Q: What are the greatest concerns of the wealth transfer from boomers to younger generations?

A: I think that the greatest concerns regarding the wealth transfer from boomers to younger generations will vary depending on the perspective you are taking.  You will likely hear different concerns if you are talking to a boomer versus someone standing to inherit assets. 

From my position as an advisor, my two greatest concerns are a lack of communication and the uncertainty inherent in any plan.  I often see a lack of communication between generations, where parents aren’t communicating plans – or don’t have them – and children are making assumptions about an inheritance that may dwindle due to poor planning or long-term care expenses.  This can lead to situations where younger generations have not saved adequately and are playing “catch-up” later in life.

Q: How can employers support Gen X who are behind schedule on retirement savings?

A: One of the best ways that employers can support any employee who is behind schedule on retirement savings is through access to education and support.  Of course, matching contributions or profit sharing into a 401(k) are tremendously helpful, but a business may or may not be in a position to contribute in these ways. 

Related: The great wealth transfer: What boomers and their families need to know

Q: How can advisors benefit from the wealth transfer to Gen X?

A: Obviously with the massive wealth transfer from the boomer generation on the horizon, advisors have a huge opportunity to capture assets.  But I think a bigger benefit is the opportunity to build lasting relationships.  Gen X may have another 20 to 40 years to invest and think about their own legacies. 
Advisors that can help these families define their legacies and build a plan to pass them down will not only benefit from incredible, lifelong relationships, but will also be bringing future generations into these conversations so that they do not lose business to wealth transfer over time.

Q: How can millennials make the most of the wealth transfer expected in the next few years?

A: Millennials have the benefit of time.  Being in their 30s and early 40s they potentially have 50+ years to use any inheritance to leave their mark on the world.  For some, this will center around family; for others it may include causes near and dear to their hearts.  Having the benefit of time along with proper planning can exponentially grow their impact.

Q: Should employers double down on financial wellness education as the wealth transfer heats up?

A: Absolutely yes!  Everything that we’ve talked about, whether it is concerns around being behind or how to maximize an impact, will benefit from financial wellness education.  Knowledge is power, and for individuals to have access to financial wellness education and support gives them the power to create a bright future for employees and their families.