfer’ explores the reasons behind this and highlights opportunities for wealth managers to ‘plug the gaps’ while embracing new technology brought about by Open Banking and PSD2.